Under the terms of the deal, RGA will offer extra longevity risk protection and capital benefit on reserves of about €12bn to Delta Lloyd Levensverzekering, the Dutch life insurance arm of the Delta Lloyd.

Effective for a period of eight years, the transaction is a liability replication derivative based on the Dutch population mortality results.

RGA, EMEA, global financial solutions, senior vice president, Paul Sauvé said: "This marks RGA’s second transaction with Delta Lloyd to mitigate a portion of Delta Lloyd’s longevity risk.

"We see considerable interest in the EMEA region for proven solutions that address the new capital requirements framework and are actively talking to our clients about how such liability replication strategies can be applied to similar opportunities."

Earlier in 2014, Delta Lloyd and RGA have inked a similar longevity risk transfer arrangement, which also covered €12bn of liabilities.

RGA offers clients with individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, financial solutions, facultative underwriting and product development.