Metropolitan Tower Life Insurance Company, a subsidiary of MetLife, has completed four UK longevity reinsurance transactions with British financial services group Legal & General Assurance Society last year.

These reinsurance contracts are issued by Metropolitan Tower Life Insurance Company, a fully owned subsidiary of MetLife.

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As part of the agreements, Metropolitan Tower will offer reinsurance to Legal & General for longevity risk related to a combined total of around $2bn of pension liabilities.

Jay Wang, head of risk solutions at MetLife’s Retirement & Income Solutions business, said: “Legal & General is a market leader in the UK bulk annuity space and we are pleased they have selected MetLife to reinsure these obligations.

“As a result of these transactions, Legal & General can better manage longevity risk by tapping MetLife’s deep expertise and strong ability to execute in this space.”

As part of the agreements, Metropolitan Tower Life Insurance Company will offer reinsurance to Legal & General for longevity risk related to a combined total of around $2bn of pension liabilities.

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Legal & General, which oversees over £1.1trn assets, also has operations in US, Europe, Middle East and Asia.

The company is said to be the UK’s largest investment manager for corporate pension schemes and a key player in the country’s pension risk transfer, life insurance, workplace pensions and retirement income space.

Wang further said: “We are looking forward to growing this relationship.

“2020 was an extraordinary year for the UK pension and longevity risk transfer market. Looking into 2021, the market remains very robust, and we are eager to expand our presence as a reinsurance solution for direct insurers like Legal & General.”

In October last year, Metropolitan Tower concluded a longevity reinsurance deal with Rothesay Life in the UK.