The agreement will unlock USD 4.1 billion in value and free up regulatory capital for Allianz. Allianz Life's return on equity is expected to improve by about 6 percentage-points to approximately 18% 1. On the group level, the transaction will improve Allianz's Solvency II ratio by about 9 percentage-points to 216% 1.

The transaction, which is the biggest so far for Allianz in terms of size of life back books, is in line with the group's expanded strategy to leverage partnerships with strong reinsurance and risk management companies to monetize the value of in-force business and enhance the protection afforded to customers.

Allianz Life will continue to manage administration of the policies in the portfolio and will remain responsible for fulfilling its obligations to policyholders. There will be no changes to policy servicing, call center management, claims payments, statement generation and delivery, distribution partner experience, and digital self-service.

PIMCO and Allianz Global Investors will remain the primary asset managers of the reinsured business.

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Allianz SE published this content on 03 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 06:31:09 UTC.