Japan – May 25, 2024 – Pacific Life Re, a leader in the global reinsurance industry, has announced an asset intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life).
The deal covering in-force whole of life policies will provide Anshin Life a new method to reduce long-term interest rate risk of their portfolio and will also contribute to the advancement of their asset liability management capabilities.
Phill Beach, executive vice president of savings & retirement, Pacific Life Re commented, "We’re thrilled to announce the commencement of a new partnership with Anshin Life. Supporting these types of transactions in Japan is a key part of our overall strategy. By transferring their risk to Pacific Life Re, Anshin Life can efficiently manage and optimise their product portfolio helping them to achieve their overall business objectives and provide the long-term stability needed to deliver on their promises to policyholders.
Pacific Life has exceptional financial strength ratings and a long history for honouring policyholder promises for more than 150 years. I look forward to the journey ahead as this partnership marks the beginning of an exciting chapter.”
This deal was supported by global professional services firm Aon, and Eversheds Sutherland, and Pacific Life Re are grateful for the commitment, effort and expertise of the parties involved in this transaction.
Read the Japanese press release here.