Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life) has entered into an asset intensive reinsurance agreement with Pacific Life Re.
The deal, which covers 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.
“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,” said Phill Beach, Executive Vice President of Savings & Retirement at Pacific Life Re.
“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,” Beach added.
The deal was supported by Aon and Eversheds Sutherland.
