Allianz Life completes the reinsurance agreement with Sixth Street affiliates and Resolution Life

Allianz Life completes the reinsurance agreement with Sixth Street affiliates and Resolution Life

• Agreement with Resolution Life and affiliates of Sixth Street was announced on December 3
• Transaction unlocks $4.1 bn in value and frees up regulatory capital for Allianz

(PRESS RELEASE) MUNICH, 7-Jan-2022 — /EuropaWire/ — Allianz Group, one of the world’s leading insurers and asset managers, has announced that Allianz Life, a leading provider of retirement solutions, including fixed and variable annuities and life insurance for individuals, has announced the completion of the reinsurance agreement with affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, and Resolution Life, for a $35-billion fixed index annuity portfolio.

The transaction, announced on December 3, unlocks $4.1 billion in value and frees up regulatory capital for Allianz.

Allianz Life continues to manage the administration of the policies in the portfolio and will remain responsible for fulfilling its obligations to policyholders. There are 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 remain the primary asset managers of the reinsured business.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers with 120 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 802 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.9 trillion euros of third-party assets. Thanks to our systematic integration of ecological, social and governance criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index, launched on 12.11.2021. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

Media contacts:

Holger Klotz
Allianz SE
+49 89 3800 90921
holger.klotz@allianz.com

Kirti Pandey
Allianz SE
+49 89 3800 16255
kirti.pandey@allianz.com

SOURCE: Allianz SE