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Industrial Alliance Insurance and Financial Services Inc Announces Sale of U.S. Annuity Business

Thursday, 16 Aug 2012 02:18pm EDT 

Industrial Alliance Insurance and Financial Services Inc announced that it has concluded an agreement to sell by way of indemnity reinsurance and assumption reinsurance, all its U.S. fixed annuities and accumulation riders to Security Benefit Life Insurance Company and to Equitrust Life Insurance Company, two affiliates of U.S.-based Guggenheim Partners. The transaction, which represents approximately USD800 million in contract liabilities and related assets, was carried out through the U.S. branch and the U.S. subsidiaries of Industrial Alliance. The assets subject to the agreement have been transferred, except for a portion that is temporarily kept by the ceding entities on a funds withheld basis. This transaction will have a favourable impact on the capital of Industrial Alliance. Based on preliminary management estimates, it is expected to increase the solvency ratio by eight percentage points. The transaction is subject to the regulatory approvals in the U.S. 

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