May 19, 2020 / 5:25 AM / 7 days ago

BRIEF-NN Life Completes Longevity Transactions With c. EUR 13.5 Bln Of Pension Liabilities

May 19 (Reuters) - NN GROUP NV:

* SUBSIDIARY NN LIFE HAS COMPLETED 3 TRANSACTIONS TO TRANSFER FULL LONGEVITY RISK ASSOCIATED WITH IN TOTAL AROUND EUR 13.5 BILLION OF PENSION LIABILITIES IN THE NETHERLANDS

* OPERATIONS WILL REDUCE NN’S EXPOSURE TO LONGEVITY RISK, CONSEQUENTLY REDUCE REQUIRED CAPITAL AND FURTHER STRENGTHEN NN’S CAPITAL POSITION

* THE TRANSACTIONS HAVE BEEN ENTERED INTO WITH REINSURANCE COMPANIES CANADA LIFE, MUNICH RE AND SWISS RE

* THE RISK TRANSFER IS EFFECTIVE AS OF 1 JANUARY 2020, AND THE REINSURANCE AGREEMENTS WILL CONTINUE UNTIL THE PORTFOLIO HAS RUN OFF Source texT bit.ly/2LD8tav Further company coverage: (Gdansk Newsroom)

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