Sony Life Insurance has announced that it intends to enter into a block reinsurance transaction with retirement services company Athene, a subsidiary of Apollo Global Management.
As part of this transaction, Athene will reinsure an in-force block of US dollar denominated whole life insurance policies and will enter into an agreement with leading reinsurer Swiss Re to retrocede all mortality risk associated with the block.
This transaction marks Athene’s eighth reinsurance transaction across seven cedents, and second block reinsurance transaction with Japanese insurers since entering the market five years ago. This brings the total transaction volume of Athene’s reinsurance transactions with Japanese cedants to approximately $19bn. Athene’s robust balance sheet, strong capital profile, and alignment with Apollo help to make it a partner of choice to the Japanese retirement market.
Athene EVP and global head of M&A, reinsurance and pensions Katie Daly said that Japanese insurers are increasingly turning to more tailored solutions and flexible capital to enhance their financial strength and advance policyholders’ goals. “Our retirement and capital expertise put us in a strong position to address needs unique to the Japan market,” she said.