WINNIPEG, Manitoba,
Dec. 19, 2019 /CNW/
- Canada Life Reinsurance is pleased to announce that
it has recently entered into a long-term longevity reinsurance
agreement with Aegon covering €12 billion of in-force liabilities.
Close to 200,000 of in-payment and deferred pensioners will be
reinsured by Canada Life Reinsurance under this agreement.
Jeff Poulin, Global Head of
Canada Life Reinsurance, commented, "This transaction is the result
of a great effort by both our team and Aegon's team and highlights
Canada Life Reinsurance's strength as a partner for reinsurance
longevity transactions globally". Derek Popkes, Chief Operating Officer at Canada
Life Reinsurance, added "We are delighted to grow and diversify our
global longevity portfolio by working with Aegon to deliver a
transformational longevity transaction tailored to their specific
requirements. We will continue to innovate and work in
partnership with our valued clients to deliver the best risk
transfer solutions matching their objectives."
Canada Life Reinsurance offers a range of innovative risk and
capital management solutions covering mortality, longevity, health
and lapse risks for insurers, reinsurers and pension funds across
the U.S. and Europe, including
the Netherlands, the U.K.,
France, Germany, Italy, Spain,
Portugal, Sweden, Belgium and Ireland.
About Aegon
Aegon's roots go back 175 years – to the
first half of the nineteenth century. Since then, Aegon has grown
into an international company, with businesses in more than 20
countries in the Americas, Europe
and Asia. Today, Aegon is one of
the world's leading financial services organizations, providing
life insurance, pensions and asset management. Aegon's purpose is
to help people achieve a lifetime of financial security. More
information on www.aegon.com.
About Canada Life Reinsurance
Canada Life Reinsurance
is a division of The Canada Life Assurance Company and certain of
its subsidiaries and affiliates. The Canada Life Assurance Company
is a subsidiary of Great-West Lifeco Inc.
About Great-West Lifeco
Great-West Lifeco Inc.
(TSX:GWO) is an international financial services holding company
with interests in life insurance, health insurance, retirement and
investment services, asset management and reinsurance businesses.
Great-West Lifeco has operations in Canada, the United
States, Europe and
Asia through Canada Life, Empower
Retirement, Putnam Investments, and Irish
Life. At the end of 2018, our companies had
approximately 24,200 employees, 240,000 advisor relationships,
and thousands of distribution partners – all serving our more than
31 million customer relationships across these regions.
Great-West Lifeco and its companies have €1.1 trillion
(approximately C$1.6 trillion) * in
consolidated assets under administration and are members of the
Power Financial Corporation group of companies.
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*as at September 30,
2019
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Jeff Poulin, F.S.A., F.C.I.A.,
Global Head, Canada Life Reinsurance, T: +1 215 542 4322
