TOKYO, JAPAN — December 11, 2023 — Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, announced it has signed an approximately ¥574 billion ($4 billion) reinsurance agreement with Manulife Japan.
“As one of the largest reinsurance block transactions to date, the transaction is a marquee deal in the region and also reflects our continued commitment to the Japanese market,” said Manu Sareen, Co-President of Global Atlantic. “We are pleased to partner with Manulife in a third transaction.”
With this deal, Global Atlantic further advances its position as a reinsurer of choice in the global life and annuity insurance marketplace. The company has established a 20-year track record, successfully completing more than 40 transactions with nearly 30 clients and reinsuring more than $140 billion of assets since inception.
Under the terms of the agreement, Manulife will reinsure the blocks and transfer general account assets to Global Atlantic. Manulife will also retain servicing and administration of the policies.
This transaction is part of a broader approximately $10 billion reinsurance agreement with Manulife Financial Corporation (NYSE: MFC) and Global Atlantic.
The transaction is expected to close in the first half of 2024, subject to satisfaction or waiver of customary closing conditions specified in the agreement, including the receipt of required regulatory approvals.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company's performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR's investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR's parent company is KKR & Co. Inc. (NYSE: KKR).
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