MUNICH (dpa-AFX) - Allianz Life Insurance Company of North America, a unit of Germany-headquartered Allianz SE (ALIZY), on Friday announced that it has entered into a reinsurance deal in the U.S. The agreement is to reinsure approximately EUR 30 billion of liabilities of its U.S. fixed index annuity portfolio with Resolution Life and affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, under an enhanced risk management framework.
The resulting capital release for Allianz Group is expected to be approximately EUR 3.6 bn and the Solvency II Ratio is expected to increase by 9 percentage points.
Shares of Allianz closed Thursday's trading at $22.33, up $0.31 or 1.41 percent from previous close.
Copyright RTT News/dpa-AFX
© 2021 AFX News
