MetLife Completes $10 Billion Variable Annuity Risk Transfer to Talcott

MetLife, Inc. +0.64%

MetLife, Inc.

MET

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MetLife has completed a $10 billion variable annuity risk transfer transaction with Talcott Resolution Life Insurance Company, a subsidiary of Talcott Financial Group. The transaction is expected to reduce portfolio risk and accelerate the run-off of MetLife's legacy blocks of business. MetLife Investment Management will oversee approximately $6 billion of assets under investment management agreements with Talcott. The transaction is projected to result in an expected foregone annual adjusted earnings total of about $100 million, partially offset by annual hedge cost savings of approximately $45 million.

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