AXA units, KKR subsidiary ink $4.8b whole life reinsurance deal

AXA HK has reinsured a closed block of whole life insurance policies originating in Asia.

Two AXA firms have signed a $4.8b whole life reinsurance deal with a New York-headquartered annuity, life, and reinsurance company, an announcement read.

AXA China Region Insurance Company and AXA China Region Insurance Company (Bermuda) (AXA HK) signed the agreement with a KKR subsidiary, Global Atlantic Financial Group.

Under the agreement, which closed on 12 July upon signing, AXA HK has reinsured a closed block of whole life insurance policies originating in Asia, and backed by $4.8b in assets. AXA HK will continue to service and administer the policies as the insurer of the reinsured block of business.

“Our tailored, relationship-based approach translates well outside the US, and we’re excited to serve the international market when the right opportunities present themselves,” said Manu Sareen, president of Global Atlantic’s Institutional business.