,Hong Kong

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.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The insurer's shares plummeted over concerns of exposure.
RetireSavvy allows Singaporeans to adjust their retirement plans.
This is the first time that the insurance industry has taken the lead against banks.
This is part of the group’s plans to streamline its assets.
The German reinsurer anticipates growth in the P&C and health reinsurance.
It is slated to be the biggest IPO in the country.
Chan is an industry veteran with over 20 years of experience.
The company was said to be operating an unauthorized brokerage service.
Dash PET is an insurance savings plan co-created with insurer partner Etiqa.
Terms of the investment were not disclosed.
He will succeed Craig Ellis as CEO and director.
General insurance premiums to rise to 10% above pre-COVID-19 levels in 2021.
The IRDAI said that standardisation of policy wording is not desirable at this juncture.