Allianz Life has announced it has completed a new reinsurance agreement with affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, and Resolution Life, for a $35bn (£26bn) fixed index annuity portfolio.
Initially announced on 3 December, the latest deal will reportedly unlock $4.1bn (£3bn) in value, and also free up regulatory capital for Allianz.
Allianz Life will continue to manage the administration of the portfolio’s policies following the move, and will remain responsible for “fulfilling its obligations to policyholders”.
It said there will be no changes to policy servicing, call centre management, claims payments, statement generation and delivery, distribution partner experience, and digital self-service.
In addition, PIMCO and Allianz Global Investors will remain the primary asset managers of the reinsured business.