MetLife completes a $10bn variable annuity risk transfer deal with Talcott Resolution Life Insurance Company, reinsuring $10bn in reserves to lower portfolio risk. The reinsurance structure includes modified coinsurance and funds withheld arrangements, impacting annual adjusted earnings by $100m but offset by $45m in hedge cost savings. This supports MetLife’s goal of reducing exposure in legacy business. MetLife Investment Management will oversee $6bn in assets under investment management agreements with Talcott. Chariot Re, a Bermuda-based reinsurance practice, assumed $10bn in liabilities from MetLife earlier this year. Adrienne O’Neill named as MetLife’s new executive vice-president and chief accounting officer, responsible for managing accounting functions.

Read more at Yahoo Finance: MetLife completes $10bn variable annuity risk transfer deal with Talcott