Pacific Life Re has entered into a second asset-intensive reinsurance agreement with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life), expanding its presence in the Japanese market and continuing a collaboration that began with an initial transaction in 2024.
The latest agreement involves a block of in-force whole of life policies and is designed to support Anshin Life in managing its long-term interest rate exposure. The reinsurance deal is also intended to strengthen the insurer’s asset liability management framework.
Aon and Eversheds Sutherland advised on the transaction, providing actuarial and legal services, respectively, in support of the deal.
In 2024, Pacific Life Re reported an adjusted operating income of US$1.469 billion, marking a 15% increase from the previous year. The company's assets grew to US$238.9 billion, reflecting a 9% year-over-year growth. These figures underscore the company's financial strength and its commitment to long-term growth.
According to Phill Beach (pictured above), executive vice president of savings and retirement at Pacific Life Re, the transaction reflects the firm’s ongoing engagement in the Japanese market and its focus on offering risk transfer solutions in the region.
“Through the transfer of Anshin Life’s risk to Pacific Life Re, their organization is able to more efficiently manage and optimize their product portfolio, helping to achieve broader business objectives,” Beach said.
Pacific Life Re operates as the global reinsurance division of Pacific Life, which holds long-standing financial strength ratings and has provided insurance and investment solutions for nearly 160 years.
In other recent developments, Pacific Life Re also named Kenichi Kim as head of South Korea, where he will lead the company’s operations and business development efforts in the market.
Kim joined Pacific Life Re in 2022 with a focus on expanding the firm’s protection business across Asia. In 2023, he began supporting the South Korea client solutions team to accelerate growth in the region.
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