Executives at Reinsurance Group of America Inc. say competition for annuity and pension reinsurance business is strong.
RGA executives talked about the state of the longevity deal market Friday, during a conference call with securities analysts.
Anna Manning, the president of the Chesterfield, Missouri-based life reinsurer, told the analysts that the performance of reinsurance arrangements reinsuring U.S. individual life insurance was strong in the third quarter,
Manning also told the analysts that RGA made two large annuity deals during the quarter.
One was for individual annuities that are in payout status, and another was for a block of fixed deferred annuities. The larger of the two blocks was backed by $2.8 billion in assets, Manning said.
“Competition was strong on those deals,” Manning said.
RGA’s deal pipeline is strong, both in North America and Europe, and rising interest rates could increase the deal flow, Manning said.
One analyst asked Manning about blocks of long-term care insurance business.
“We just don’t think we’re the best buyers for the legacy blocks,” Manning said. “They remain low on our priority list.”