International life insurance group Talcott Financial Group has announced the expansion of its subsidiary Talcott Life Re’s previously announced bulk reinsurance transaction with Japan Post Insurance Company.
Under the terms of the extended agreement, Talcott Life Re will reinsure an additional 100 billion yen (approximately $625 million at current exchange rates) of in-force annuities. This transaction will be effective from March 31, 2026.
The move builds on a preliminary agreement in which Talcott Life Re agreed to reinsure a 550 billion yen ($3.6 billion) portfolio of in-force annuity investments.
Japan Post Insurance will retain policy servicing and administration and will continue to do so under the expanded agreement. The preliminary agreement will take effect on March 31, 2025.
Talcott CEO Imran Siddiqui said: “The expanded partnership with Japan Post Insurance Corporation validates the value proposition of the Talcott platform and is a testament to the skills and capabilities of our global team.”
He continued: “As Talcott’s business in Japan grows, we remain committed to providing the comprehensive risk solutions our blue-chip partners rely on. We thank Japan Post Insurance Corporation for its trust in Talcott and recognize our team’s unwavering commitment to fulfilling our obligations to our partners and their policyholders.”