MetLife completes $10B variable annuity risk transfer with Talcott Resolution

METLIFE INC

Transaction reinsures ~$10B of U.S. retail variable annuity and rider reserves with Talcott Resolution.
Expected foregone annual adjusted earnings ~$100M, partially offset by ~$45M annual hedge cost savings.
MetLife Investment Management to manage ~$6B of assets under agreements with Talcott.
Reduces portfolio risk and accelerates run-off of legacy blocks in MetLife Holdings.

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