MetLife to reinsure ~$10B in variable annuity reserves with Talcott; reduces tail risk 40%

METLIFE INC

Reinsurance agreement with Talcott covers ~$10B of U.S. retail variable annuity and rider reserves.
Combined transaction value ~$250M from ceding commission and capital released over time.
Foregone annual adjusted earnings ~$100M, offset by ~$45M annual hedge cost savings.
Account values reduced by ~40%, lowering retail variable annuity tail risk significantly.
MetLife Investment Management will manage ~$6B of assets under mandates with Talcott.

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