The reinsurance treaty covers more than 22,000 insured with associated pension liabilities which represent nearly EUR 750 million.
“AXA France innovates by securing a significant part of commitments associated with longevity through reinsurance. We are the first insurer in France to transfer such liabilities”, Nicolas Moreau, CEO of AXA France, emphasised.
“I am pleased that with our latest block transaction we have been able to demonstrate that our expertise in reinsurance products for the longevity risk also extends to the French market”, Ulrich Wallin, CEO of Hannover Re, commented.
AXA Retirement Savings Company specialises in the development of long-term savings schemes. The company is the leading actor in France in the area of employee retirement savings with a nearly 20% market share in terms of outstanding provisions; it is also engaged in further international activities.
Hannover Re has been active on the longevity risk market since the mid-1990s. The largest market to date for this form of risk transfer has been the United Kingdom, although companies across Europe are increasingly expressing a need for such solutions.