Athene To Enter $19 Bln Block Reinsurance Deal With Sony Life

(RTTNews) - Athene Holding Ltd. (ATH-PA), a retirement services company and a subsidiary of Apollo Global Management, Inc. (APO), on Monday announced that it intends to enter a block reinsurance transaction with Sony Life Insurance Co. Ltd., Sony Financial Group Inc. (8729.T), a Japanese insurer.

The total transaction volume with Japanese cedants now stands at about $19 billion.

Under the deal, the company will reinsure an in-force block of U.S. dollar-denominated whole life insurance policies and will retrocede all mortality risk associated with the block through an agreement with Swiss Re.

The deal marks the company's eighth reinsurance transaction across seven cedents and its second block reinsurance deal with a Japanese insurer in five years.

The company said its strong balance sheet, capital profile, and alignment with Apollo position it as a partner of choice in the Japanese retirement market.

On Friday, Athene closed trading 0.28% higher at $25.32 on the New York Stock Exchange.