Europe’s biggest insurer Allianz has set out a series of measures intended to generate €12bn of excess capital as it seeks to reverse a fall in its share price after a profit warning in August.
It also unveiled a deal with insurance consolidator Resolution Life and affiliates of investment group Sixth Street to reinsure $35bn of liabilities relating to US annuities.
The company said the deal would free up $4bn of capital from these older policies and improve its solvency ratio, a measure of how much capital an insurer has against the regulatory minimum.
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