NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced it has entered into an agreement with Global Atlantic Financial Group (Global Atlantic), a retirement and life insurance company, to reinsure approximately $19.2 billion of U.S. retail universal life, variable universal life, universal life with secondary guarantees, and fixed annuity statutory reserves.
The combined value of the transaction is expected to be approximately $3.25 billion with a ceding commission of $2.25 billion and $1 billion of capital that will be released. In addition, MetLife’s Board of Directors has approved a $1 billion increase in the company’s share repurchase authorization. This is incremental to the $3 billion authorization announced earlier in May 2023, and brings MetLife’s total share repurchase authorization outstanding to roughly $4 billion.
