Swiss Re supports Aviva in the largest longevity transaction with a pension scheme completed to date

06 March 2014, London

  • Swiss Re participates in longevity reinsurance transaction covering GBP 5 billion of liabilities in the Aviva Staff Pension Scheme
  • The transaction protects the Aviva Staff Pension Scheme by transferring the risk that members live longer than expected
  • The transaction covers the longevity risk for 19 000 members of the Scheme, their widows or widowers and civil partners
  • Swiss Re extends its longevity reinsurance expertise to Aviva as part of the largest such transaction completed to date. The transaction means that the Aviva Staff Pension Scheme has insurance protection to cover its financial commitments if its retired members live longer than expected.

    Thierry Léger, Global Head of Life & Health Products at Swiss Re says: "We are delighted to be supporting Aviva with this transaction. It is a landmark deal for the longevity market because it proves that longevity reinsurance solutions can serve the needs of our largest insurance clients. We know that life expectancy is growing – this type of insurance provides peace of mind that there is protection in place no matter how long people live."

    Swiss Re's latest longevity reinsurance agreement covers 19 000 members receiving pensions from the Aviva Staff Pension Scheme. It also covers their widows, widowers, or civil partners. Swiss Re worked with Aviva and two other reinsurers to transfer the longevity risk related to GBP 5 billion of liabilities within the Aviva Staff Pension Scheme to Aviva Life & Pensions UK Ltd and then to the reinsurance market.

    Daniel Harrison, Global Head of Longevity Solutions at Swiss Re says: "There is a compelling rationale for pension plans and insurers to transfer their longevity risk to reinsurers. We have a natural offset with our mortality business, the capacity to write the business onto our balance sheet, and the expertise to tailor the transaction to meet our client's needs."

    Swiss Re is a leader in the longevity reinsurance market. Since 2007, Swiss Re has established a strong track-record providing longevity protection for insurers and pension funds in both the public and private sectors.

    Previous Swiss Re longevity insurance deals




    April 2007

    Friends Provident

    USD 3.4 billion

    July 2007

    Co-operative Insurance

    USD 3.6 billion

    December 2008

    undisclosed Australian insurer

    USD 0.4 billion

    October 2009

    undisclosed Australian insurer

    USD 0.4 billion

    December 2009

    The Royal County of Berkshire Pension Fund

    USD 1.6 billion

    May 2012

    Akzo Nobel (CPS) Pension Scheme

    USD 2.2 billion

    December 2012

    LV= Employee Pension Scheme

    USD 1.3 billion

    Notes to Editors

    For more information on this transaction and/or access to experts and managers related to this release please contact Swiss Re media relations: or phone us on +41(0)43 285 7171.

    Swiss Re 

    The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "Aa3" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information follow us on Twitter @SwissRe.

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