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

• 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

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: [email protected] 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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Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact.

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• instability affecting the global financial system and developments related thereto;
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• policy renewal and lapse rates;
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• operational factors, including the efficacy of risk management and other internal procedures in managing the foregoing risks.

These factors are not exhaustive. Swiss Re operates in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. Swiss Re undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

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