MetLife completes risk transfer transaction with Global Atlantic Financial Group

MetLife has completed its risk transfer transaction with Global Atlantic Financial Group, a retirement and life insurance company. The transaction accelerates the run-off of MetLife Holdings, the company’s closed-block businesses of its former U.S. Retail segment, representing approximately $19B of statutory reserves. The company will remain as administrator and service provider for the policies to be reinsured. MetLife Investment Management will also manage a significant amount of the assets under a five-year investment management agreement.