By Joshua Kirby

German insurer Allianz SE said Friday that it has reached an agreement to reinsure liabilities of approximately 30 billion euros ($33.9 billion) in the U.S.

Allianz subsidiary Life Insurance Co. of North America entered into the agreement with life insurer Resolution Life and affiliates of Sixth Street, including Talcott Resolution Life Insurance Co., the company said.

Reinsuring the liabilities in its U.S. fixed index annuity portfolio will result in a capital release of around EUR3.6 billion, and should increase the Solvency II ratio by nine percentage points, Allianz said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

December 03, 2021 01:41 ET (06:41 GMT)

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