Equitable to Divest Portion of Variable Annuities
On October 28, 2020, Equitable Holdings, Inc. (EQH) announced that its flagship company, Equitable Financial Life Insurance Company (EFLIC), plans to divest about 13% of its variable annuity policy contracts business to Venerable Holdings, Inc. (VH). EFLIC held approximately $12 billion of general account policy reserves at 12/31/19 that related to the living or death benefit guarantees associated with this business, which was over half of EFLIC’s total general account reserves for variable annuities with guarantees of $23 billion as of 12/31/2019.
American Financial Group to cede portion of Fixed Annuity Business
On October 26, 2020, American Financial Group, Inc. (AFG) announced it had reached an agreement to cede $5.7 billion of fixed and fixed indexed annuities to Global Atlantic Financial Group Ltd. (GAFG). The deal was effective October 1, 2020.