Swiss Re announces USD 2 billion longevity reinsurance transaction

• Swiss Re completes first longevity reinsurance transaction covering US retirees
• This transaction builds on Swiss Re's successful track record of longevity in the UK, Netherlands, Singapore and Australia

Zurich, March 17, 2026 – Swiss Re has signed a USD 2 billion longevity reinsurance transaction, consolidating its global track record in the longevity risk transfer market and marking its first transaction in this area involving US retirees. Athene acted as counterparty to the transaction as part of its normal risk management activities.

Michael Bacon, Managing Director, US Global and Transactions Business at Swiss Re, said: "Swiss Re's financial strength and structuring experience supports Athene's mission to protect policyholders' retirement income in retirement. This transaction demonstrates Swiss Re's commitment to providing customized longevity risk solutions to leading retirement services providers."

Longevity reinsurance; It enables pension providers and insurers to fulfill their promises to beneficiaries where participants' life expectancy is significantly longer than anticipated. Since the establishment of the longevity risk transfer market nearly 20 years ago, Swiss Re has completed more than 30 longevity reinsurance transactions in the UK, the Netherlands, Singapore and Australia; It has secured pensions exceeding USD 50 billion and more than 1 million retirees.

The longevity business line, which accounts for 17% of insurance revenues in 2025, is the second largest field of activity in Swiss Re's Life and Health Reinsurance segment. With record volumes of defined benefit plan sponsors transferring their pension obligations to insurance companies, Swiss Re expects significant industry-wide demand for longevity risk transfer solutions.

About Swiss Re
Swiss Re Group is one of the world's leading providers of reinsurance, insurance and insurance-based risk transfer; operates to make the world more resilient. It predicts and manages a wide range of risks, from natural disasters to climate change, from aging populations to cybercrime. The aim of the Swiss Re Group is to contribute to the development and progress of society by creating new opportunities and solutions for its customers. Founded in 1863, Swiss Re Group operates through approximately 70 offices worldwide, with its headquarters in Zurich, Switzerland.

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