Longevity swaps and longevity risk transfer transactions

The list below shows longevity swaps, longevity risk transfer and longevity reinsurance transactions that have taken place in the reinsurance and capital markets, most recent deals at the top. Details of the cedents, sponsors and the facilitating firms as well as the size of the longevity hedge or reinsurance transaction, as well as links to articles on Artemis covering these longevity deals are included.

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This may not be an exhaustive list of longevity swap, longevity risk transfer and longevity reinsurance transactions so please contact us if you know of any others. Read our article: What is longevity risk transfer?

Keep up with the latest longevity risk transfer news on Artemis.

Fund / SponsorProvider(s)SolutionSizeSortDateCoverage
ManulifeRGA Life Reinsurance Company of CanadaLongevity reinsurance covering annuitants?Feb 2019Read more
Pension Insurance Corporation plcSCORLongevity reinsurance£1.2 billion1.2Dec 2018Read more
Legal & GeneralUnnamed UK pensionLongevity swap & reinsurance£300 million3Aug 2018Read more
AvivaPrudential Insurance Company of AmericaLongevity reinsurance$1.4 billion1.4Aug 2018Read more
National GridZurichLongevity swap£2 billion2May 2018Read more
Pension Insurance Corp.Prudential Insurance Company of AmericaLongevity reinsurance$1.2 billion1.2May 2018Read more
Scottish WidowsPrudentialLongevity reinsurance$1.8 billion1.8Feb 2018Read more
Pension Insurance Corp.PartnerReLongevity reinsurance$725 million0.725Jan 2018Read more
LV=Reinsurance Group of AmericaAsset and longevity reinsurance£900 million0.900Dec 2017Read more
Legal & GeneralPrudentialLongevity reinsurance$800 million0.800Dec 2017Read more
NN GroupHannover ReIndex-based longveity hedge€3 billion3Nov 2017Read more
Pension Insurance Corp.Prudential Insurance Company of AmericaLongevity reinsurance$1.2 billion1.3Nov 2017Read more
MMC UK Pension FundCanada Life Reinsurance, The Prudential Insurance Company of America (PICA)Longevity swap & reinsurance£3.4 billion3.4Sep 2017Read more
British Airways Pension SchemePartner Re, Canada Life ReLongevity swap & reinsurance£1.6 billion1.6Aug 2017Read more
SSE plc pensionsPension Insurance Corporation plc, Legal & GeneralBuy-ins, longevity insurance & reinsurance£1.2 billion1.2Aug 2017Read more
Pension Insurance Corporation plcSCORLongevity swap & reinsurance£1 billion1Jul 2017Read more
Skanska pension fundZurich / SCORLongevity swap & reinsurance£300 million0.3Jun 2017Read more
Rothesay LifePrudential FinancialLongevity reinsurance$1.2 billion1.2Mar 2017Read more
Unnamed defined benefit pension schemeZurich / SCORLongevity swap & reinsurance£300 million0.3Jan 2017Read more
Unnamed UK defined benefit pension schemeLegal & GeneralLongevity swap & reinsurance£900 million0.9Dec 2016Read more
Canadian Bank Note Company, LimitedCanada Life AssuranceLongevity swap & reinsurance$35 million0.035Nov 2016Read more
AXA FranceRGA ReLongevity swap & reinsurance€1.3 billion1.3Nov 2016Read more
Unnamed defined benefit pension schemeZurich / Pacific Life ReLongevity swap & reinsurance£50 million0.050Oct 2016Read more
Two Pirelli pension plansZurich / Pacific Life ReLongevity swap & reinsurance£600 million0.600Aug 2016Read more
Manweb (ScottishPower)Abbey LifeLongevity swap£1 billion1Aug 2016Read more
Legal & GeneralPrudentialLongevity reinsurance?Aug 2016Read more
Pension Insurance Corp.Prudential Insurance Company of AmericaLongevity reinsurance$1.1 billion1.1Jun 2016Read more
Legal & GeneralPrudentialLongevity reinsurance?Apr 2016Read more
Unnamed UK pension planZurich / Pacific Life ReLongevity swap & reinsurance£90 million0.090Dec 2015Read more
RAC (2003) Pension SchemeSCOR SELongevity swap & reinsurance$900 million0.900Nov 2015Read more
Philips UK Pension FundPension Insurance Corp. & Hannover ReBuyout & longevity reinsurance£2.4 billion2.4Nov 2015Read more
Scottish & Newcastle Pension PlanFriends Life (plus Swiss Re)Longevity swap & reinsurance£2.4 billion2.4Sep 2015Read more
Legal & GeneralPrudentialLongevity reinsurance$2.9 billion2.9Aug 2015Read more
AegonCanada Life ReLongevity swap & reinsurance€6 billion6Jul 2015Read more
AXA UK Pension SchemeRGA ReLongevity swap£2.8 billion2.8Jul 2015Read more
Pension Insurance Corp.Prudential Insurance Company of AmericaLongevity reinsurance£1.6 billion1.6Jun 2015Read more
Delta LloydRGA ReIndex-based longevity derivative (swap)€12 billion12Jun 2015Read more
Pension Insurance Corp.Prudential Insurance Company of AmericaLongevity reinsurance£?Apr 2015Read more
Bell Canada Pension Plan (BCE Inc.)Sun Life Financial Inc. (plus SCOR & RGA Re)Longevity swap & reinsuranceCAD$5 billion5Mar 2015Read more
ScottishPowerAbbey LifeLongevity swap£2 billion2Feb 2015Read more
Rothesay LifePrudentialLongevity reinsurance$450 million0.450Jan 2015Read more
MNOPFPacific Life ReLongevity swap & reinsurance via incorporated cell£1.5 billion1.5Jan 2015Read more
Rothesay LifePacific Life ReLongevity reinsurance£1 billion1Dec 2014Read more
Legal & GeneralPrudentialLongevity reinsurance$2.2 billion2.2Oct 2014Read more
Delta LloydRGA ReIndex-based longevity derivative (swap)€12 billion12Aug 2014Read more
Phoenix GroupPhoenix LifeLongevity swap with simultaneous quota share reinsurance£900 million0.900Aug 2014Read more
Rothesay LifePrudentialLongevity reinsurance transaction$1.7 billion1.7Aug 2014Read more
AXA FranceHannover ReLongevity swap€750 million0.750Aug 2014Read more
BT Pension SchemePrudential Insurance Company of AmericaPensioner bespoke longevity swap£16 billion16Jul 2014Read more
Total UK Pension PlanPension Insurance Corporation / Hannover ReBuy-in and longevity reinsurance transaction£1.6 billion1.6Jun 2014Read more
Royal LondonRGA International Reinsurance Co.Longevity reinsurance transaction£1 billion1May 2014Read more
AkzoNobelLegal & General / PrudentialBuy-in, bulk annuity and longevity reinsurance£3.6 billion3.6Mar 2014Read more
AvivaSwiss Re / Munich Re / SCORPensioner bespoke longevity swap£5 billion5Mar 2014Read more
BAE SystemsLegal & GeneralPensioner bespoke longevity swap£1.7 billion1.7Dec 2013Read more
Astra ZenecaDeutsche Bank / Abbey LifePensioner bespoke longevity swap£2.5 billion2.5Dec 2013Read more
CarillionDeutsche Bank / Abbey LifePensioner bespoke longevity swap£1 billion1Dec 2013Read more
AegonSociété Générale CIB / SCORaLongevity swap to capital market investors and reinsurers€1.4 billion1.4Dec 2013Read more
Pension Insurance CorporationReinsurersLongevity reinsurance£1.4 billion1.4Nov 2013Read more
Philips Pension FundRothesay LifePension insurance including longevity risk£484 million0.484Oct 2013Read more
Cobham plcRothesay LifeBulk annuity and longevity insurance£280 million0.280Aug 2013Read more
EMI Group Pension FundPension Insurance CorprationBuy-out of all liabilities including longevity risk£1.5 billion1.5Jul 2013Read more
Canadian Wheat BoardSun Life Assurance Company of CanadaAnnuity buy-in and asset transfer$150 million0.150Jun 2013Read more
BentleyDeutsche Bank / Abbey LifePensioner bespoke longevity swap£400 million0.400May 2013Read more
Abbey Life / Rothesay LifeHannover ReLongevity reinsurance transaction£1 billion1Apr 2013Read more
BAE SystemsLegal & General / Hannover RePensioner bespoke longevity swap£3.2 billion3.2Feb 2013Read more
LV=Swiss RePensioner and all members over age 55 longevity swap£800 million0.800Dec 2012Read more
Pension Insurance CorporationMunich ReLongevity reinsurance transaction£400 million0.400Dec 2012Read more
VerizonPrudentialPension liability buy-out$7 billion7Oct 2012Read more
Pension Insurance CorporationMunich ReLongevity reinsurance transaction£300 million0.300Jul 2012Read more
General MotorsPrudentialPension liability buy-out$26 billion26Jun 2012Read more
AkzoNobelSwiss RePensioner bespoke longevity swap£1.4 billion1.4May 2012Read more
AegonDeutsche BankCapital markets longevity swap€12 billion12Feb 2012Read more
PilkingtonLegal & General / Hannover RePensioner bespoke longevity swap£1 billion1Dec 2011Read more
British AirwaysGoldman Sachs / Rothesay LifePensioner bespoke longevity swap£1.3 billion1.3Dec 2011Read more
Rolls RoyceDeutsche Bank / Abbey LifePensioner bespoke longevity swap£3 billion3Nov 2011Read more
ITVCredit SuissePensioner bespoke longevity swap£1.7 billion1.7Aug 2011Read more
PallJP MorganNon-pensioners index based longevity hedge£100 million0.100Feb 2011Read more
British AirwaysGoldman Sachs / Rothesay LifeSynthetic buy-in (longevity swap plus asset swap)£1.3 billion1.3Jul 2010Read more
BMWDeutsche Bank / Abbey LifPensioner bespoke longevity swa£3 billion3Feb 2010Read more
Berkshire CountySwiss RePensioner bespoke longevity swap£1 billion1Dec 2009Read more
RSA InsuranceGoldman Sachs / Rothesay LifeSynthetic buy-in (longevity swap plus asset swap)£1.9 billion1.9Jul 2009
BabcockCredit SuissePensioner bespoke longevity swap (three schemes)£500 million0.500May 2009Read more
Canada Life (UK arm)JP MorganPensioner bespoke longevity swap£500 million0.500Sep 2008Read more
LucidaJP MorganIndex linked longevity derivative?Feb 2008