Pacific Life Re & ASR Nederland N.V. complete €1.3bn longevity swap in Dutch market

Life and health reinsurer Pacific Life Re has completed a EUR 1.3 billion longevity swap reinsurance agreement with Aegon Levensverzekering N.V., part of the a.s.r. group, in the Netherlands.

This marks Pacific Life Re’s second longevity swap reinsurance deal in the Dutch market, as the company completed a EUR 2 billion agreement with Nationale-Nederlanden (NN Life) in February 2025. 

This EUR 1.3 billion transaction reportedly covers a portion of the defined benefit pensions that are included in a pension buy‑out, and is expected to further strengthen Pacific Life Re’s presence within the Dutch market.

The transaction was supported by global law firm Hogan Lovells.

“We are delighted to partner with a.s.r. on this significant transaction, our first Dutch deal covering defined benefit liabilities for both pensioners and deferred members, and which reflects our shared commitment to protect people in retirement,” commented Vanessa HoVon, Managing Director, Savings & Retirement for Europe & Americas at Pacific Life Re.

Adding: “Pacific Life Re look forward to continuing to deliver bespoke solutions and supporting our partners in the Dutch market as they navigate the ongoing pension reform through the provision of risk transfer solutions.”

“We are pleased with this transaction. Pacific Life Re is a highly reliable and reputable counterparty with whom we are pleased to enter into cooperation.

“This reinsurance transaction effectively mitigates our longevity exposure and is fully aligned with our continued objective of optimising the balance sheet,” commented Jouke Hottinga, Managing Director, Group Strategy & Balance Sheet Management at a.s.r.

View details of many longevity swaps and longevity reinsurance deals in our longevity risk transfer deal directory.