Prudential Financial and NN Life & Pensions ink a €4 billion longevity agreement
Prudential Financial and NN Life & Pensions Enter €4 Billion Longevity Risk Transfer Agreement
Prudential Financial, Inc. (PFI) has entered into a €4 billion longevity risk transfer agreement with NN Life & Pensions, a Dutch subsidiary of NN Group. This reinsurance transaction, effective July 1, 2025, marks the second international longevity reinsurance agreement between the two companies [1][3].
The deal covers approximately 96,000 policyholders and aims to help millions more people protect their life's work. The agreement reinforces PFI's growing footprint in the Dutch market [1][3].
For NN Life & Pensions, the transaction helps strengthen its capital and risk position by transferring longevity risk—the risk that policyholders live longer than expected, increasing pension liabilities. The deal raised NN Life’s Solvency II ratio from 187% to 200%, enhancing the group’s overall capital stability [3].
This is not the first time NN Group has engaged in longevity risk transfers. In late 2023, the group entered into a €13 billion deal with Prudential and Swiss Re, signaling an ongoing strategy to manage pension longevity liabilities through risk transfer [2][4].
For PFI, this deal demonstrates a commitment to the global retirement market and institutional retirement strategies, helping insurers and pension plan trustees manage long-term financial risks associated with increasing lifespans [3]. PFI has a broad history of over $45 billion in global reinsurance arrangements since 2011, including a notable $27.7 billion longevity deal with the UK’s BT Pension Scheme [1].
Rohit Mathur, head of International Reinsurance at PFI Retirement Strategies, stated that the smooth and efficient close of the deal is a testament to the strong relationship with NN Life & Pensions. Dylan Tyson, president of retirement strategies and head of PFI’s Global Retirement Center of Excellence, expressed satisfaction with the continued collaboration [1].
The agreement was executed through PFI's primary US insurance subsidiary. The terms and conditions of the agreement were not disclosed. Rohit Mathur anticipates increased activity and demand in the Dutch market and is excited about the opportunities for PFI to help those seeking to manage longevity risk as part of their strategic objectives [1].
This transaction involves life insurance and pension solutions, but no new facts about the type of life insurance or pension solutions, or the effective date of the agreement, were provided in this paragraph.
[1] Prudential Financial, Inc. press release, 2025 [2] NN Group press release, 2023 [3] Reuters article, 2025 [4] Financial Times article, 2023
This €4 billion longevity risk transfer agreement between Prudential Financial and NN Life & Pensions is related to the finance sector, as it involves the management of financial risks associated with increasing lifespans and the transfer of longevity risk. The deal aims to help millions protect their life's work and strengthens NN Life & Pensions' capital and risk position, raising its Solvency II ratio to 200%.
