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MetLife, Inc.: MetLife Completes $5 Billion Longevity Reinsurance Transactions with Rothesay
MetLife, Inc. announced today that its subsidiary, Metropolitan Tower Life Insurance Company, has closed its second and third longevity reinsurance transactions with Rothesay Life Plc, reinsuring approximately $5 billion of pension liabilities associated with two U.K. bulk annuity transactions completed in the fourth quarter of 2020. We are pleased to expand our relationship with Rothesay and build on our previous success to execute the latest two transactions very quickly and efficiently, said Jay Wang, senior vice president and head of Risk Solutions for MetLife s Retirement Income Solutions business. With these transactions, we will continue to execute on our strategy, using our actuarial expertise and history managing longevity risk to expand our footprint within the U.K. longevity reinsurance market.
Provided by Dow Jones
Feb 24, 2021 8:09 AM UTC Lloyds Banking Group s fourth-quarter pretax profit and net income fall was better than the market expected The bank has resumed dividends by declaring a distribution of 0.57 pence a share Lloyds expects to reduce operating costs further in 2021. By Sabela Ojea Lloyds Banking Group PLC reported Wednesday a nearly halved pretax profit for the fourth quarter of 2020 and resumed paying dividends. The FTSE 100 lender made a pretax profit of 792 million pounds ($1.12 billion) compared with GBP1.45 billion for the same period a year earlier. It was expected to post a pretax profit of GBP471 million, taken from a compilation of 23 analyst models. Pretax profit was hit by lower income and an increased impairment charge.
HSBC Sharpens Focus on Asia
Banking giant s earnings tumble 35% to $3.9 billion
published : 24 Feb 2021 at 04:00
HSBC Holdings PLC, one of the world s largest banks, said yesterday that it would pour about $6 billion of extra investment into Asia in the next five years, as it doubles down on its core business.
The London-based bank, which makes most of its profit in Hong Kong and mainland China, also said that earnings fell 35% to $3.9 billion last year as the coronavirus pandemic roiled the global economy.
HSBC set aside $8.82 billion in provisions for bad loans last year versus less than $3 billion in 2019.
Chief executive Noel Quinn is leading the reorganization of the bank. Geopolitical tension between China and Western countries has strained his ambition for the bank to be a financial bridge between the most populous nation and the rest of the world.