June 18, 2020 / 8:38 AM / 17 days ago

BRIEF-Athene Announces Fixed Annuity Reinsurance Transaction With Jackson National Life Insurance Company

June 18 (Reuters) - Athene Holding Ltd:

* ANNOUNCES FIXED ANNUITY REINSURANCE TRANSACTION WITH JACKSON NATIONAL LIFE INSURANCE COMPANY

* WILL REINSURE A $27 BILLION IN-FORCE BLOCK OF FIXED DEFERRED AND FIXED INDEXED ANNUITIES

* AS PART OF TRANSACTION, ATHENE IS MAKING A $500 MILLION EQUITY INVESTMENT IN JACKSON, REPRESENTING AN 11% STAKE IN COMPANY

* TRANSACTION IS EXPECTED TO BE ACCRETIVE TO ATHENE’S ADJUSTED OPERATING INCOME IN 2021 AND 2022

* EXPECTS TO DEPLOY ABOUT $1.2 BILLION OF TOTAL CAPITAL IN CONNECTION WITH TRANSACTION TO BE CONTRIBUTED OVER NEXT 12-18 MONTHS

* JACKSON WILL CONTINUE TO SERVICE AND ADMINISTER IN-FORCE POLICIES WITHIN BLOCK

* REINSURANCE AGREEMENT HAS AN EFFECTIVE DATE OF JUNE 1, 2020 Source text for Eikon: Further company coverage:

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