Aflac Incorporated acquired Zurich North America U.S. Corporate Life and Pensions (Group Benefits) business for Total consideration under $200 million; reinsured in-force policies of $100 million+ annualized earned premium (~$120 million per company disclosure), a transaction completed in November 2020, structured as asset purchase plus indemnity reinsurance of in-force book.
In November 2020 Aflac, through its insurance subsidiaries Aflac and Aflac New York, acquired Zurich North America's U.S. Corporate Life and Pensions (group benefits) business, consisting of group life, disability and absence-management products. Aflac and Aflac New York agreed to reinsure, on an indemnity basis, Zurich North America's U.S. in-force group life and disability policies, which carried annualized earned premium of over $100 million, and Aflac acquired the assets needed to support the group life and disability business along with an absence-management platform. Aflac's own newsroom described total consideration (including capital to support the business) as less than $200 million and the reinsured in-force annualized premium as approximately $120 million.
The deal expanded Aflac U.S.'s group-benefits capabilities into group life, disability and absence management and added an absence-management platform, strengthening Aflac's position at the point of benefits enrollment for employers and brokers.
In November 2020, the Company, through its insurance subsidiaries Aflac and Aflac New York, acquired Zurich North America's U.S. Corporate Life and Pensions business, which consists of group life, disability and absence management products.
We are excited as we welcome new team members to the Aflac family and enhance our value proposition to agents, brokers and employers.
Advisory firms were not disclosed for this transaction.