Axa and Hannover Re in first French longevity swap

AXA France and Hannover Re have concluded the first longevity swap on the French market.

Hannover Re said the reinsurance treaty covers more than 22,000 insured with associated pension liabilities which represent nearly €750 million.

"AXA France innovates by securing a significant part of commitments associated with longevity through reinsurance. We are the first insurer in France to transfer such liabilities,” said Nicolas Moreau, chief executive officer (CEO) of AXA France.

Ulrich Wallin, CEO of Hannover Re, said: "I am pleased that with our latest block transaction we have been able to demonstrate that our expertise in reinsurance products for the longevity risk also extends to the French market.”