Met Life recaptures Annuity Life Re business
The panel in the arbitration proceeding between Annuity and Life Re (Holdings), and Met Life has ruled that Annuity and Life Re's rate increase instituted in January 2003 and effective March 5, 2003 is valid. As a result of the ruling, Met Life has chosen to recapture the business. In the fourth quarter of 2003 the Company will reverse premium revenue, benefits and expenses associated with the contract for the period March 6, 2003 through September 30, 2003. While the terms of the recapture with Met Life are still being finalised, the net impact of these reversals, offset by the cost associated with the recapture, is not expected to have a material adverse effect on net income for the fourth quarter of 2003, according to Annuity and Life Re.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Most read
- RSA ‘pragmatic’ on product review as NIG acquisition completes
- Direct Line Group confirms Milliner amid raft of leadership hires
- Wakam looking to exploit ‘unlimited UK potential’ following regulator approval