MetLife Inc. Propels Life and Annuity Reinsurance Market with Strategic Launch of Chariot Reinsurance Ltd
On July 1, 2025, MetLife Inc. (NYSE: MET), in partnership with General Atlantic and backed by lead investor Chubb, announced the successful launch of Chariot Reinsurance Ltd. (Chariot Re), a Bermuda-based Class E life and annuity reinsurance company. This strategic initiative marks a significant milestone in the life and annuity reinsurance sector, with Chariot Re set to reinsure approximately $10 billion of liabilities, including structured settlement annuity contracts and group annuity contracts linked to pension risk transfers originated by MetLife.
Chariot Re is uniquely positioned to reshape the life and annuity reinsurance market by leveraging MetLife’s global liability origination capabilities alongside the asset management expertise of MetLife Investment Management and General Atlantic. This collaboration creates a differentiated investment model characterized by scale, specialization, and a long-term investment perspective.
Cynthia Smith, CEO of Chariot Re and a 30-year insurance industry veteran, emphasized the company’s robust foundation: “We are launching Chariot Re from a position of strength with high-quality liabilities, a seasoned leadership team, and strong sponsors and investors, to meet the growing demand for life and annuity reinsurance solutions globally.”
MetLife’s President and CEO, Michel Khalaf, highlighted the strategic importance of this partnership: “This transaction with co-sponsor General Atlantic represents a significant step in establishing Chariot Re as a premier global provider of innovative reinsurance solutions. It supports growth in our diversified retirement platform and asset management business, key priorities of our New Frontier strategy.”
Bill Ford, Chairman and CEO of General Atlantic, added, “Together with MetLife, one of the largest global insurance companies, we are committed to supporting Chariot Re in delivering high-quality reinsurance solutions focused on long-term value creation, disciplined growth, and thoughtful risk management.”
Financial Impact and Forward Outlook:
As of Q3 2024, MetLife reported total liabilities of approximately \(673.8 billion, total revenue of \)18.44 billion, and net income of \(1.342 billion. The \)10 billion reinsurance transaction represents a strategic allocation of liabilities that could enhance MetLife’s risk management and capital efficiency. This move aligns with the broader financial sector trends emphasizing disciplined risk management and long-term value creation.
Chariot Re’s business model, supported by MetLife Investment Management’s \(616.9 billion in assets under management as of March 31, 2025, and General Atlantic's \)108 billion AUM, underscores a robust asset management foundation. This partnership is expected to drive sustainable growth in the life and annuity reinsurance market, addressing increasing global demand.
Contextualizing with MetLife’s Previous Earnings Calls:
MetLife’s recent earnings calls have consistently emphasized growth in diversified retirement platforms and asset management as strategic priorities. The launch of Chariot Re directly supports these themes by expanding MetLife’s footprint in reinsurance solutions, enhancing its ability to manage pension risk transfers effectively.
Conclusion:
The launch of Chariot Reinsurance Ltd. represents a transformative development in the life and annuity reinsurance market. Backed by industry leaders MetLife, General Atlantic, and Chubb, Chariot Re is poised to deliver innovative, scalable, and long-term reinsurance solutions. This strategic initiative not only strengthens MetLife’s diversified retirement and asset management platforms but also positions Chariot Re as a premier global reinsurance provider.
For more detailed information, please refer to the original 8-K filing: MetLife 8-K Report.
Tags: MET, MetLife, Q3 2024, life annuity reinsurance, pension risk transfer, asset management partnership