Investment - Articles - Aon advise NN Life on Netherlands longevity transaction

Aon has advised NN Life on broking the longevity risk on a back book of €13 billion of defined benefit pension plan liabilities.

 NN Life, part of NN Group, is a major Netherlands life insurance company. The €13 billion of pension plan liabilities covered by this transaction contains over 250,000 individuals for pensions in payment, deferred pensioners and dependants.
 Marc Meertens, head Balance Sheet Management and Reinsurance, NN Life, said: “Aon's advice and technical knowledge enabled us to bring this transaction to a successful conclusion. It helps us to improve our solvency ratio and to manage our exposure to longevity risk.”
 Tim Gordon, partner in Aon’s risk settlement team, said: “This is the third longevity hedge transaction in the last five years on which Aon has advised NN, making a total of over €30 billion of liabilities for which longevity risk has been reinsured.
 “Since the recent passing of Netherlands pension reforms, reinsurer interest in hedging Netherlands longevity risk has intensified in anticipation of increased bulk annuity activity and the need to navigate volatility. Demographic Horizons, Aon’s framework for modelling mortality and other demographics, includes the leading base mortality postcode model for the Netherlands and was instrumental in our advice to NN for both this and the previous transactions.”

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