Relative to the current CGF Annuity sales rate of ~4bnA$/year, 640mA$/year of new reinsurance from MS&AD is no small deal. Margins on this business will be conceivably lower, but the average duration is significantly longer than the one of the existing Annuity book. Makes sense to diversify away from A$-denominated annuities, while these are penalised by the negative yield differential vis-a-vis US$.
Ann: Challenger expands strategic relationship with MS&AD, page-2
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