US$ annuities still returning less than A$ annuities
– In response to recent concerns around flows from Japan being directed away from A$ annuities into US$ annuities, CGF confirmed that US$ annuities are currently offering returns of 1.6% with A$ annuities offering 1.7%, with this gap widening following recent FX movements.
Recent reduction in quota share to manage counterparty exposure –
It was made clear the recent reduction in the Japanese reinsurance quota share was to manage counterparty risk and the reduction in sales was not as a result of lower MS Primary gross sales. CGF confirmed they will continue to target 15-25% of total annuity sales from Japan.
Comprehensive Retirement Income Products, page-8
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