Shareholders of Mapfre Peru Compania de Seguros y Reaseguros SA on Dec. 21 approved the transfer of the firm's life annuity business, including its entire portfolio of life annuities, to fellow insurer Interseguro Compañía de Seguros SA, Mapfre Peru said in a securities filing.

The boards of both companies approved the deal Dec. 14. The agreement is now pending approval by Peru's banking and insurance regulator, SBS, the filing said.

Under the deal, which is structured as a "simple reorganization," Mapfre Peru will transfer all of its assets and liabilities in its life annuity business, including all rights and obligations, to Interseguro.

Given that the net value of the package of assets and liabilities is zero, Interseguro will not need to raise its capital and will not issue shares to Mapfre, according to filed documents.