Peru's banking and insurance regulator, SBS, approved the transfer of Mapfre Peru Compania de Seguros y Reaseguros S.A.'s life annuity business, including its entire portfolio of life annuities, to fellow insurer Interseguro Compañía de Seguros SA, according to a May 26 filing.

The deal, which is set to close June 1, is structured as a "simple reorganization," involving the transfer of all of Mapfre Peru's assets and liabilities in its life annuity business, including all rights and obligations, to Interseguro.

The boards of both companies approved the transfer in late 2016.