Generali agreed to sell its U.K. branch's life runoff portfolio to a Reinsurance Group of America Inc. subsidiary.

As part of the deal, Generali signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, subject to completion of customary collateral statement processes. The remaining minor portion will be shifted directly to the counterparty.

The portfolio transfer of the whole identified book of business will occur after receipt of competent authorities' approval. The portfolio mainly consists of annuity business and corresponds to about €680 million in best estimates liabilities as of year-end 2018.

Separately, the company revealed that it will not refinance €1.25 billion of senior debt that will mature in January 2020. The decision is part of the company's strategy to reduce debt, as included in its 2021 strategic plan.