A decade of low interest rates and the implementation of Solvency II prompted European life insurers to shift their business from traditional life insurance policies with minimum guarantees to capital-light, unit-linked, and protection businesses. How do life insurers divest their life insurance portfolios with guarantees? In a new paper prepared for the European Life Reinsurance Roundtable in Frankfurt in February 2023, Prof. Anastasia Kartasheva explores the supply and demand sides of the divestment market, and discusses the economic and regulatory aspects of divestment strategies, including traditional portfolio transfer and legal entity sales as well as funded reinsurance, an emerging strategy in the European market.