23rd Dec 2015 09:04
LONDON (Alliance News) - Life insurance and investment manager Legal & General Group PLC on Wednesday said it has completed the largest medically-underwritten bulk annuity deal with a defined-benefit pension scheme in the UK.
The FTSE 100-listed company said the deal is a buy-in covering around GBP230.0 million in pension liabilities. L&G didn't name the counter-party for the agreement.
"The deal signs-off an excellent year for the business, with our entry into the US and Dutch pension risk transfer markets, and our first medically underwritten bulk annuity deal completed. We enter 2016 with a strong international pipeline. I'm confident we'll build on the success of 2015 next year," said Kerrigan Procter, managing director of Legal & General Retirement.
Shares in L&G were up 0.9% to 265.80 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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