L&G reports H1 2016 bulk annuity volumes of £3.6bn ahead of Brexit vote
By IAN Editorial Desk Legal & General today reported first-half 2016 bulk annuity volumes of £3.6bn, up from £2.4bn a year earlier, and said the business...
Legal & General today reported first-half 2016 bulk annuity volumes of £3.6bn, up from £2.4bn a year earlier, and said the business saw minimal disruption around the UK’s Brexit referendum.
Legal & General added that it had a strong pipeline of bulk annuity transactions following the half-year, supporting continued growth in its retirement business.
The first-half figures were underpinned by completion of the £2.9bn acquisition of Aegon UK’s annuity back book, which transferred a large block of in-force liabilities onto Legal & General’s balance sheet. Aegon said the transaction structure involved the initial reinsurance of £3bn of liabilities to Legal & General, followed by a Part VII transfer.
Register to see the rest of this article
Registration is free and takes a moment. It opens every article and the complete archive, the Economic Dashboard, the events calendar and the company directories.
Register freeAlready have an account? Sign in
