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Legal & General reach sixth longevity reinsurance agreement with Prudential

Legal & General Group plc (“Legal & General”) concluded their sixth longevity reinsurance agreement since 2014. The agreement signals the resurgent market for longevity reinsurance and de-risking solutions in the U.K. in 2017, with market volumes up significantly since the 2016 Brexit vote.

Legal & General Group plc (“Legal & General”) and Prudential Retirement have concluded their sixth longevity reinsurance agreement since 2014. The Prudential Retirement Insurance and Annuity Company (PRIAC) assumes longevity risk for approximately $800 million (£600 million) in pension liabilities, which are held by Legal & General as part of its bulk annuity business. The transaction covers more than 2,000 pensioners. Legal & General and Prudential have now partnered on six transactions that together reinsure nearly $8 billion in longevity risk.

The transaction is also another example of longevity reinsurance having a positive impact in enabling U.K. pension schemes to de-risk efficiently with a strong insurer such as Legal & General.

Joyeeta Kanungo, Head of New Business Reinsurance for Legal & General

For further information

Deborah Goodier

Deborah Goodier

PR and Communications Director

Individual Retirement and Pension Risk Transfer

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