UK. Legal & General strikes 2.4 billion pounds pension de-risking deal
Legal & General (LGEN.L) said on Monday it had agreed a deal to insure 2.4 billion pounds in pension risk with the Nortel Networks UK Pension Plan, adding its deal pipeline was at a record high. L&G is at the forefront of demand from some insurers to take on pension-related risk from companies, so-called ‘bulk annuities’, and said at the half-year stage that it expected sales to drive earnings into the end of the year. The deal with Nortel allows the...
