logo
Plus   Neg
Share
Email

Legal & General Completes £4.4 Bln Buy-in With British Airways Pension Scheme

Legal & General Group Plc (LGEN.L) said that it has completed a 4.4 billion pounds buy-in for British Airways PLC's pension scheme, Airways Pension Scheme or "APS", covering nearly 22,000 pensioners. It is the largest ever bulk annuity policy arranged with a UK pension scheme and also included the conversion of existing longevity insurance into a bulk annuity.

The UK pension risk transfer or "PRT" market continues to demonstrate a high level of activity with Legal & General actively quoting on more than 20 billion pounds, of which more than 7 billion pounds were in exclusive negotiations at the time. Since then, Legal & General has completed 4.8 billion pounds of UK PRT transactions, including the APS buy-in, and is now actively quoting on 27 billion pounds of UK PRT deals.

Additionally Legal & General has continued to show strong momentum in International PRT, completing 191 million pounds of transactions since the end of June.

In aggregate, Legal & General has completed 6.0 billion pounds of global pension de-risking transactions year to date (UK PRT: 5.3 billion pounds, International PRT: 0.4 billion pounds, Longevity Insurance: 0.3 billion pounds). The financial metrics and Solvency II capital strain of these transactions are in line with previous levels reported by Legal & General.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
McDonald's Corp. has announced the return of its popular Shamrock Shake milkshake for a limited time at participating U.S. restaurants nationwide. The minty green milkshake is made with McDonald's vanilla soft serve blended with Shamrock Shake syrup and topped with whipped topping. It first debuted on the McDonald's menu in 1970 and has been a seasonal tradition for nearly 50 years. Asia-focused lender HSBC, through its blockchain-powered platform, has reduced the cost of settling foreign exchange trades by 25 percent, Reuters reported quoting a bank executive overseeing the project. Mark Williamson, chief operating officer of FX cash trading and risk management, told that the bank processes between 3,500 and 5,000 trades a day on its "FX Everywhere" system. PepsiCo, Inc. (PEP) reported fourth-quarter core EPS of $1.49 compared to $1.31, prior year. Excluding the impact of foreign exchange translation, core constant currency EPS increased 17 percent year-over-year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per...
Follow RTT