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Prudential Plc: Court Orders To Stop Transfer Of Annuities To Rothesay

Prudential plc (PRU.L,PUK) said the High Court has refused to sanction the transfer of a portfolio of annuities from The Prudential Assurance Company Limited, a unit of M&GPrudential, to Rothesay Life plc. The transfer of the the business was part of an agreement signed last year with Rothesay Life to reinsure 12.0 billion pounds of shareholder-backed annuity liabilities.

The judgment has no impact on the timetable for the demerger of M&GPrudential, Prudential plc said. The demerger is projected to complete in the fourth quarter of 2019.

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