(Corrects number in first paragraph to $833 million not $847
million, and third paragraph to 544 million pounds not 554
million pounds after company corrects UK figure)
LONDON, Jan 19 (Reuters) - Legal & General has
agreed to insure $833 million of German chemicals group Evonik
Industries' United Kingdom and U.S. pension schemes in
the bulk annuity market, the British insurer said on Tuesday.
In a bulk annuity deal, insurers take on the risk of
companies' defined benefit, or final salary, pension schemes.
The deal secures the benefits of more than 3,600 pension
scheme members in four separate UK pension schemes, totalling
544 million pounds ($740.17 million), L&G said in a statement.
L&G said the UK deal follows a $93 million deal for 1,700
members of Evonik's U.S. pension scheme agreed in September.
L&G is a major player in the UK bulk annuity market and has
been expanding into the U.S. market.
($1 = 0.7342 pounds)
($1 = 0.7350 pounds)
(Reporting by Carolyn Cohn; editing by Emelia Sithole-Matarise)