LONDON (Alliance News) - Life insurer Legal & General Group PLC late on Tuesday said it has completed a GBP750.0 million pension buy-in deal with chemicals company ICI.
L&G said the pension risk transfer deal with ICI, a British chemicals business now owned by Dutch paints and coatings maker Akzo Nobel NV, was executed shortly after the outcome of the UK's European Union referendum was announced.
In 2016 to date, L&G said it has now executed GBP4.5 billion in bulk and individual annuity business, more than the GBP2.7 billion it handled in all of 2015.
"The strength and depth of our relationship with ICI Pension Fund enabled us move fast when the market opportunity presented itself. The result is a further step forward in the de-risking programme which we are helping the ICI Pension Fund Trustees to deliver for their scheme members," said Cheryl Agius, head of strategic pension risk transfer for L&G Retirement.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Legal & General (LGEN)
