LONDON (Alliance News) - Legal & General Group PLC on Thursday said its retirement arm has entered into its second US pension risk transfer deal, with a buy-out of about USD65.0 million in pension liabilities.
Payments to annuitants are set to begin in the coming months, the company said.
"This deal is an excellent start to the year and follows our successful entry into the US in October 2015 with our USD450 million agreement with the US subsidiary of Royal Philips," Kerrigan Procter, managing director of Legal & General Retirement, said.
"The US is a key market for Legal & General, and we are uniquely positioned with our US life assurance business, rapidly growing investment management business, and US pension risk transfer operations. I am confident we will build on the global success of last year in 2016," Procter added.
George Palms, president of Legal & General Retirement America, said: "Demand for pension risk transfer deals is only just beginning in the US and we are confident that we are well positioned to be a major player in this developing market."
Shares in Legal & General Group were down 4.2% at 200.80 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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