LONDON (Alliance News) - Life insurer and investment manager Legal & General Group PLC on Monday said it has agreed to acquire a GBP3.0 billion annuity portfolio from Dutch peer Aegon NV.
The deal has been structured as a reinsurance contract initially, L&G said, and covers around 27,000 in-payment policyholders who will remain customers of Aegon during the period.
They will continue to be served by Aegon until the deal receives regulatory and court approval, L&G said.
"We are delighted Aegon has chosen Legal & General to secure its policyholders' annuities. Back book annuity risk transfer deals can be executed efficiently under our post-Solvency II model," said Kerrigan Procter, managing director of Legal & General Retirement.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Legal & General (LGEN)