LONDON, March 19 (Reuters) - UK insurance companies were hiton Wednesday by government plans to scrap a requirement thatpension savings be used to buy an annuity.
Legal & General, Aviva, Standard Life and Prudential were all down between 2.5 percent and 8percent after UK finance minister George Osborne announced theplans as part of his annual budget.
"It's the annuity relaxation that is really hitting theinsurers," said Dafydd Davies, senior trader at Prime WealthGroup.
For more on budget highlights, click here: (Reporting by Simon Jessop, additional reporting by SudipKar-Gupta; Editing by Alistair Smout)
Prudential (PRU)
Aviva (AV.)
Legal & General (LGEN)
