Legal & General Acquires GBP3 Billion UK Annuity Portfolio From Aegon
May 23 2016 - 2:45AM
Dow Jones News
By Tapan Panchal
LONDON--Legal & General Group PLC (LGEN.LN) Monday said it
has acquired a 3 billion pounds ($4.35 billion) U.K. annuity
portfolio from Aegon NV (AGN.AE).
The insurance and savings company said the deal has been
structured initially as a reinsurance contract and covers around
27,000 policy holders. The policy holders will continue to be
serviced by Aegon until the policies have been transferred to Legal
& General, the company added.
An annuity is a financial product which gives an individual
guaranteed income for life after retirement.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
May 23, 2016 02:30 ET (06:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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