Legal & General signs first annuity deal outside UK

Legal & General has signed a deal to reinsure 136m euros of New Ireland Assurance's existing and future annuity business.

Legal & General has signed a deal to reinsure 136m euros of New Ireland Assurance's existing and future annuity business.

The insurance and investment company said the agreement with New Ireland was its first annuity transaction outside the UK, allowing it to expand its reach to new markets.

The reinsurance arrangement with the life insurance and pension group covers annuities purchased by individual customers and bulk annuities purchased by Irish pension schemes.

"Legal & General is actively pursuing opportunities to leverage its expertise in non-UK markets, such as North America and Europe," said Managing Director, Kerrigan Procter.

"The Irish annuity market for both bulk and individual annuities looks set to expand over the next few years and this arrangement will enable Legal & General to actively participate in this exciting market."

Shares rose 0.90% to 169p at 08:28 Monday.

RD

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Commodity supercycle or not, here’s a metal that’ll still be in demand – tin
Industrial metals

Commodity supercycle or not, here’s a metal that’ll still be in demand – tin

Commodity prices may have come off the boil recently. But for tin, the only way is up. Dominic Frisby picks the best ways to invest.
7 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021