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.

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.

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"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