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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
-
DIY pension investors take tax-free cash amid switch to ISAsSelf-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHTPension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?
