L&G completes £7.2bn of pension risk transfer deals in 2021

Legal & General (L&G) secured a total of £7.2bn worth of pension risk transfer (PRT) deals across 57 transactions globally in 2021, its annual results have revealed.

The report detailed the insurer’s deals last year, including two PRT transactions worth a total of £800m with the TUI Group UK Pension Trust in June, a £760m buy-in with the Sanofi Pensions Scheme in October and 11 umbrella agreements in place with different schemes to “allow for efficient future execution”.

More than half (58 per cent) of L&G’s UK deals last year were with existing L&G Investment Management clients.

The insurer noted that it has around £1bn of transactions already secured or in the pipeline this year.

The results also outlined the company’s PRT business in the United States, noting that deals worth $1.1bn (£789m) across 11 transactions were completed by L&G Retirement America in 2021.

L&G Retirement Institutional chief executive officer, Andrew Kail, commented: “During 2021, we have delivered strong financial results, while continuing to support trustees, sponsors and their schemes, together with their tens of thousands of members, in securing their future pensions.

“We have adapted and improved our global offering, working to build on the strengths of the Legal & General group businesses, helping to support more small and medium sized pension schemes, and breaking new ground in how we invest these assets to solve society’s greatest needs and support Legal & General’s objectives of ‘inclusive capitalism’.

“Throughout 2021, we have innovated and created tailored solutions to match trustees’ needs. 2022 is already predicted to see high volumes in both the UK and US markets as more schemes move closer to full buyout funding, and I look forward to continued success across our key businesses.”

The annual results also revealed that investments of over £500m in 2021 on the development of four Build to Rent schemes in Stratford, Hove, Lewisham and Southampton will “create more than 1,300 new homes for local communities”.

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