L&G pension risk transfer activity rises to £4.4bn in H1 2022

The volume of pension risk transfer deals completed globally by Legal & General (L&G) increased by £1.3bn year-on-year to £4.4bn in H1 2022, its half-year results have revealed.

The results showed that L&G completed £3.1bn worth of pension risk transfer deals in H1 2021.

L&G’s pension risk transfer total in H1 2022 was dominated by its follow-on transaction with the British Steel Pension Scheme, worth around £2bn, which was executed under an umbrella agreement.

It also completed a £370m buy-in with London Heathrow’s BAA Pension Scheme and a £225m buy-in with the Newell Rubbermaid UK Pension Scheme.

Commenting on the results, L&G Retirement Institutional chief executive officer, Andrew Kail, said the first half of the year had been “strong” for the firm thanks to the hard work and dedication of its employees in a buoyant but competitive pension risk transfer industry.

“We continue to demonstrate our ability to meet challenges with innovative solutions, helping schemes of all sizes to secure the pensions of their members,” he continued.

“We have seen success in the UK for the first half of this, our 35th year providing pension risk transfer in the UK, with just under £4bn transacted.

“In the US, we’re proud to be celebrating a record breaking H1, as well as our largest US transaction by premium - a $1.1bn retiree lift-out split 50-50 with another insurer.

“Our reinsurance business in Bermuda continues to develop and grow, supporting our business and external clients with their bespoke needs. It has completed its third Canadian pension risk transfer transaction this year.

“We continue to adapt and improve our global offering, using the scope of the L&G Group to create assets and find synergies, guided by our purpose of Inclusive Capitalism.

“We are proud of how we support more and more pension schemes, while breaking new ground in how we invest these assets to solve society’s greatest problems including regeneration of our communities, housing and promoting business development.

“I look forward to a strong second half of the year, securing the pension futures of scheme members, supporting pension schemes of all sizes and working to deliver long-term and meaningful investment in the real economy.”

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