Reinsurance News

L&G Retirement America hits $1bn premium market in 2019

11th December 2019 - Author: Matt Sheehan

Legal & General Retirement America (LGRA), part of the US arm of the multinational financial services and insurance firm, has exceeded $1 billion in deals transacted in 2019.

Legal_&_GeneralSince its formation in 2015, LGRA has written over $3.5 billion in total US volume, comprising $450 million in 2015, $448 million in 2016, $713 million in 2017, $844 million in 2018, and $1.068 billion in 2019.

Legal & General has over 30 years in the UK pension risk transfer (PRT) market, and has written over 3,500 PRT transactions globally, supporting one million annuitants each year with an annuity portfolio that exceeds $80 billion.

Legal & General’s UK PRT business has secured more than £4 billion in PRT transactions in the second half of 2019, bringing the global PRT total year to date to over £11 billion.

“We’re thrilled with our progress over the past year as we continue to live up to our guiding principle of ‘investing for good,’” said George Palms, President of LGRA.

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“We exist to help companies ensure that they can honour the financial commitments made to employees through defined benefit plans – it’s our job and our mission to help our clients offer peace of mind to their employees.”

“We couldn’t be more pleased to see the continued growth and success of our US PRT business as we work to ensure plan participants are financially secure heading into retirement,” added Nigel Wilson, CEO of Legal & General Group.

“Pensions are a key component of a society’s ability to support its retired populations, and LGRA has emerged as a leader in this space, making tangible strides in closing retirement gaps and supporting true financial inclusion.”

Kim Rosenberg, Head of Distribution and Retirement Solutions at LGRA, further commented: “We remain focused on developing innovative solutions to meet the ever-changing needs in the US pension market.”

“We look forward to continuing our mission of using our global strength and flexibility to ensure a financially secure retirement for our participants and a better future for our communities.”

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