Legal & General Retirement America (LGRA) closed $735 million in pension risk transfer transactions in Q2 2022, marking the largest quarter to date for the organisation.
From April through June, the firm closed four transactions to secure coverage for approximately 5,000 plan participants.
The $735 million volume – which exclusively covers US pension plans – surpassed the $628 million that was previously closed in Q3 2020, LGRA’s last record quarter.
However, despite the recent market volatility, the company continues to focus on providing high-level support to companies and exceeded expectations, driving record performance in the first half of the year.
“The looming threat of recession makes today a prudent time for companies to recalibrate their strategies to align with the long-term retirement goals of their employees,” said George Palms, president of LGRA.
“We’re thrilled to close another record-breaking quarter, which affirms our client-centric approach to effective pension risk management solutions and the importance of providing participants with a more secure financial future.”
Sheena McEwen, vice president and head of distribution added: “When entering the U.S. market in 2015, we were intentional about combining the Legal & General Group’s two centuries of risk management expertise with exceptional customer service. That model provides our clients the confidence of knowing that their interests and participants will be protected through every phase of the PRT process. It’s proven to be a successful combination.”
Meanwhile, Legal & General reported its results for H1 2022, which included an operating profit of £1.16 billion.