Reinsurance News
Legal & General
L&G reports £1.67bn operating profit in FY23
6th March 2024
Legal & General (L&G) has posted their full-year results for 2023, which included an operating profit of £1.67 billion, a slight increase from the previous year's £1.63 billion. Post-tax profit meanwhile decreased more than 40% to £457 million, down from 2022's £783 million, on the back of a slump in investment ... Read the full article
Record-breaking year for Pension Risk Transfer market in 2023: Legal & General
19th February 2024
Legal & General's latest PRT Monitor has revealed a remarkable surge in global Pension Risk Transfer (PRT) market activity throughout 2023, with transactions totaling over £85 billion in the UK and US combined. This marks a record-breaking year for the UK market and the second-largest year on record for the US. In ... Read the full article
LGRA closes $10bn in total written premium since inception
20th December 2023
Legal & General Retirement America (LGRA), a provider of pension risk solutions across the United States, has reached the milestone of $10 billion in total written premium and over 100 deals since its inception in 2015. The company has secured roughly $5 billion within just the past three years. Year-to-date, LGRA has ... Read the full article
LGIA reveals record single-year sales volume of $160m APE
5th December 2023
Legal & General America's individual insurance division (LGIA) has revealed a record single-year sales volume of $160 million Annualized Premium Equivalent (APE), which represents a 39% increase in APE over 2022. The record $160 million APE builds on a successful track record for LGIA over the past few years, having generated ... Read the full article
L&G bolsters Retail Protection team
27th November 2023
London headquartered Legal & General (L&G) has named James Shattock as the Managing Director for UK Protection, while Pippa Keefe has succeeded him as Commercial Director. These appointments follow the current Managing Director of UK Protection, Steve Griffiths’ retirement after a 17-year career at the company. Griffiths successfully led the Retail Protection and ... Read the full article
Legal & General agrees £4.8bn full buy-in for Boots Pension Scheme
24th November 2023
Legal & General has announced that it has agreed to a £4.8 billion full buy-in with the Boots Pension Scheme, the UK’s largest single transaction of its kind by premium size. This buy-in secures the benefits of all 53,000 retirees and deferred members of the Scheme, and, for L&G, is the ... Read the full article
LGRA reveals anticipated $10bn volume in Q3 for US Pension Risk Transfer market
17th November 2023
Legal & General Retirement America (LGRA) has unveiled insights into the US Pension Risk Transfer (PRT) market for the third quarter of 2023. Following a record-breaking first half with a deal volume of $22.5 billion, the Q3 edition of the US Pension Risk Transfer Monitor indicates an anticipated market volume of ... Read the full article
Legal & General completes £500m buy-in with the DB (UK) Pension Scheme
13th November 2023
Legal & General Assurance Society Limited has completed a c.£500 million buy-in with the DB (UK) Pension Scheme (the Scheme). Legal & General noted that this buy-in secures the benefits of around 2,000 retirees and deferred members. The Scheme is sponsored by a subsidiary of Deutsche Bank AG (the Bank). This is ... Read the full article
Legal & General announces a number of key leadership appointments
6th October 2023
Legal & General has announced a number of key leadership appointments, including Carl Moxley's as Group Climate Director, who will be taking over the role from Simon Gadd. According to the announcement, Gadd is moving into an advisory role to provide support and counsel across the Group. Nimol Rajkumar will replace ... Read the full article
L&G agrees £340m buy-in with Cable and Wireless Superannuation Fund
21st September 2023
Legal & General Assurance Society Limited has agreed a c.£340 million buy-in with the Cable and Wireless Superannuation Fund, securing the benefits of around 1,800 retirees and deferred members. According to Legal & General, the sponsoring company, Cable and Wireless Limited, is part of Liberty Latin America, a provider of telecommunications ... Read the full article
Record UK and US PRT transaction volumes in H1: L&G
24th August 2023
Rising pension funding ratios drive unprecedented demand in the Pension Risk Transfer (PRT) market, with record transactions in the first half of 2023 in the US and UK, according to a recent report by Legal & General. The latest edition of the Global PRT Monitor revealed that the UK has experienced ... Read the full article
L&G reports £942m operating profit in H1 2023
16th August 2023
Legal & General (L&G) has announced a “resilient financial performance” in the first half of 2023, with operating profit and after-tax profit hitting £941 million and £316 million respectively. These figures compare to H1 2022 operating profit and after-tax profit of £958 million and £575 million respectively. “We remain on track to ... Read the full article
Legal & General Retirement reports £6.8bn of PRT year-to-date
6th July 2023
Legal & General Retirement Institutional (LGRI), the UK bulk annuity division of Legal & General, has made strong progress in multiple sectors, including Pension Risk Transfer (PRT), individual annuities, and US protection, transacting £6.8 billion of PRT year-to-date and experiencing a notable rise in pension schemes approaching the insurance market. Alongside ... Read the full article
Legal & General names António Simões Group Chief Executive Officer
16th June 2023
Joining from Banco Santander, António Simões has been named Group Chief Executive Officer of Legal & General, subject to regulatory approval. According to the announcement, his appointment follows a rigorous, global, selection process managed by Sir John Kingman, Group Chair. Simões will succeed Sir Nigel Wilson as Group CEO. Sir Nigel has ... Read the full article
Legal & General Reinsurance names Joslyn Operations Accountant
14th June 2023
Bermuda-based Legal & General Reinsurance has announced the appointment of Kimberley Joslyn to the role of Operations Accountant. She joins L&G from Freisenbruch, an insurance company also based in Bermuda, where she worked for almost six years as a Financial controller. Prior to that, Joslyn spent close to 11 years at Bermuda ... Read the full article