-
Corporate
- Customers
Press releases
Legal & General agrees £760m buy-in with Sanofi Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £760 million buy-in with the Sanofi Pension Scheme (“the Scheme”), securing the benefits of c2,900 retirees.
12 Oct 2021
Today’s transaction represents the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal & General, after being a long-term asset management client.
The Trustee was advised on the transaction by Aon and legal advice was provided by CMS. Legal & General received legal advice from Macfarlanes.
Gavin Smith, Head of Pricing & Execution, Legal & General Retirement Institutional: “It is always particularly rewarding to work with long-term clients like Sanofi and to enable them to further de-risk their Scheme. We take pride in providing certainty to trustees and members, and this agreement is another great example of our ability to support schemes at all stages of this journey.”
For further information:
Margrit Williams
Director of External Engagement
Legal & General Capital
Notes to editors:
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Institutional Retirement works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions. Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level. Legal & General is the UK’s longest-standing active bulk annuity provider.
Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. Across the group over £30 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing. Legal & General provides income and pension security to more than a million retirement customers around the world.