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Legal & General and Lifetri Announce Dutch Pension Risk Transfer Initiative
Legal & General and Lifetri today announced plans to enter into a long-term strategic relationship under which Legal & General will support Lifetri as it expands to write further Dutch pension risk transfer (PRT) business for defined benefit arrangements. The agreement remains subject to regulatory review.
16 Mar 2023
The Netherlands is in the process of adopting significant changes to its pension regime, which are expected to result in a substantial number of pension funds seeking insurance solutions in the coming years to support the transition of pension arrangements into insurance-based, capital-backed guarantees for members.
Through this long-term planned strategic relationship, Lifetri will benefit from Legal & General’s deep expertise in global PRT markets and reinsurance capabilities, which includes over 35 years of experience in the UK market, as well as in the US, Canada and Europe.
The planned relationship, which is fully supported by Lifetri’s principal shareholder, global investment firm Sixth Street, brings together the capabilities of all involved parties, which cover Dutch market expertise, global PRT knowledge and global investment expertise, and aims to deliver best-in-class solutions to the Dutch pension market.
Philippe Wits, CEO of Lifetri: “Lifetri has been an early mover, with an existing stable capital base, an established track-record of successes in recent years in the Dutch market, and strong brand recognition as a provider of innovative solutions. We look forward to benefitting from Legal & General’s global expertise in PRT markets. We are excited to continue to grow this relationship and with that be able to provide pension funds with sufficient capacity when they decide to opt for capital-backed insurance guarantees.”
Andrew Kail, CEO of Legal & General Retirement Institutional: “Legal & General has been at the forefront of the global PRT market for a number of years now and the proposed pension reforms in The Netherlands present an exciting opportunity for us. I look forward to working with the Lifetri and Sixth Street teams to put in place a relationship that will help them provide solutions for Dutch pension schemes to secure the long-term benefits of their members.”
Further information
Sinead Andrews
Communications Manager
Legal & General Institutional Retirement
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.