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Legal & General announce extension to annuity partnerships with Aegon and Prudential
The two partnerships have been extended for five years through to 2028, building on the already successful long-term relationships with both providers, following the partnership with Aegon beginning in 2016, and with Prudential in 2019.
23 May 2023
Through the partnerships, Aegon and Prudential customers interested in the option of a guaranteed income in retirement are introduced to Legal & General, who can then provide more information on annuity options or an annuity quotation.
Legal & General can also help customers find the best rate available through its whole of market annuity comparison service, Annuity Ready.
The renewal of these latest introducer agreements follows arrangements similar with ReAssure, Sun Life of Canada, AON, and PensionBee.
Lorna Shah, Managing Director, Legal & General Retail Retirement: “We are committed to helping people plan their finances in retirement, and see the financial security an annuity can offer as a potential key building block to helping people fund their retirement years. Our research indicates that nearly one million (990,000) pre-retirees, those aged over 55 and still in work, are considering annuities for the first time, due to improved rates against the backdrop of rising living costs1.“We are delighted to have renewed these partnerships with both Aegon and Prudential for another five years and see the continuation of these strong and collaborative relationships as a reflection of the fantastic customer outcomes our teams have delivered.”
Andy Manson, Chief Marketing Officer at Aegon: “Legal & General share Aegon’s commitment to delivering the best possible outcomes for customers and we are thrilled to extend what is a valued and trusted long-term partnership. We’re looking forward to continuing working collaboratively with the L&G team over the next five years to ensure our customers have the most competitive range of annuity options available to them in the market.”
References
1 Research was carried out online by Opinium Research amongst 2,003 UK adults aged 55+ who are still in work between the 8th-17th November 2022. Pre-retirees relates to those aged 55+ who are still in work.
According to ONS statistics there are over 6,000,000 UK adults aged 55+ who still work. 16% of working adults aged 55+ who had not previously considered an annuity are now considering one because of interest rates and cost of living. This equates to 990,000 UK adults.
Further information
Joss Rein
PR Manager - Retail Retirement
Retail
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.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.
In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.