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Legal & General announces first global transaction – covering IHS Markit’s UK and US pension schemes
Legal & General today announced that it has simultaneously agreed two pension risk transfer (“PRT”) transactions with IHS Markit – one in the UK and another in the US.
13 May 2020
The pension schemes covered are IHS (Global) Ltd. Pension and Life Assurance Scheme in the UK and IHS Retirement Income Plan in the US.
The UK transaction was for £37.8m ($46.7m), covering around 150 members, and the US transaction was for $97.2m (£78.4m), covering around 1,200 members.
Both transactions demonstrate the continued appetite for PRT in the UK and US. Legal & General today confirmed that it had completed seventeen bulk annuity transactions in the UK and US as at 30 April 2020, securing a total of £1.4bn ($1.7bn) of pensioner and deferred members’ benefits, including today’s announced transactions. This builds on the recently announced 2019 results published by Legal & General Group: £10.3bn of UK PRT transactions in 2019 and $1.1bn of PRT business in the US for 2019.
Laura Mason: "We are delighted to have been able to work with IHS Markit and the Trustees to agree an exciting first for our team – a globally coordinated transaction to simultaneously insure pension liabilities in both the UK and the US. Legal & General is uniquely placed to offer global market-leading pension risk transfer services. This announcement demonstrates our ability to work seamlessly across both markets at the same time."
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 HY24) 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 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.