Year-over-year growth exceeds 40% as company continues to meet the rising demand for Pension Risk Transfer
17 Dec 2020
Stamford, CT - December 17, 2020 – Legal & General Retirement America (LGRA) today announced it has exceeded $1.6 billion in pension risk transfer (PRT) deals transacted this year, resulting in year-over-year growth of more than 40% from 2019 to 2020. LGRA completed 17 transactions in total over the last 12 months with seven deals occurring in Q4 alone. These deals have resulted in secured coverage for over 26,000 participants.
In addition, LGRA completed its largest transaction to date independent of reinsurance, totaling over $350 million. Since 2015, LGRA has written over $5 billion in total US volume (2015: $445 million; 2016: $448 million; 2017: $713 million; 2018: $844 million, 2019: $1,140 million, 2020: $1,615 million), and is poised for continued success in 2021.
George Palms, President, Legal & General Retirement America: "Despite the challenging environment brought on by the global pandemic, I’m thrilled with the continued progress we’ve made in 2020.
The resiliency seen across the market serves as validation that PRT remains important to plan sponsors. With a total addressable market in excess of $3 trillion, we believe the prospects for continued growth are strong and we look forward to continuing to assist companies in ensuring they can honor the financial commitments they made to their employees."
Michelle Mead, Caliber Corporate Advisers, Michelle@calibercorporate.com, 888.550.6385 ext.7
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the US market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner Life is not authorized as an insurer in and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group.
*as at HY 2023