7 Sep 2020
Legal & General Mature Savings business transferred to ReAssure
On 21 August 2020, the UK High Court granted the Part VII transfer Sanctions Order, which provides the approval for ReAssure Limited (“ReAssure”) and Legal & General Group Plc ("Legal & General") to proceed with the transfer of the Legal & General Mature Savings business, with a Legal Effective Date of 7 September 2020.
The Sanctions Order marked the final stage of the joint commitment by both companies to a smooth and safe transfer of the approximately 1 million customer policies, following the announcement of the sale of the business on 6 December 2017 for £650m. The completion of the Part VII has generated an IFRS gain for Legal & General of circa £325m, which will be realised in H2 2020 and is in addition to profits recognised in 2018, 2019 and H1 2020 (£151m total). It is broadly neutral to Legal & General’s Solvency II coverage ratio in H2 2020.
Now that the legal transfer has finalised, ReAssure will administer the business and support all related customers from 7 September 2020.
Notes to editors
The Mature Savings business, which has been closed to new business, is principally comprised of traditional insurance-based pensions, savings and investment products sold to retail customers.
Edward Houghton, Head of Investor Relations
+44 7585 905 799
Alyssa Manning, Investor Relations Director
+44 203 1242 047
Sujee Rajah, Investor Relations Director
+1 312 964 3034