Legal & General and Aegon announce 5-year individual annuity partnership
Legal & General and Aegon have today announced a 5 year distribution agreement to offer Legal & General individual annuities to Aegon customers. The partnership is expected to generate circa £190 million of individual annuities within the first 12 months.
The distribution agreement will start in October, when Aegon stops writing new annuity business. In May Legal & General acquired a £2.9 billion annuity portfolio from Aegon, covering approximately 27,000 of in-payment policyholders.
Stephen Griffiths, Commercial Director, Individual Retirement (photo) said: “It’s excellent news Aegon have chosen us as their annuity partner, and I look forward to providing Aegon’s customers with great value annuities and excellent customer service.”
Aegon pension customers with annuity guarantees will have these provided by Legal & General. Customers without a guarantee will have the option of getting an annuity quote, if they want, when considering their retirement options.
Legal & General Retirement sales year to date across bulk annuities, individual annuities and lifetime mortgages are £4.75 billion, (£4 billion in H1 2016 compared to £1.36 billion in H1 2015). In July it announced a £750 million pension risk transfer deal with the ICI Pension Fund, and a 5 year agreement to offer lifetime mortgages to Santander customers.
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001
Investors should contact:
Laura Doyle, Head of Investor Relations
Tel: 020 3124 2088
Stephen Thomas, Investor Relations Manager
Tel: 020 3124 2047
Notes to editors:
Legal & General Group Plc:
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £12.1bn (as at 27 July 2016) and LGIM is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
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