Press releases

Legal & General’s US pension risk transfer business wins second deal


5 April 2016

Legal & General is pleased to announce it has entered into its second US pension risk transfer deal with the Pension Plan for Lay Employees and Sisters and Brothers Within the Diocese of Palm Beach for approximately $65 million. Under this agreement, Legal & General began providing retirement payments under a group annuity contract to the Diocese’s retirees as of April 1, 2016. The Diocese was advised by USI Consulting Group.

Kerrigan Procter, Managing Director of Legal & General Retirement said:

"This deal is an excellent start to the year and follows our successful entry into the US market in October 2015 with our $450 million agreement with the US subsidiary of Royal Philips. The US is a key market for Legal & General and we are uniquely positioned with our US life insurance company, rapidly growing investment management business, and US pension risk transfer operations. I am excited to continue to build on the global success that we saw last year as we continue our push into the US market."

George Palms, President, Legal & General Retirement America added:

"This is another important milestone in our US pension risk transfer business and we are thrilled to have been selected by the Diocese for this transaction. We are also excited to leverage our administrative and service platform for our latest client win. Demand for pension risk transfer deals is rapidly increasing in the US and we are confident that we are strongly positioned to be a major player in this growing market."

Bill Tremko, President & CEO, USI Consulting Group, noted:

"In our comparison of the seven insurance companies bidding for this contract, we were impressed by Legal & General’s collaboration, service commitment, flexibility and attractive pricing. They offered a great value and outcome to our client."

Legal & General Retirement America will administer the payments to the annuitants going forward. Legal & General America’s Banner Life Insurance Company will be the entity issuing the group annuity contract and Legal & General Investment Management America will manage the vast majority of the assets.

- ENDS –

For further information, please contact:


Kim Lisella  Legal & General Retirement America  +1 203 359 5793

John Godfrey  Corporate Affairs Director  020 3124 2090

Richard King  Head of Group Corporate Communications  020 3124 2095


Laura Doyle  Head of Investor Relations  020 3124 2088

Stephen Thomas  Investor Relations Manager  020 3124 2047

Notes to editors:

1. Legal & General issued a press notice connected to this announcement on the 11th February 2016.

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 £14.9bn (as at 31st December 2015) and is responsible for investing £746bn worldwide (as at 31st 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.

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Legal & General America

For over 67 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and its subsidiary William Penn Life Insurance Company of New York. With more than $50 billion in new coverage issued in 2015, LGA is ranked in the Top Ten of U.S. Life Insurers. and ended 2015 with in excess of $658bn of coverage in force with over 1.2 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A. M. Best and AA- Very Strong from Standard and Poor's and Fitch. Gene R. Gilbertson serves as the President and Chief Executive Officer of LGA.

Legal & General Investment Management America

Legal & General Investment Management America, Inc. (LGIMA) is a Chicago-based registered investment advisor specializing in index, active fixed income and liability driven investment (LDI) strategies for the US institutional market. LGIMA was founded in 2006 as a wholly-owned subsidiary of Legal & General Investment Management (Holdings) Ltd. (LGIM(H)), which also owns its affiliates Legal & General Investment Management Ltd. and LGIM International Ltd. In May 2014, LGIMA became a wholly owned subsidiary of Legal & General Investment Management US (Holdings) (LGIMUS(H)) which is wholly owned by LGIM(H).


This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.