Aegon offloads $4.4 billion of annuities to Legal & General
May 23, 2016 by Sarah Jones
(Bloomberg) — Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., divested the final 3 billion pounds ($4.4 billion) of annuities from its U.K. portfolio to Legal & General Group Plc.
The transaction, which covers 27,000 policyholders, will release another 275 million pounds of capital that had been set aside under Solvency II regulations, the company said in a statement on Monday. Aegon will initially reinsure the liabilities to L&G followed by a so-called Part VII transfer that will boost its capital ratio by about 20 percentage points.
Originally Posted at Lifehealthpro on May 23, 2016 by Sarah Jones.
Categories: Industry Articles
