L&G

Jonathan Stapleton asks if the profitability of providers will lead to lower fees for schemes

The bulk annuity market is set to hit a five-year high with insurers preparing for a busy six months after completing £3bn of transaction in the first half of 2013.

The three biggest bulk annuity insurers accounted for more than 90% of new business written in the six months to April according to research from Aon Hewitt.

Legal and General Property (LGP) has agreed to forward fund a £25.7m student accommodation scheme pre-let to the University of the Arts London.

The bulk annuity market in 2012 was dominated by three big players, who hoovered up more than three quarters all new business according to research from Aon Hewitt.

Insurers expect to write more than £6bn of buyout and buy-in business in 2013 after a strong finish to 2012 saw £1.5bn in transactions, says JLT Employee Benefits.

The Department for Work and Pensions must monitor the overall rate of participation in auto-enrolment rather than focusing on opt-out rates, providers have warned.

‘Inappropriate' active member discounts could threaten the success of auto-enrolment and must be restricted, Legal and General says.

Legal and General has launched a de-risking service that combines a buy-in or buyout with a property-backed payment structure.

Prudential Group chief executive Tidjane Thiam has been nominated as the next chairman of the Association of British Insurers.