BAE agrees £3.2bn longevity swap with L&G

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BAE Systems has agreed a £3.2bn longevity swap to cover 31,000 pensioners, in the UK's largest pensions insurance transaction.

Europe's biggest defence company agreed the deal with insurers Legal & General and reinsurers Hannover Re, who will split the arrangement to take on 30% and 70% of the risk respectively. BAE Sys...

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