L&G

DB schemes take 'up to three months' to respond

Legal and General (L&G) has completed its first bulk annuity deal in the US, entering a joint agreement with Prudential Insurance Company of America to insure $900m (£595m) of liabilities in the Royal Philips scheme.

The Trigon Snacks Pension Scheme, a hybrid arrangement which had been in Pension Protection Fund (PPF) assessment, has completed a buyout with Legal and General (L&G).

Aegon has said it will leave life company trade body the Association of British Insurers (ABI) at the end of the year, and instead lobby the government and regulators directly.

Legal and General (L&G) has reinsured longevity risk relating to $2.9bn (£1.9bn) of pension liabilities in its bulk annuity business through Prudential Retirement Insurance and Annuity Company.

Individual annuity sales at Legal and General (L&G) have fallen by more than half this year, and its bulk annuity business has failed to pick up the slack, figures show.

Insurers completed just £800m of buyouts and buy-ins in the first quarter of the year, according research from LCP, far below the £4.4bn written in the first quarter of 2014.

Legal & General (L&G) has generated a 'record' £330m in cash in the first quarter of the year as changes to its business following the pension reforms paid off.

The Pensions Ombudsman (PO) has dismissed complaints against Legal and General (L&G) and Scottish Widows after they granted transfer requests worth over £50,000 to a suspicious pension scheme.

Andrew Waring talks about buy-ins, buyouts, longevity swaps and multi-employer DC arrangements