Rothesay buys 6 billion pound Scottish Widows bulk annuities from Lloyds
Reuters
Published Mar 13, 2024 11:03
(Reuters) - Pension insurance specialist Rothesay has agreed to buy the about 6 billion pound ($7.67 billion) Scottish Widows in force bulk annuity portfolio from Lloyds Banking Group (LON:LLOY), the companies said on Wednesday.
The bulk annuity deal covers the pension benefits of about 42,000 people and marks its sixth acquisition of annuities, Rothesay said in a statement.
"This sale will enable us to focus and invest in the insurance, pensions, investments, retirement and protection markets where we want to grow," said Chira Barua, CEO of Scottish Widows and of insurance, pensions and investments at Lloyds.
Bulk annuities, which have grown in popularity in the UK among pension scheme trustees, are a form of insurance whereby a company's pension plan offloads liabilities to an insurer.
Consultants expect the UK bulk annuity market to hit record levels of more than 50 billion pounds this year.
($1 = 0.7824 pounds)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.