Legal & General Invests In Australia Based Lifetime Mortgage Company

Legal & General has today announced it has acquired a 20 per cent stake in the Australian lifetime mortgage business Household Capital through its Retail Retirement division (LGRR).

Household Capital is a specialist retirement funding provider which offers long-term access to home equity, and is committed to helping retired Australians ‘Live Well At Home’, creating a balance between lifetime savings and at-retirement pension income. Unlocking housing equity can help top-up pension plans, increase retirement income, fund social care and support the transition to retirement.

Legal & General’s strategic investment – the largest in the Melbourne based company’s Series B funding round and its first by a non-domestic, multi-national investor – will be used to underpin Household Capital’s corporate growth and build on the early success that the business has had since launching in 2017.

Legal & General – a leading provider of insurance, annuities and lifetime mortgages in the UK and a global asset manager with close to £1.2 trillion in assets under management – is dedicated to helping institutions and individuals in all phases of pension and retirement planning. Household Capital will benefit from this deep understanding of retirement markets, asset management and market leading experience of equity release and product innovation.

Household Capital’s focus on home equity funding, in the context of pensions, superannuation and other relevant aspects of the universal retirement opportunity, is closely aligned with Legal & General’s philosophy of innovation and commitment to helping customers better understand their pension saving and retirement income options.

Legal & General’s expertise, combined with Household Capital’s strong digital offering, local market knowledge and innovative wholesale debt structure, will help the company continue to meet its growth objectives, providing retired Australian homeowners with solutions that are better able to meet their increasingly complex retirement funding needs.

 

About alastair walker 6487 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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