Legal & General Group (“Legal & General”) has announced its H1 2022 Results, with Legal & General Retirement Institutional (LGRI) and Legal & General Retirement America (LGRA) reporting a continued strong performance.
Legal & General maintained its position as one of the leading companies in global Pension Risk Transfer (PRT) markets, securing new business premiums globally of £4.4 billion (up from £3.1 billion in H1 2021).
In H1 2022 we demonstrated our market leadership and solutions capabilities by writing:
- c£2bn+ follow-on transaction with British Steel Pension scheme, executed under an umbrella agreement
- c£370m buy-in with Heathrow’s BAA Pension scheme, the second with the Scheme, securing benefits for more than 1,400 retirees
- c£225m buy-in with Newell Rubbermaid UK Pension scheme, securing benefits for c1,700 retirees
- c.£21 million full-scheme buy-in with Barnett & Hall Holdings Pension Scheme securing benefits for c.110 pension scheme members.
Andrew Kail, Chief Executive Officer, LGRI, said:
“We’ve had a strong first half in Legal & General Retirement Institutional (LGRI), thanks to the hard work and dedication of our employees around the world. In a buoyant but competitive PRT industry, we continue to demonstrate our ability to meet challenges with innovative solutions, helping schemes of all sizes to secure the pensions of their members.
“We have seen success in the UK for the first half of this, our 35th year providing Pension Risk Transfer in the UK, with just under £4 billion transacted. In the US, we’re proud to be celebrating a record breaking H1, as well as our largest US transaction by premium – a $1.1 billion retiree lift-out split 50-50 with another insurer. Our Reinsurance business in Bermuda continues to develop and grow, supporting our business and external clients with their bespoke needs. It has completed its third Canadian PRT transaction this year.
“We continue to adapt and improve our global offering, using the scope of the Legal & General Group to create assets and find synergies, guided by our purpose of Inclusive Capitalism. We are proud of how we support more and more pension schemes, while breaking new ground in how we invest these assets to solve society’s greatest problems including regeneration of our communities, housing and promoting business development.
“I look forward to a strong second half of the year, securing the pension futures of scheme members, supporting pension schemes of all sizes and working to deliver long-term and meaningful investment in the real economy.”
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