Legal & General (L&G) has secured its first bulk annuity contract in the US after agreeing a deal with electronics giant Philips.
The life company, along with US firm the Prudential Insurance Company of America, has agreed to insure 14,000 of Philips’ US retirees and other former employees.
The two companies will split around $900 million (£594 million) of transferred pension obligations between them.
L&G chief executive Nigel Wilson said the company planned to make further inroads in the US bulk annuity market…Read more at New Model Advisor