Paternoster posts 71 pct asset increase in 2008

LONDON | Thu Jan 22, 2009 9:26am GMT

LONDON Jan 22 (Reuters) - British defined-benefit pension insurer Paternoster said assets under its management grew 71 percent to 2.7 billion pounds ($3.74 billion) in 2008.

Paternoster said on Thursday it made 1.1 billion pounds in 2008 through premiums charged to their clients.

Through a pension buy-out, Paternoster takes over the assets and liabilities of pension schemes and the responsibility to pay scheme members their pensions.

At the end of 2008, Paternoster had pension obligations to 38,000 pensioners, making nearly 13 million pounds of pension payments a month.

Chief executive Mark Wood said the whole buy-out industry had grown nearly 190 percent since 2007, having reached assets of about 8 billion pounds.

"The scale of our current pipeline suggests that there will be further strong demand as 2009 unfolds," he said. (Reporting by Cecilia Valente, editing by Dan Lalor)

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