August 16, 2019 / 12:35 PM / 5 months ago

UK judge blocks transfer of Prudential annuities to Rothesay Life

LONDON, Aug 16 (Reuters) - A UK High Court judge on Friday blocked the transfer of 12 billion pounds ($14.59 billion) in annuities from insurer Prudential to Rothesay Life.

Prudential, which can appeal the decision, said it would have no impact on the company’s planned demerger of its UK insurance and asset management business, set to complete in the fourth quarter.

The proposed transfer was initially agreed in March 2018.

Prudential said it was “disappointed” by the verdict

“The Independent Expert, who was appointed to report to the High Court, concluded the transfer would have no material adverse effect on the security of benefits or the reasonable benefit expectations of our policyholders.”

$1 = 0.8222 pounds Reporting by Simon Jessop Editing by Rachel Armstrong

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