January 30, 2020 / 10:14 AM / 17 days ago

UK bulk annuities market hits record 42 billion pounds in 2019

LONDON (Reuters) - The UK bulk annuity market for insuring company defined benefit, or final salary, pension schemes totalled a record 42 billion pounds in 2019, consultant Hymans Robertson said on Thursday.

The total, nearly double 2018 volumes, included seven multi-billion pound mega-deals, Hymans said in a report, as companies increasingly offload their pension schemes to an insurer to take risk off their balance sheets.

Insurers such as Legal & General (LGEN.L) and Aviva (AV.L) are active in this market.

Reporting By Carolyn Cohn, editing by Sinead Cruise

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