LONDON (Reuters) - Legal & General Group has completed a 750 million pound ($990.98 million) pension buy-in transaction for the ICI pension fund, the insurer said on Tuesday.
Legal & General and ICI did the risk transfer deal shortly after the EU referendum on June 23, L&G said, bringing the total of such deals executed between the two to 5 billion pounds since 2014.
The deal means Legal & General will insure the pension risk of some of the ICI fund’s pensioner members.
($1 = 0.7568 pounds)
Reporting by Lawrence White, editing by Louise Heavens