Insurer Aviva secures $2 billion pensions buy-in
Published On :
LONDON (Reuters) – British insurer Aviva has completed a 1.5 billion pound ($1.96 billion) bulk annuity buy-in deal with Michelin Pension and Life Assurance Plan, adviser XPS said on Wednesday.
The deal is Aviva’s largest bulk annuity transaction to date and the biggest announced in the British market this year, the companies said in a statement.
Bulk annuity deals – in which a company transfers its defined benefit, or final salary, pension scheme to an insurer – have become popular in recent years as corporates seek to offload pensions risk from their balance sheets.
Bulk annuity volumes this year are likely to come in a little below a record 49 billion pounds reached in 2023, consultants LCP said in a report on Wednesday.
($1 = 0.7652 pounds)
(Reporting by Carolyn Cohn, editing by Kirstin Ridley)
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.
