Legal & General said Wednesday on its third-quarter sales and revenue call that it was a “quieter quarter” for annuity sales, but its pipeline remains strong.
To date, General Motors' 2012 purchase of a $29 billion annuity contract from Prudential is the largest pension risk transfer deal tracked by Pensions & Investments. GM purchased the group annuity contract for its 118,000 retirees in its U.S. salaried defined benefit plan.
BT Pension Scheme's 2014 longevity swap (also with Prudential) is the second-largest risk transfer deal, around $27.5 billion. Aviva's $8.4 billion longevity swap in 2014 rounds out the three largest risk transfer deals.