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International

Legal & General to buy $4.35 billion of Aegon's annuity liabilities

May 24, 2016 Reprints

London-based insurer Legal & General Group P.L.C. will acquire £3 billion ($4.35 billion) of Dutch insurer Aegon N.V.'s annuity liabilities, Reuters reported.

The deal will improve Aegon's solvency ratio by three percentage points or more.

But the Dutch insurer will book a loss of £215 million on the deal.

"Aegon wishes to offload the annuity book to fit with its strategy, so we expect L&G was able to drive an attractive price," said an analyst at financial services firm RBC Europe Ltd.

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Legal & General to buy $4.35 billion of Aegon's annuity liabilities

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