Insurers sitting on £120bn annuity pile - papers 8th June

Hudson, formerly a distribution director at Prudential, tells the paper the value of annuities being paid out by UK life insurers was growing by as much as £10bn a year. It says an increasing number of insurers are keen to offload their annuity business — as demonstrated last month by the sale of Equitable Life’s £4.6 billion book of annuities to Canada Life — because the business made the investment and capital requirements of their with-profits funds more complex, she said. “There’s a huge amount of money swashing around, but not that much talent,” she said. In 2004 the Oxford graduate...