Prudential sells £12bn annuity book to Rothesay Life

The sale, which covers about 400,000 policies, comes as Prudential announced it would be splitting operations from M&G Prudential. It said the £12bn annuity sale was part of its transition towards a more "capital efficient, de-risked business model". It said the transfer of the portfolio should be complete by the end of 2019.  The capital benefit from the transition, it said, would be retained within the group to support the demerger process. Prudential said on an accounting basis its liabilities relating to its total annuity portfolio were £32.6bn at the end of 2017. The UK annuit...