Legal and General (L&G) Retail Retirement has agreed an introducer agreement within its retirement income division to provide annuities to Prudential customers with guaranteed rates.
The arrangement - which will take effect from 1 November 2019 - is the fourth of its kind for L&G, following similar agreements with Aegon, ReAssure, and Sun Life Financial of Canada. It follows the publication of L&G's half-year results last month, which revealed that its individual annuity business sales were up 47% to £497m in the first half of 2019. The insurer said that it expects the deal with Prudential to increase its annuity sales in 2020 by 15%. As part of the deal, all guaranteed benefits will be honoured by Prudential and fulfilled by L&G, which will also compare the entir...
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