Partnership Assurance Group PLC Medically underwritten bulk annuity transaction (0478Z)
08 December 2014 - 6:00PM
UK Regulatory
TIDMPA.
RNS Number : 0478Z
Partnership Assurance Group PLC
08 December 2014
Partnership announces GBP206 million medically underwritten bulk
annuity transaction
Partnership Assurance Group plc ('Partnership' or 'the Group')
today announces that it has completed the UK's largest medically
underwritten bulk annuity transaction.
The GBP206 million 'top-slicing' transaction provides a bulk
annuity for a multi-billion pound UK pension scheme.
Partnership won the transaction following a competitive
selection process. As the scheme's members have not yet been
informed of the specifics of the transaction, further details of
the scheme and its identity cannot be disclosed at this stage.
The first medically underwritten bulk annuity transaction in the
UK was insured by Partnership in February 2013. During the course
of 2014, Partnership has strengthened and extended its bulk annuity
proposition and has actively promoted 'top slicing', which allows
trustees to insure pensioners with the largest liabilities, who
represent a disproportionate risk concentration for the scheme.
Today's announcement demonstrates that even the largest schemes can
benefit from Partnership's expertise founded on its unique
intellectual property.
The pipeline of potential transactions has increased
significantly during 2014, demonstrating the growing penetration of
medically underwritten processes in the bulk annuity market.
Steve Groves, CEO, commented:
"I am delighted to announce the completion of the UK's largest
medically underwritten bulk annuity transaction. At our investor
day on 26 November, we described the significant market opportunity
for defined benefit transactions and I am pleased to see our
strengthened proposition and efforts to develop the bulk
underwritten market starting to deliver results.
"We have always cautioned that the nature of these processes
means quarterly performance will be lumpy. However, this GBP206
million top-slicing transaction is a perfect example of how
Partnership is able to bring the advantages of our unique
intellectual property and underwriting expertise to trustees,
corporates and pension scheme members within the growing UK defined
benefit market. A top-slicing approach can be applied across the
entire spectrum of DB pension scheme sizes, which significantly
increases Partnership's addressable market. As we head into 2015,
the pipeline of medically underwritten bulk annuities in the market
remains strong."
Enquiries:
Investors Media
Katherine Jones Jim Boyd Citigate Dewe Rogerson
Director of Investor Relations Director of Corporate Grant Ringshaw,
+44 (0) 207 444 8040 Affairs Shelly Chadda
katherine.jones@partnership.co.uk +44 (0) 207 618 2744 +44 (0) 207 638
pressoffice@partnership.co.uk 9571
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDMMGZNKLGDZM
Partnership (LSE:PA.)
Historical Stock Chart
From Apr 2024 to May 2024
Partnership (LSE:PA.)
Historical Stock Chart
From May 2023 to May 2024