Lloyds Banking Group to Sell GBP6 Billion Scottish Widows Bulk Annuity Portfolio to Rothesay
By Elena Vardon
Lloyds Banking Group has agreed to sell its around 6 billion-pound ($7.68 billion) Scottish Widows in-force bulk annuity portfolio to pension insurance specialist Rothesay.
The British lender said that the deal--whose financial impact is immaterial--covers the pension benefits of around 42,000 people, it said on Wednesday.
"This sale will enable us to focus and invest in the insurance, pensions, investments, retirement and protection markets where we want to grow, whilst ensuring positive outcomes for our bulk annuities customers," Scottish Widows and Lloyds' insurance, pensions and investments Chief Executive Chira Barua said.
The transaction is subject to regulatory approvals and is structured as a reinsurance agreement for the in-force bulk annuity portfolio, it added.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 13, 2024 10:59 ET (14:59 GMT)
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