December 21, 2017 / 7:16 AM / 6 months ago

BRIEF-Prudential, Legal & General reach sixth longevity reinsurance agreement

Dec 21 (Reuters) - Legal & General Group Plc:

* PRUDENTIAL, LEGAL & GENERAL REACH SIXTH LONGEVITY REINSURANCE AGREEMENT

* THE PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY ASSUMES LONGEVITY RISK FOR APPROXIMATELY $800 MILLION IN PENSION LIABILITIES, WHICH ARE HELD BY LEGAL & GENERAL AS PART OF ITS BULK ANNUITY BUSINESS

* THE TRANSACTION COVERS MORE THAN 2,000 PENSIONERS

* THE AGREEMENT SIGNALS THE RESURGENT MARKET FOR LONGEVITY REINSURANCE AND DE-RISKING SOLUTIONS IN THE UK IN 2017

* THE DE-RISKING OF PENSION SCHEMES HAS BECOME AN EXPECTATION AMONG SHAREHOLDERS AND KEY STAKEHOLDERS IN COMPANIES ACROSS THE GLOBE Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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