Aviva PLC, Phoenix Group Take on GBP1.4 Billion Bulk Annuities from M&S
17 Mai 2018 - 2:54PM
Dow Jones News
By Adam Clark
Insurers Aviva PLC (AV.LN) and Phoenix Group Holdings (PHNX.LN)
said Thursday that they have completed a combined 1.4 billion-pound
($1.88 billion) purchase of bulk annuities from the Marks &
Spencer Group PLC (MKS.LN) pension plan.
Aviva has taken on GBP925 million of bulk annuities, while
Phoenix has taken on GBP470 million of annuities. The insurers said
the deal will cover a proportion of the liabilities of M&S's
retired pension plan members.
Aviva said the deal builds on its existing insurance services
for M&S's retail banking operations. Both Aviva and Phoenix
said the deal establishes an umbrella framework for future
potential pension de-risking deals with M&S.
"Not only does this latest deal build on the great relationship
we already have with Marks & Spencer but as our largest bulk
annuity deal to date, it also perfectly demonstrates our increased
appetite for bigger deals," said Tom Ground, managing director of
defined benefit solutions at Aviva.
Justin Grainger, head of bulk purchase annuities at Phoenix,
said: "We announced our intention to enter this market in 2017 as
it offers an additional and complementary source of growth for
Phoenix. We look forward to building our relationship further with
Marks & Spencer and helping protect the security of their
members' benefits."
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
May 17, 2018 08:39 ET (12:39 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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