Prudential has sold £12bn in annuity assets to reinsurance business Rothesay Life as part of its M&G demerger announced today.
The sale, which covers about 400,000 policies, comes as the provider announced it would be splitting operations from its asset management arm M&G. It said the £12bn annuity sale was part of its transition towards a more "capital efficient, de-risked business model". It said the transfer of the portfolio should be complete by the end of 2019. The capital benefit from the transition, it said, would be retained within the group to support the demerger process. Prudential to merge UK businesses to create M&G Prudential; Record retail net inflows for M&G Prudential said on an accou...
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