Legal & General's record annuity sales raises dividend doubts [Reuters (UK)]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Reuters
Legal & General's record annuity sales raises dividend doubts | Reuters 3 Min Read LONDON (Reuters) - Legal & General said it had made record sales of annuities in 2018, although some analysts questioned whether Britain’s third-largest insurer could continue to raise its dividend at the same time, knocking its shares on Wednesday. The insurer said it had sold 10 billion pounds of annuities, most of them through the bulk annuity market, in which companies offload the risk to insurers of their defined benefit, or final salary, pension schemes. With the bulk annuity market expected to hit record levels of around 30 billion pounds this year, L&G’s chief financial officer Jeff Davies said it was actively quoting on around 20 billion pounds in bulk annuity deals. British life expectancy improvements are falling, enabling life insurers to release cash set aside to pay pensions and Phoenix delivered above-consensus profits on Tuesday, helped in part by a release of longevity reserves. But ann
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