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Legal & General Retirement America Closes Out Historic Year with over $2 billion in PRT Transactions

LGRA ends 2022 on a high note in a landmark year for the U.S. PRT market

STAMFORD, Conn.–(BUSINESS WIRE)–Legal & General Retirement America (LGRA), a leading provider of pension risk solutions in the United States, announced today that it hit a historic milestone by completing more than $2 billion in transactions in 2022, including its two largest deals to date at over $500 million each.

The company completed a total of 12 pension risk transfer (PRT) transactions throughout 2022. In Q4 2022 alone, the company secured 5 transactions which resulted in approximately $1.1 billion in premium – the largest quarter to date for the organization.

The U.S. PRT market in general has achieved a landmark year with an estimated $53 billion in total market volume expected to close, making 2022 the largest year on record for the PRT industry.

George Palms, President, Legal & General Retirement America

“Not only has it been a historic year for the U.S. PRT market as a whole, but it has been a phenomenal year for us at LGRA. Since our inception in 2015, LGRA has been a hub of growth and innovation. I’m really proud of our team’s hard work, which has positioned us well for continued growth as the U.S. PRT market reaches new heights.”

Andrew Kail, CEO, Legal & General Retirement Institutional

This achievement not only showcases Legal & General’s impact on the U.S. PRT market, but underscores our influence on a global scale. We’ve been on the frontlines of global market growth, and our deep expertise and the strength of the Legal & General Group has helped to drive milestones across the industry.”

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About Legal & Retirement General

Legal & General Retirement America (LGRA) specializes in customized pension risk solutions for institutional clients in the U.S. market. Established in 2015, Legal & General Retirement America is a business unit of Legal & General America, Urbana, MD. Legal & General America life insurance and retirement products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states, the District of Columbia and Puerto Rico. William Penn products are distributed exclusively in New York; Banner does not solicit business there. The Legal & General America companies are part of the worldwide Legal & General Group. CN 12152022-1

About Legal & General Retirement America

Legal & General Retirement Institutional (LGRI) works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions.

Our UK Retirement annuity book stands at over £89 billion as at 9 March 2022, of which over £28 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.

Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.

(As of 31 Dec 2021)

Further information

Carolyn Gasbarra
Vice President
Edelman Smithfield
[email protected]