We continue to be a leading provider for both annuities to individuals who have saved for their retirement and bulk annuities or other de-risking solutions to defined benefit pensions schemes.
Individual annuities had another successful year receiving over £1 billion in single premium income and further broadened our range of distribution. As a source of business in the long term, we were pleased to secure a place on the Annuities panel for NEST (National Employment Savings Trust).
Bulk annuities (pension scheme insurance solutions business) had a groundbreaking year, growing premium income materially and completing a bulk annuity scheme with the Trustees of Turner & Newall Pension Scheme. We also completed our first pure longevity insurance transaction with the Pilkington Superannuation Scheme. The business also acted to manage its overall longevity exposure by completing two bulk longevity reinsurance transactions during the year.