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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Aegon N.V.    AGN   NL0000303709

AEGON N.V.

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Legal & General to sell annuities to Prudential pensions savers

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09/20/2019 | 05:08am EDT
FILE PHOTO: The logo of Legal & General insurance company is seen at their office in central London, Britain

LONDON (Reuters) - British insurer Legal & General will offer annuities to Prudential pension savers in a deal it expects will increase its 2020 annuity sales by 15%, L&G said on Friday.

Legal & General is one of the biggest players in annuities in Britain which offer pensioners a fixed income for life. Prudential pulled out of the annuity market in early 2017.

Prudential pension policyholders who had been promised a guaranteed annuity rate will from Nov. 1 be "introduced" to Legal & General, who will take over the obligation of providing their annuities, L&G said.

This follows similar deals between L&G and Aegon, Swiss Re unit ReAssure and Sun Life Financial of Canada.

The market for individual annuities has been in decline since the British government gave pensioners more choice about how to use their pension pots in 2015.

But L&G said its individual annuity sales had risen by 47% in the first half of 2019, to 497 million pounds.

Britain's markets watchdog has previously flagged concern about mis-selling of annuities, particularly to people with a reduced life expectancy.

L&G will "compare to whole market to see if the rate can be improved on, assisting customers to obtain a better rate if one is available", it said.

L&G is also a big player in bulk annuities, which involve taking on the risk of company defined benefit, or final salary pension schemes.

It agreed a 930 million pound bulk annuity deal with Tate & Lyle this week.

(Reporting by Carolyn Cohn; editng by Emelia Sithole-Matarise)

Stocks mentioned in the article
ChangeLast1st jan.
AEGON N.V. 0.54% 3.894 Delayed Quote.-5.05%
LEGAL & GENERAL 0.15% 275.4 Delayed Quote.19.05%
PRUDENTIAL PLC 0.53% 1506 Delayed Quote.6.85%
SUN LIFE FINANCIAL INC. 0.14% 58.47 Delayed Quote.28.92%
SWISS RE 0.34% 102.8 Delayed Quote.13.68%
TATE & LYLE PLC -1.69% 673 Delayed Quote.3.73%
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Financials (EUR)
Sales 2019 22 791 M
EBIT 2019 2 037 M
Net income 2019 1 202 M
Debt 2019 7 226 M
Yield 2019 7,78%
P/E ratio 2019 6,46x
P/E ratio 2020 5,66x
EV / Sales2019 0,66x
EV / Sales2020 0,63x
Capitalization 7 881 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 4,71  €
Last Close Price 3,89  €
Spread / Highest target 61,8%
Spread / Average Target 20,9%
Spread / Lowest Target -23,0%
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Managers
NameTitle
Alexander Rijn Wynaendts Chief Executive Officer
William L. Connelly Chairman-Supervisory Board
Matthew James Rider Chief Financial Officer
Mark Bloom Global Chief Technology Officer
Ben van der Veer Independent Member-Supervisory Board
Sector and Competitors
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AFLAC15.56%38 981
PRUDENTIAL FINANCIAL INC9.60%36 573