Legal & General : Retirement America (LGRA) has Closed $10 Billion Since Inception

Legal & General Retirement America (LGRA), a leading provider of pension risk solutions in the United States, announced today that it has reached the milestone of $10 billion in total written premium and over 100 deals since its 2015 inception, with roughly $5 billion secured in just the past three years.

Year-to-date, LGRA has completed $1.7 billion in transactions securing the retirement for over 27,000 annuitants. LGRA's new business volume was primarily driven by a nearly $0.8 billion transaction - the provider's largest deal to date.

Legal & General (L&G) has written $7.5bn of PRT in the US and Canada from 2020 through 2023. There remains significant opportunity in these markets, and L&G is well-positioned to continue to execute where commercial conditions support.

Plan sponsors globally have increasingly sought de-risking solutions to secure retirement benefits amid market volatility. In the US, total PRT market volume is expected to reach an estimated $46 billion in 2023, the second largest year on record¹.

Activity in the UK PRT market also remains strong, with total PRT volumes expected to reach around £50bn for 2023². Recently, L&G's UK PRT division announced its £4.8 billion full buy-in with the Boots Pension Scheme. The buy-in secured the benefits of all 53,000 annuitants of the Scheme, making it the UK's largest single transaction of its kind by premium size and, for L&G, the largest single transaction by number of members.

These successes have contributed to L&G posting a record year with £13.6 billion of global PRT written to date.