LONDON (Reuters) -Rothesay Life said on Friday it saw “very significant” growth opportunities due to an “unprecedented” pipeline of British pension schemes looking to offload risks to insurers.
The comments came as Rothesay, owned by Singapore’s GIC and MassMutual, posted new business premiums of 12.7 billion pounds ($16 billion) for 2023, up from 3.3 billion pounds the year before, thanks to a dozen de-risking deals with pension schemes.
Defined benefit pension schemes in Britain are increasingly looking to transfer some of their 1.3 trillion pounds in liabilities to insurance companies, driving competition among traditional insurers and attracting new players.
Last year alone, the market recorded around 50 billion pounds in bulk purchase annuity transactions, according to broker Willis Towers Watson.
Last month, Rothesay announced a deal to acquire a roughly 6 billion pound portfolio of in-force bulk annuities from Lloyds Banking Group.
($1 = 0.7927 pounds)
(Reporting by Pablo Mayo CerqueiroEditing by Mark Potter)
