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Legal & General completes 750 mln pound pension buy-in for ICI

Reuters - UK Focus

LONDON, July 19 (Reuters) - Legal & General Group has completed a 750 million pound ($990.98 million) pension buy-in transaction for the ICI pension fund, the insurer said on Tuesday.

Legal & General (LSE: LGEN.L - news) and ICI did the risk transfer deal shortly after the EU referendum on June 23, L&G said, bringing the total of such deals executed between the two to 5 billion pounds since 2014.

The deal means Legal & General will insure the pension risk of some of the ICI fund's pensioner members.

($1 = 0.7568 pounds) (Reporting by Lawrence White, editing by Louise Heavens)