L&G secures 3 bln stg annuity deal with ICI

LONDON, March 26 Wed Mar 26, 2014 3:18am EDT

LONDON, March 26 (Reuters) - British life insurance and pensions provider Legal & General Group Plc said on Wednesday it had won a 3 billion pound ($5 billion) bulk annuity contract with the ICI Pension Fund.

L&G said the 3 billion pound premium from the transaction would increase its stock of annuity assets, which stood at 34.4 billion pounds at the end of last year.

The news comes just a week after the government announced fundamental reforms to the pensions market.

($1 = 0.6059 British Pounds) (Reporting by Kate Holton; Editing by Mark Potter)

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