Lumpy returns are an occupational hazard for the mammoth bulk annuity market, as Legal & General’s (LGEN) first-half figures highlighted. The life assurer completed £735m in these types of transactions, less than half the prior year’s amount, pushing down the net cash released by 2 per cent to £658m – 8 per cent below consensus expectations. However, management expects new business to be weighted to the second half and is quoting on £20bn in potential deals.
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