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Legal & General to offer annuities to Prudential PLC customers

Legal & General Group PLC will sell annuities to Prudential PLC customers with guaranteed annuity rates in a new deal it expects will boost individual annuity new business by 15% in 2020.

Prudential customers promised guaranteed annuity rates will be "introduced" to Legal & General from Nov. 1, according to a statement.

All guaranteed benefits will be fulfilled by Legal & General, which pledged to also compare the whole market to see if the rate can be improved on. The agreement follows similar arrangements with Aegon NV, ReAssure Group PLC and Sun Life Financial of Canada.

The sales of Legal & General's individual annuities business jumped 47% to £497 million in the first half.