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Prudential Financial agrees to reinsure $1.8B of Scottish Widows' annuities

Prudential Financial Inc. unit Prudential Insurance Co. of America agreed to assume the longevity risk for annuities worth approximately $1.8 billion held by Lloyds Banking Group Plc unit Scottish Widows Group Ltd.

This is the first longevity risk reinsurance agreement between the U.S.-based insurer and the U.K.-based banking group.

Prudential Financial's "financial strength and long-term commitment to the market was a key consideration for Scottish Widows when selecting a counterparty," said Michael Downie, the finance director for annuities and investment strategy at Scottish Widows.