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UK bulk annuities total £12B to £13B in 2017, Aon Hewitt estimates

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UK bulk annuities total £12B to £13B in 2017, Aon Hewitt estimates

The U.K. bulk annuity market totaled an estimated £12 billion to £13 billion in 2017, consultancy Aon Hewitt said in a report.

Pension Insurance Corporation Holdings LLP and Legal & General Group Plc have thus far announced £6.8 billion of business between them, with most other insurers seeking to increase their volumes, particularly Aviva Plc, according to the report.

The Aon Plc unit said it now expects 2018 to see record volumes, with annuities from company schemes to exceed £15 billion for the first time. The total volume, including back-book opportunities, could potentially reach as high as £30 billion if all providers' appetite is well sated, Aon Hewitt noted.