United Utilities Agrees to GBP1.8 Billion Pension-Risk Transfer Deal With L&G
11 7월 2023 - 10:12PM
Dow Jones News
By Elena Vardon
United Utilities Group has agreed to a 1.8 billion-pound ($2.3
billion) pension-risk transfer deal with Legal & General Group,
both companies said in emailed statements on Tuesday.
Under the agreement, trustees for the FTSE 100 water group's
pension program will take out an insurance policy with Legal &
General, which will then invest the premium to pay United Utilities
pension program members' benefits.
"The pension scheme trustees have taken the next step in their
derisking strategy and are insuring around two thirds of the
pension liabilities with Legal and General to ensure even greater
long term security of the schemes," a United Utilities spokesperson
said.
The spokesperson added that the move enhances its financial
resilience with a gearing level at 58%, and leaves it with enough
liquidity to cover cash flow to at least 2026.
"We are pleased to have been able to work with the trustees to
complete this transaction, helping to provide further long-term
security to the schemes' members," Chief Executive of Legal &
General Retirement Institutional Andrew Kail said, adding that the
group has written GBP6.7 billion of pension risk transfer business
in the U.K. since the start of the year.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
July 11, 2023 08:57 ET (12:57 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
United Utilities (PK) (USOTC:UUGRY)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
United Utilities (PK) (USOTC:UUGRY)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024
United Utilities Group PLC (PK) (OTC 시장)의 실시간 뉴스: 최근 기사 0
More United Utilities Group PLC (PK) News Articles