Standard Life deal enables VA launch
Standard Life will use the reduction in its Pillar II capital requirements, that resulted from its record-breaking £6.7 billion longevity reinsurance deal with Canada Life International Re, to launch a variable annuity product range by the end of 2008, according to a senior figure with the Edinburgh-based firm.
The Canada Life transaction sees Standard Life cede risks for half its UK annuity exposure. Analysts, Sandford C Bernstein, estimate this will equate to a 40% fall in its longevity risk
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