Longevity transfer - NU completes £475m longevity swap



York-based insurer Norwich Union, a subsidiary of Aviva, has completed a £475 longevity swap deal which will see it offload the tail-risk from its UK annuity books in a deal that brings the liquid market in longevity risk transfer a step closer.

The deal is a simple structure that will see the Norwich Union make the expected annuity payments on a book of lives, spread across the UK, that have a minimum age of 80. The investors will make the actual payments for a period of 10 years, after which

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