London-based insurer Legal & General is reportedly engaged in negotiations to sign multibillion pound pension insurance deals with major North American and European firms, as part of its strategy to boost revenue channels.

Hub

The discussions, which are being headed by Legal & General annuity business managing director Kerrigan Procter, will enable the UK insurance company to make-up for the decline in individual annuities sales in its domestic market, reported The Financial Times.

It is believed that the company may sign its first "bulk" annuity deal outside the UK within about a year.

Legal & General group chief executive, Nigel Wilson, was quoted by the news agency as saying: "L&G was eyeing further "bolt-on" acquisitions in areas including housing, bulk annuities and possibly general insurance."

For the first half year ended on 30 June 2014, Legal & General reported a 49% slump in sales of UK individual annuities, which stood at £383m compared to £754m during the H1 of 2013.

L&G has forecasted another 50% decline in annuity sales next year.


Image: British insurer Legal & General to sign multibillion US pension insurance deals. Photo: courtesy of scottchan/ FreDdigital Photos.net.