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Rothesay Life, which is headquartered in London, saw £16.3bn of new pension bulk annuity business last year, compared to £13.2bn in 2018 – an increase of more than £3bn.

Annuity firm has 'transformative' year with record £3bn increase in business

A specialist annuity provider has announced that it saw record business volume in 2019.

Rothesay Life, which is headquartered in London, saw £16.3bn of new pension bulk annuity business last year, compared to £13.2bn in 2018 – an increase of more than £3bn.

The company also reported a record year of profit before tax, going from £102m in 2018 to £640m this year.

It said that the increase was “driven by a combination of successfully executing profitable new transactions and carefully deploying assets in line with its long term, secured investments strategy.”

New contracts the business secured this year include national brands such as Asda, Cadbury and the National Grid.

It has also nearly doubled its assets under management (AUM) to £53.7bn, making it the third largest annuity provider in the UK.

Addy Loudiadis, CEO of Rothesay Life, commented: “2019 has been a transformative year for the group in many respects.

“Not only have we increased AUM by nearly 50 per cent on the back of strong growth through new business, but also delivered our most profitable year to-date.

“We are proud of the continued confidence that sponsors and trustees of pension schemes place in Rothesay by insuring their members with us and our shareholders have continued to demonstrate their commitment to the business by injecting a further £0.7bn of new equity during 2019 to support our growth”

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