Prudential Secures Approval For £11.2B Annuity Transfer Plan

By Bonnie Eslinger (November 24, 2021, 4:56 PM GMT) -- A judge has approved the transfer of an £11.2 billion ($15 billion) portfolio of annuities from Prudential to Rothesay Life in a case sent back from the Court of Appeal, saying on Wednesday it is "most improbable" that the deal will weaken the security of benefits for the policyholders.

High Court Judge William Trower based his assessment on an independent analysis provided by Nick Dumbreck, a partner at Milliman LLP and a fellow with the Institute and Faculty of Actuaries.

The appointment of Dumbreck as an expert had been approved by the U.K.'s financial services regulatory body, the Prudential Regulation Authority,...

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