Prudential and AIG Announce $3.3 Billion in Group Annuity Sales

The average funding level for a U.K. defined benefit pension plan stood at 100.1% March 29, and that strong level of plan funding has helped to reduce the cost of transferring pension risk through the purchase of a group annuity, Prudential said.

AIG, meanwhile, said its American General Life Insurance Company unit has agreed to assume responsibility for pension benefits for about 8,500 retirees, beneficiaries, and deferred and active members of the pension plan sponsored by Avery Dennison.

Avery Dennison may be best known as a company that makes labels.

— Read Lockheed Martin Makes Pension Risk Transfer Deals with Pru and Athene, on ThinkAdvisor.

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