By Tapan Panchal

LONDON--Legal & General Group PLC (LGEN.LN) Monday said it has acquired a 3 billion pounds ($4.35 billion) U.K. annuity portfolio from Aegon NV (AGN.AE).

The insurance and savings company said the deal has been structured initially as a reinsurance contract and covers around 27,000 policy holders. The policy holders will continue to be serviced by Aegon until the policies have been transferred to Legal & General, the company added.

An annuity is a financial product which gives an individual guaranteed income for life after retirement.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

May 23, 2016 02:30 ET (06:30 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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