Utmost Life and Pensions completes Equitable Life transfer

Pedro Gonçalves
Utmost Life and Pensions completes Equitable Life transfer

The start of the new year saw the end of Equitable Life after a deal to buy the remaining business of the world's oldest member-owned insurance group was completed on New Year's Eve. At midnight, its policyholders transferred to Utmost Life and Pensions after most of them accepted an offer of £9,000 each on average in return for giving up guarantees on the value of their contracts. Utmost agreed to buy Equitable's remaining business in June 2018 for £1.8bn- a deal that covers more than 300,000...

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