The companies said in a joint statement that the portfolio covers the pension benefits of around 42,000 people and that the deal would allow Lloyds to focus on growing its "strategically important lines of business".
Lloyds said the financial impact of the sale on its group would be immaterial.
Bulk annuities are insurance policies brought by pension plans to offload the long-term risks of their defined-benefit pensioners. Such deals have become more attractive in recent months as rising gilt yields improved pensions' funding positions.
Experts have predicted that the
(c) 2024 City A.M., source