July 23, 2014

£5bn wiped off insurers following annuity change

Insurers saw a collective £5bn wiped off their market values following the news that buying an annuity will not be forced anymore. The likes of L&G fell by nearly 12pc and Aviva by over 7pc.

Some of the biggest victims to the changes announced by George Osborne today were Partnership Assurance and Just Retirement. The newly listed Just Retirement  fell by 35pc to 175p, significantly below its 225p offer price.

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