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A shot in the arm for longevity swaps

December was a bumper month for the sector

As life expectancy continues to rise, 2013 was the busiest year on record for longevity swaps, with six deals covering almost £9 billion of pension liabilities.

One of those deals was last month's £2.5 billion deal between AstraZeneca and Deutsche Bank, which will cover the drug company against the risk that 10,000 of its former employees will live longer than expected.

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