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Legal & General longevity swap is third in two weeks

Follow-on deal with BAE Systems comes on the heels of transactions announced by AstraZeneca and Carillion

Legal & General, the UK insurer, announced a £1.8 billion longevity-swap deal with BAE Systems this morning — the third such pensions transaction announced in the past fortnight.

BAE Systems previously covered £3.2 billion of its pensions liabilities against rising life expectancy with Legal & General in February this year. That transaction related to the BAE Systems 2000 Plan, the largest of the defence group's pension schemes.

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