Zurich and Prudential announce annuity agreement

Zurich Assurance Limited (Zurich) and Prudential Retirement Income Limited (Prudential) announced details of an annuity partnership agreement. The agreement allows Zurich to exclusively offer Prudential's Guaranteed Annuity Product to customers with maturing Zurich pensions.

The agreement, which will be implemented from 3 April 2006, covers new vesting annuities from a range of pension policies, whilst continuing with the existing 2003 reassurance agreement covering maturing Zurich pension plans.

Simon Foster, Proposition Management and Development Director, Zurich, said: "This agreement with Prudential enables Zurich to provide customers with a market leading annuity option and to reduce our presence in what is currently not a strategic market for us."

Andy Briggs, Prudential UK's Distribution Director, said: "This agreement builds on Prudential's already strong relationship with Zurich and we look forward to working closely with them to help maximise the value to their customers."