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Legal & General reports slight dip in Q1 new UK business

Legal & General has reported a slight fall in new UK business in Q1 2008, down from £338m in 2007 to £335m.

The figure is up 2 per cent on Q4 2007 which recorded new UK business of £328m.

But the firm has seen record new business volumes in its risk business, with sales up 41 per cent on Q1 2007, from £100m to £!41m.

L&G also saw pension buyout sales quadrupled to £722m, up from £165m in Q1 2007.

It says that individual pension sales were resilient despite weaker housing market.

Worldwide new business increased to £372m, from £368m in Q1 2007. This is up 6 per cent on Q4 2007 which saw new business levels of £352m.

The firm’s investment management gross new business was £6.1bn, up from £5.5bn in Q1 2007.

Core retail investment new business was up 21 per cent to £42m from £35m in Q1 2007.

Group chief executive Tim Breedon says: “These results show the strength of Legal & General’s market position and diverse business model against a backdrop of changing economic and industry conditions. Our new business has held steady year on year and has grown against the fourth quarter of 2007.”

“We recognise the challenges of investment market volatility, the housing market slow-down and consumer uncertainty. But we also see the opportunities. We have taken a leading position in the rapidly expanding pension buyout market; we see long term growth in mass affluent and high net worth savings; our investment management business continues its winning formula; and we are deploying our expertise in selected overseas markets.”

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