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L&G cuts bonuses but posts positive results

Legal & General has moved in line with many of its rivals to cut bonuses as part of its 2003 bonus declaration.
Annual bonuses on life policies have dropped by 0.25 per cent to 0.75 per cent of the sum assured and by half a per cent of the existing bonus to 1.25 per cent. Normal annual and interim bonuses have been maintained for recent policies, with those who experienced the equity market drops of 2000 to 2002 generally seeing the cuts.
Final bonuses have also dropped with a 25 year with-profits endowment policy for a male aged 29, paying in £50 a month, now paying out £53,333 down from £59,047, a drop of 10 per cent.
The L&G group has also posted growth in operating profit before tax of £759m for 2003, up 9 per cent from £695m in 2002. UK life and pension profit was up 7 per cent to £537m from £501m in 2002.
Chief executive David Prosser says: “L&G has again produced significant gains in market share and improved profitability in our core UK retail business despite the tough market conditions.”

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