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L&G declares with-profits bonus of £665m

Legal and General has declared its with-profits total bonus of £665m for 2007 which is up 12 per cent on 2006.

The insurer says its with-profits bond sales increased by 25 per cent in 2007 and says conventional with-profits life policyholders saw an investment return of 5 per cent.

All 25-year endowments maturing in March 2008 will hit their target amount with an average surplus of almost 40 per cent while green and amber endowments are up to 72 per cent.

The annual bonus for endowments increased from 0.75 per cent to 1.25 per cent on the sum assured.

Legal & General with-profits managing director Mark Gregory said: “With-profits has proved its strengths for policyholders this year in volatile investment markets. Endowment customers with maturing policies continue to benefit from strong returns and 25 year policies maturing in March 2008 will receive an average surplus of almost 40 per cent.

“The increase we have seen in sales this year emphasizes the attractions of a strong with-profits provider for investors with a cautious attitude to risk who want long-term real returns.”

Legal & General has approximately 800,000 with-profits policyholders and approximately 29,000 endowments matured in 2007.

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