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L&G doubles workplace pension sales to £202m

Legal and General LG 480

Legal and General more than doubled its workplace pensions sales in the first quarter of 2013 to £202m, compared to £94m in the same period in 2012.

L&G’s Q1 results show the insurer processed over 120,000 auto enrolments in the period taking its workplace platform assets to £6.9bn.

It adds it is expecting to add a further 330,000 auto enrolees in 2013.

Individual annuities increased by 51 per cent to £406m, compared to £268m the previous year.

Bulk annuities increased to 27 policies worth £357m, up from nine policies worth £36m in 2012.

Total annuity assets under management have increased 3 per cent to £33.2bn, up from £32.2bn in Q1 2012.

The firm says its acquisition of Cofunds will take its total assets under administration to over £100bn.

L&G acquired Cofunds in March following months of negotiations between the two firms.

L&G group chief executive Nigel Wilson says: “Our UK and US businesses have exceeded expectations, delivering another record set of trading figures. The outlook for the business is strong, and will improve through broader economic growth and further international expansion.”

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