Legal & General’s worldwide sales remained at just over £1.3bn in the third quarter of this year, unchanged from the corresponding period in 2010.
Savings investments new business increased 14 per cent from £486m in Q3, 2010 to £555m in the corresponding quarter this year as the provider benefited from partnerships with banks and building societies.
The insurer’s individual annuity sales dropped 8 per cent from £91m in Q3 last year to £84m in Q3, 2011. L&G says the figure for the first half of 2010 was inflated by the Government’s decision to increase the minimum retirement age from 50 to 55 in April, 2010.
Sales on the group’s IPS platform were up 71 per cent from £93m in Q3 last year to £159m in Q3 this year.
Suffolk Life and uninsured Sipp new business increased 22 per cent from £55m in Q3, 2010 to £67m in Q3 this year.
Individual protection sales were up 11 per cent from £88m in Q3 last year to £98m in Q3 this year. However, employment and salary pressures have forced group protection sales down from £42m to £39m over the same period.
L&G group chief executive Tim Breedon says: “This was another successful quarter from Legal & General, demonstrating that even in difficult markets our product mix, diversified distribution and operational strength enables us to deliver strong sales, expand our distribution, and beat our cash targets.
“Our strong cash generation means we can fund new business growth whilst increasing our balance sheet strength and at the same time supporting a growing dividend.
“We are therefore confident we can continue to grow from a position of strength, capitalising on new opportunities despite volatile markets and challenging economic conditions.”