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L&G IFA distribution channel grows 50%

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Legal & General is to increase its focus on the IFA market, with intermediary business outgrowing all other parts of its business.

The company&#39s annual profits increased by 20 per cent to £349.6m from £291.4m, with life and pension profits up by 11.5 per cent to £230.8m from £207m.

The results show strong growth through L&G&#39s IFA distribution channel.

Group director (sales and marketing) Robin Phipps says: "We grew nearly 50 per cent in business volume through the IFA channel and it now accounts for over 50 per cent of our individual business.

"We think there is a lot of scope for further growth as well and it will continue to be our focus."

Chief executive David Prosser says L&G will continue to remain independent and grow organically.

Legal & General boosted its UK new life and pension business by 7 per cent last year to £294m from £275m based on annual premiums plus 10 per cent of single premiums.

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