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L&G plans end of year D2C launch

Legal & General plans to launch a new direct-to-consumer proposition by the end of the year to “complement” the Cofunds platform.

The insurer acquired the platform business last year and has previously told Money Marketing it was looking at expanding its D2C footprint. It already owns a bancassurance platform, Investor Portfolio Services. 

Its half-year results say the D2C offering will “complement and capitalise on the platform capabilities and efficiencies already developed with our intermediated Cofunds platform”.

It also says it will introduce drawdown for all retirement savers. It currently offers drawdown to high net worth clients.

The firm adds it is exploring the possibility of launching into the equity release market. 

Results for the firm show annuity sales of £3.5bn, up from £1.4bn for the first half of 2013. It includes new bulk annuity sales increasing from £700m to £3.1bn. Individual Annuity sales were down 49% to £383m follwing the Budget.

Gross protection premiums increased from £875m in H1 2013 to £921m. 

Pre-tax profit for the buiness rose 7 per cent year-on-year, from £594m to £636m.

L&G’s retirement division showed strongest growth with profits up 25 per cent year-on-year, from £151m to £188m. 

It says that it expects it 0.5 per cent charge cap to drive growth in its workplace business and hopes to halve the 2013 losses of £29m this year.

L&G group chief executive Nigel Wilson says: “Strong business performance across a well-diversified range of insurance, savings and investment markets underpins consistent earnings quality and dividend growth and enables us to respond positively to the ever changing political and regulatory landscape.”

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