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L&G profits up 6 per cent

Legal & General has revealed a 6 per cent rise in operating profits for the first half of the year, from £589m to £626m on an EEV basis.

The provider reported sales of unit linked bonds fell steeply in the first half of the year, from £136m to £75m, mainly due to the changes to Capital Gains Tax that came into force in April and investment volatility.

But L&G saw a steep rise in annuity sales, up 100 per cent from £89m to £178m. It also saw a large increase in Sipp sales, up 96 per cent from £25m to £49m, driven by new product launches and the inclusion of Suffolk Life sales.

Sales of UK core retail investments were up 34 per cent from £86m in the first half of 2007 to £115 in 2008, while protection sales were down slightly from £111m to £110m.

L&G group chief executive Tim Breedon says: “L&G has delivered a strong set of results in market and economic conditions that have, as we expected, been challenging.

“These results demonstrate our continued strengths – strong finances, multi-channel distribution, a diverse product range across complementary businesses, a strong brand and operational flexibility.”


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