L&G sales up 27% to £1.3bn

Legal & General has seen a 27 per cent increase in new business sales on an APE basis for the first nine months of the year from £1.06bn to £1.3bn.

The insurer’s UK savings new business has jumped 43 per cent from £673m to £961m.

Assets under management at L&G Investment Management are up 10 per cent from £311bn to £342bn.

Individual annuity new business on an APE basis has increased by 12 per cent from £81m to £91m, while bulk annuity new business has fallen 32 per cent from £79m to £54m.

Protection new business has fallen 2 per cent from £133m to £130m.

Retail IFAs accounted for £57m of annual premiums for UK new business for the nine months September 30, 2010 compared to £65m over the same period last year.

IFAs made up 38 per cent of L&G’s UK new business, while employee benefit consultants made up 33 per cent, the bancassurance channel made up 25 per cent, tied agents made up 2 per cent and direct also made up 2 per cent.

This is broadly similar to the same period last year when IFAs accounted for 39 per cent of UK new business, compared to 32 per cent for employee benefit consultants, 23 per cent for bancassurance, 3 per cent for tied agents and 3 per cent direct.

L&G says: “Our diversified distribution platform continues to thrive. Only 38 per cent of UK new business was written through retail IFAs and within that segment we are increasing our focus on IFAs who have evolved their model to meet the demands of the impending RDR.”

Group chief executive Tim Breedon (pictured) says: ““We are optimistic about the group’s medium term growth prospects. We see strong organic growth opportunities across our risk, savings and investment management franchises where we have built market leading positions. This, coupled with the opportunities to export our investment management and bancassurance models into new markets, puts the group in an excellent position for the future.”

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