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L&G sees 30% rise in sales

Legal & General achieved a 30 per cent rise in life and pension sales in the first half of this year to £266m from £205m in equivalent premium income.

The life office says it is planning more partnerships similar to its Barclays, Woolwich and Alliance & Leicester tie-ups.

Individual pension sales were up by 15 per cent to £202m from £175m while corporate pension business more than doubled to £64m from £30m. UK unit trust and Isa sales increased by 7 per cent to £59m from £55m. Total UK new business figures were up by 25 per cent to £325m from £260m.

L&G took in annual premiums of £42m on individual pensions on stakeholder terms.

Its strategic alliance with Barclays has resulted in 24,000 employer stakeholder designations covering nearly 600,000 potential scheme members.

Chief executive David Prosser says: “Our multi-channel distribution strategy continues to develop. Despite the current weak equity markets, we are confident of achieving further growth in market share.”

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