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L&G sees new business rise by 16 per cent

Legal & General saw its new life and pensions business grow by 16 per cent to £341.6m from £294m on the back of strong single premium life business.

The life office increased its annual premium life and pension business by 12 per cent to £201.5m from £180m and its annual business by 23 per cent to £1,401.8m, compared with £1,140.7m.

Sales of single premium life products increased by 50 per cent to £446m from £297m in 1997. Annual life sales grew by 16 per cent to £111.5m from £95.6m.

L&G saw its single premium pension business grow by 13 per cent to £955.4m from £843.7. Its annual premium pension business rose by 6 per cent to £90m from £84.4m.

Group chief executive David Prosser says: &#34In 1998 we received excellent support from IFAs. Our pension fund investment business has again been remarkably successful and has attracted over £11bn of new money from trustees.&#34


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