View more on these topics

L&G equity release sales overtake annuities

Legal-and-General-LG-700.png

Legal & General is writing more equity release business than individual annuities after lifetime mortgage sales reached over £200m in the first half of the year.

In an update published this morning, the insurer says new business sales in its retirement division covering lifetime mortgages, individual annuities and bulk annuities hit £4bn in total between January and June.

Bulk annuity sales have reached £3.6bn over the same period, compared with £2.4bn sales for the whole of 2015.

L&G retirement managing director Kerrigan Procter says: “We now provide more lifetime mortgages to our customers than individual annuities.

“We expect this trend to accelerate as more baby boomers retire and choose to access their housing wealth to help fund their retirement, instead of buying an individual annuity.”

Recommended

16

Brexit wounds: How firms are coping with prospect of EU divorce

The financial services industry has been left reeling following the UK’s shock vote to leave the European Union. As politicians, regulators and policymakers grapple with the looming question of “what next?”, financial services firms have been among those seeing dramatic falls in their share price as the markets digest the outcome of the referendum. Providers, […]

Legal-and-General-LG-700.png

L&G hires Treasury mandarin as chairman

Legal & General has appointed Treasury mandarin John Kingman as its next chairman. Kingman was previously second permanent secretary of the Treasury and also headed up UK Financial Investments, the body responsible for managing the Government’s banking stakes. He will replace interim chairman Rudy Markham who has filled the role since John Stewart’s retirement on 1 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment