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Workplace deals and building society tie-ups boost L&G sales

Workplace platform deals and building society link-ups boosted Legal & General savings and protection sales for the third quarter.

Announcing its Q3 results this morning, the provider says workplace pension APE sales increased 189 per cent, from £55m to £159m, year-on-year as schemes won on in the run-up to auto-enrolment have been transferred onto its corporate platform. New business APE savings sales increased 18 per cent, from £306m to £362m.

L&G says the workplace platform now has 248,000 customers and saw inflows of £0.4bn in Q3 with assets under administration reaching £5.3bn by the end of the period. Companies who have selected L&G include Marks & Spencer, Alliance Boots, Barclays, Asda, Co-op and Sainsbury’s.

The provider says challenging investment conditions have seen it reduce structured product volumes due to continuing low yields. Investment savings were 20 per cent lower than the previous year, down from £184m to £147m.

L&G says it will launch its RDR proposition on November 19, working with IBM and Tata Consultancy Services. The provider has single-tie investment and protection deals with Nationwide, Yorkshire, Leeds and Principality building societies.

UK protection sales were up 30 per cent, from £43m to £56m, with the provider crediting the enhancements to its critical illness cover. Annuity sales were up 117 per cent, from £35m to £76m, boosted by the growing number of people reaching retirement.

Group chief executive Nigel Wilson says: “L&G has delivered sustainable growth in cash and dividends. We are starting to accelerate the evolution of our business; our aim now is to translate strong operating performance into strong earnings growth.

“Global economies are undergoing profound structural changes. We have the solutions to meet gaps emerging from public and private deleveraging and the ambition to strengthen further our reach in protection, retirement solutions, fund management and infrastructure finance.”

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