Focus on fee-based business drives L&G sales

The firm says concentrating on SIPPs and high quality workplace pensions has helped it increase sales to £206m. Non profit pension business climbed 10% to £76m, while with-profits savings rose 21% to £52m. L&G says focussing on high quality business with less reliance on up-front commissions has helped it grow its business in this sector, with 85% of corporate business being advised on a fee basis. Gross sales of unit trusts and ISAs were up 43% on Q1 last year, reaching £60m. At its investment management business, L&G reported mixed Q1 results with gross new funds under management ...