Uncertainty caused by proposed CGT changes and ongoing equity market volatility smashed Legal & General (L&G) unit-linked bond sales in Q1 this year, down 46% to £40m.
Sales of the bonds fell sharply on the £74m recorded in Q1 2007 and dipped on the £53m seen in Q4 last year. Overall, L&G reported a slight dip in Q1 UK new business, down 1% from the £338m recorded in the corresponding period last year to £335m. However, new business did increase 2% on the £328m figure in Q4 2007. Worldwide new business has increased 1% in Q1 however, up from £368m to £372m. Global sales are also ahead on Q4 last year, up 6%. While the firm’s overall business was solid, individual protection fell 14% to £36m and individual non-profit annuities dropped 28% to £18m. ...
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