Legal & General saw new business rise 3% during a tough 2008 as growth in the pensions and retirement market offset falling sales elsewhere.
UK new business rose from 1.32bn in 2007 to £1.36bn in 2008, while final quarter sales are up 6% compared with the previous three months. Annuity business jumped 37% to £281m, boosted by rapid growth in bulk purchase annuities, which climbed 73% to £194m. Individual annuity sales fell 6% to £87m. Savings business saw mixed results, as unit linked bond sales plummeted by £120m to just £131m, while with-profits business fell 16% to £191m. Legal & General says its SIPP sales have benefited from the firm's new focus on "modern, flexible, transparent and less capital intensive products." ...
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