L&G UK business down 9% despite strong life and pensions

The insurer reported total UK new business fell to just under £1.1bn for the first nine months of the year, compared to £1.21bn for the same period in 2006. Poor UK institutional investment figures led to a 47% drop in total unit trusts and ISA sales, but retail operations were steadier with only a £1m drop to £167m. “Activity in the institutional and wholesale area is volatile, with total sales in any period skewed by the incidence of very few exceptionally large transactions,” L&G says in a statement. The insurer says it expects to attract “substantial” institutional and wholesale new...