Legal & General posted an 8.7% increase in UK new business in the first half of 2007, with strong annuities sales more than offsetting declines in unit linked bonds and with-profits.
Total UK new business jumped from £684m in H1 2007 to £744m, while UK life and pensions new business climbed £31m to £629m (APE). The solid sales figures led to a 1.8% increase in L&G UK life and pensions operating profit, to £506 (EEV). Worldwide, the firm recorded a 6.2% boost in operating profit to £626m – higher than forecasted. However, taking into account a negative £538m variation on lower investment markets, L&G’s profit from ordinary activities after tax dipped to £56m, well under the £672m profit in the corresponding period last year. Annuity sales doubled in the first half,...
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