L&G life and pension sales hit record £1.16bn

The provider attributes the growth partly to its postcode-rated annuity launch in November which boosted individual annuities by 24%. The rising pensions business offset a 3% drop in protection sales, which amounted to £223m last year, as mortgage-related products suffered from the fallout of the credit crunch. Non-profit pensions rose from £207m in 2006 to £253m in 2007 as the beneficial effect of A-Day continued. Tim Breedon, group chief executive, says: “The UK marketplace is likely to prove just as challenging in 2008 as it was in the second half of 2007, with the economy forecast ...