Legal & General(L&G) saw its UK savings division weather the storm in 2009, with new business APE up 3% to £907m from £879m the previous year.
Its UK risk division did not fare so well, with new business APE down 25% to £366m (£488m in 2008), with L&G citing the contraction in the bulk purchase annuity market for the fall. Protection new business APE was down 13% compared to 2008 and total annuities sales slumped 34%. Individual annuities sales grew 13% to £98m, compared with £87m in 2008, but the pension buy-out market was depressed by market conditions and plunged 55%. Individual protection new business was down 12% (from £140m to £123m), although L&G says it has retained its number one position and outperformed the reduct...
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