Lloyds adviser sales drop 35%; UK life and pensions hit

Katrina Lloyd
clock

Lloyds reported sales through its intermediary channel fell 35% in 2009 contributing to a 26% drop for UK life, pensions and investments sales to £12.97bn.

Overall, Lloyds Banking Group filed an operating loss of £6.3bn for 2009, after it continued to struggle with billions of pounds of bad loans. However, this was a slightly better than analysts expected and not as bad as the £6.7bn operating loss reported for 2008. Sales through Lloyds' UK Life and Pensions arm, which includes Scottish Widows and business written through the Clerical and Halifax brands, was hit in all areas apart from protection. Here new business rose from £492m to £519m over the year. Pension sales were severely depressed with individual new business nearly halvin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Targeted support signals evolution in advice delivery

Targeted support signals evolution in advice delivery

Softer launches expected at first

Isabel Baxter
clock 10 April 2026 • 1 min read
CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read