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

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...