Legal & General (L&G) has reported a small decline in sales through IFAs, and says it is increasing its focus on transitioning advisers and bancassurance.
In strong results, L&G's Group sales were up 27% to £1.347bn in the nine months to September, up from £1.058bn for the same period in 2009. UK savings business reported record sales of £961m, up 43% year-on-year. But only 38% of L&G's UK new business was written through retail IFAs, a slight fall from 39% in 2009. Bancassurance benefited from the drop-off in IFA distribution, delivering 25% of L&G's new business in the UK, up from 23% in 2009. L&G says it continues to "build relationships" across the UK banking sector, and is increasing its focus on IFAs "who have evolved their...
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