Legal & General (L&G) reported strong sales in protection and savings investments in the third quarter, but slowing new business in individual annuities and insured savings meant group sales dipped 1%.
The group said worldwide sales of £1,338m in the nine months year-to-date (YTD) were marginally lower than £1,347 in the same period last year. However, it said it expects to generate close to £1bn in cash this year. Strong individual protection volumes driven by diversification into non mortgage related business led to an 11% growth in APE to £98m (Q3 2010 YTD: £88m). Each quarter this year has delivered volumes above any quarter since 2008. Savings investments new business APE increased by 14% to £555m (Q3 2010 YTD: £486m) of capital light products. L&G said this was driven by the s...
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