Legal & General (L&G) has reported record bulk annuity numbers which it said had "more than offset" a 61% drop in sales of traditional annuity policies since the Budget reforms were announced.
Its third quarter interim statement said overall annuity assets were up 16% to £39.9bn compared to £34.5bn in the same quarter last year. It added total annuity sales were up 5% to £3.9bn representing net flows of £2.3bn. Bulk annuity sales in the institutional pension space increased 29% to £3.3bn, up from £2.6bn in Q3 2013. Figures were also boosted by an internal transfer of £1.9bn of annuities from with-profits to its shareholder fund in July, hiking the total volume of annuity business to £5.8bn. However, it said just £0.5bn of total sales figures were based on individual poli...
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