L&G retirement profits up despite 54% fall in annuity sales

The group posted operating profits of £1.28bn - up from £1.16bn in 2013. Its pre-tax profit increased by 8%, from £1.14bn to £1.24bn. L&G's retirement division saw the biggest growth after profits increased by 38%, from £310m to £428m. L&G Assurance Society saw a 4% profit growth, from £444m to £460m, while L&G Investment Management's profits grew by 11%, from £304m to £336m. L&G saw annuity sales grow by 61% in the period, achieving sales of £6.6bn (up from £4.1bn) - mainly due to bulk annuities, which made up £5.99bn. However, it said it expected individual annuity sales to ha...