Legal & General (L&G) has posted an operating profit growth of 10% for the last year following a strong performance of its retirement division.
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...
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