L&G annuity sales hit all-time high of £1.4bn in 2023

‘Turning point' for guaranteed retirement income

Jenna Brown
clock • 3 min read

Annuity sales at Legal & General Retail (L&G) hit an all-time high of more than £1.4bn in 2023 as rates increased.

The provider said sales jumped 50% during the year which it described as a "turning point" for the annuity market. It said annuities had steadily been returning to favour since the pension freedom reforms which effectively removed compulsory annuitisation and opened up income drawdown to the mass market. Last year, the provider added had seen annuity rates reach their highest levels in a decade and guaranteed income had returned to popularity in the face of continued market turbulence. It said that having seen average annual growth of annuity sales between 2015 and 2022 of 17%, sal...

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