Legal & General (L&G) saw record new business sales of annuity contracts last year totalling £2.1bn, an increase of 48%, according to its full-year results.
Its total annuity portfolio, including retail annuities, stood at £92bn for 2024 and "acts as a valuable source of capital to cornerstone new investment strategies", the results said. The results added: "We expect the thriving retail annuities market to continue, with increased competition, as higher interest rates and increased awareness around the benefits of guaranteed income, continue to make these products more attractive to customers. We are well positioned in this market." Asset management Elsewhere, higher interest rates and outflows caused a 4% fall in assets under managem...
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