Legal & General sales lifted by insurance bounce-back
11 April 2012
Legal & General today posted a better-than-expected 2% rise in first-quarter sales, helped by a recovery in the UK market.
The firm, Britain's fourth-biggest insurer, said sales of life insurance, pensions and investments climbed to £388 million from £382 million a year earlier. That beat City estimates of £368 million.
"We continue to expect further recovery in our core UK risk and savings markets during 2010," said chief executive Tim Breedon. UK savings grew 30% to £267 million as demand for Isas soared.
Analysts said L&G also benefited from the rise in the minimum regulatory retirement age — at which you can withdraw income or a lump sum from pension savings — to 55 from 50.
