Life insurance and pensions group Legal & General Group PLC (LON:LGEN) is on track for record earnings and profits.
“Our core business divisions are generating formidable momentum,” said chief executive Nigel Wilson said in a very bullish update.
L&G yesterday sold its Mature Savings business for £650m, the final part of a strategy to re-focus the group on pensions and fund management.
In its retirement arm, total pension sales for 2017 so far are £6.2bn. The UK and US institutional pension risk transfer markets and individual annuities and lifetime mortgages all did well.
Annuity sales generated £4.5bn of annuity premiums, while L&G had ‘significantly outperformed’ the market in the retail space, with UK individual annuity premiums up 93%, equivalent to a 14% market share said Wilson.
Lifetime mortgage advances jumped 71% to £900mln with the digital offering now having a 35% market share.
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Fund management saw £38.1bn of inflows to the end of October, with international accounting for £26.1bn of which £11.3bn came from the US and £10.9bn from Europe.
Premiums in the UK retail protection and US term assurance rose 6% to £2.1bn, while the first half losses in the Group Protection business have now been reversed said Wilson.