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Legal & General upbeat as retirement and fund arms outperform

“Our core business divisions are generating formidable momentum,” said chief executive Nigel Wilson
picture of retirement plan
Pensions business is booming at L&G

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.

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