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Legal & General insurance arm sees a leap in new business.
(From Insurance Day)
Byline: Jon Guy
WHILE pressure on investment returns and continued, faltering consumer confidence hit the global sales of insurance group Legal & General (L&G), its general insurance arm saw a leap in new business.
L&G as a whole increased profits for 2003 from GBP555m ($1bn) to GBP759m, with the growth due largely to the strong sales of its annuity products and a 19% increase in its funds under management.
The company is the UK's fourth largest life and pensions provider and its general insurance operations are viewed as not a part of its core operations.
It revealed a 27% increase in new business for the year. Net written premiums grew to GBP387m in 2003, compared with GBP304m in 2002. The statement said the business growth had been achieved through a range of business improvements and key new ...
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