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L&G shares lifted after strong annuties sales.
(From FT Investor (Pulses))
Strong demand for annuities and retail investment products in the UK helped Legal & General, the countrys fourth-biggest insurer by market value, report a forecast-beating 42 per cent jump in annual sales on Thursday. Shares in the company rose 1.1 per cent to 163lp. Global new business for the year to December 31 was GBP1.8bn, compared with GBP1.3bn the year before and ahead of analysts expectations of GBP1.69bn. The growth was almost entirely generated in L&Gs core UK market, where sales were up 46 per cent to GBP1.7bn. By contrast, new business in the groups international operations fell 4 per cent to GBP105m. Dismissing concerns that its hold on the highly profitable bulk annuity market could come under ...
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