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L&G looks a winner with £1.48bn sales
29 Jan 2009Legal & General could be one of the winners from the recession as consumers look to boost savings.
The UK's third-biggest life insurer today unveiled a better-than-expected 3% increase in its full-year sales, and said it saw opportunities for further growth in 2009.
Sales hit £1.48 billion in the year to December, beating City forecasts.
“Our sales performance has been good in a tough environment,” said chief executive Tim Breedon.
“Legal & General's capital and cashflow position remains robust, and our significant surplus gives confidence to our customers, underpins returns to investors, and enables us to build the business even through volatile markets.”
L&G's figures top those of rivals Friends Provident and Standard Life, both of which this week reported falling sales. Aviva, the biggest player, will reveal its numbers next week.
L&G was under fire from MPs this week for failing to stand up to corporate bosses taking huge pay rises.
