L&G says on track for record year in 2017

Insurer Legal & General says it is on course for record profits

Insurer Legal & General says it is on course for record profits

L&G's retirement business has made £6.2bn in sales so far this year and investment management had total net inflows of £38.1bn at the end of October. Its US asset management business, the largest in its stable, now manages $170bn in assets under management for over 330 institutional clients.

The day before, it announced it would be divesting its mature savings unit for £650m to accelerate growth in areas like its investment arm.

The firm's retirement business recorded total sales to date of £6.2 billion, with the business showing strong momentum in the United Kingdom and USA institutional pension risk transfer markets, as well as in individual annuities and lifetime mortgages.

Commenting on the update, CEO Nigel Wilson said: "Our core business divisions are generating formidable momentum".

He said: "Our business is now well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment".

L&G said gross written premiums in its life insurance business were up 6pc to £2.1bn by the end of October, while general insurance premiums were up 13pc to £305m in the same period.

Wilson added that the group's market share, balance sheet and management capabilities put it in an ideal position to benefit from "global growth opportunities".

The insurer said sales at its retirement business for 2017 to date stood at 6.2 billion pounds ($8.29 billion) supported by strong United Kingdom and US institutional pension risk transfer markets, individual annuities and lifetime mortgages.

Its shares were up around 0.5pc to 263p in early trade.

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