30th Jun 2016 06:08
LONDON (Alliance News) - Life insurer and investment manager Legal & General Group PLC on Thursday said its Retirement arm has seen strong new business sales in the first half of 2016, with little disruption seen from the Brexit referendum.
L&G said it has seen GBP4.0 billion in new business sales for its Retirement division in the half year to the end of June, covering bulk annuities, individual annuities and lifetime mortgages.
Bulk annuity business executed in the first half hit GBP3.6 billion, more than GBP1.0 billion higher than the full-year sales figure for 2015. Lifetime mortgages sales in the first half exceeded GBP200.0 million, also ahead of the 2015 full-year sales.
"Political and market uncertainty around the EU referendum did not get in the way of business, as companies or individuals will always need to manage their employees' or own retirement. Bulk annuity transactions continue to be an important way for Legal & General to deploy capital to help our UK clients, and use the premiums to invest in real assets such as UK infrastructure and direct lending," said Kerrigan Procter, L&G Retirement managing director.
By Sam Unsted; [email protected]; @SamUAtAlliance
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