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l and g bucks trend with annuity sales

By Mark Battersby, 5 Nov 14

Legal & General achieved a record £3.9bn worth of annuity sales in the nine months to the end of September, bucking the overall downtrend in the market after the spring UK Budget pension reforms were announced.

Legal & General achieved a record £3.9bn worth of annuity sales in the nine months to the end of September, bucking the overall downtrend in the market after the spring UK Budget pension reforms were announced.

This was 5% up on the £3.7bn sold over the same period in 2013, L&G revealed in its third quarter results.

It attributed the figures to record bulk annuity sales, which increased by 29% from £2,613m to £3,368m.

But individual annuity sales in the quarter reduced to £125m (Q3 2013: £323m), down 61%, with total sales in the nine months to September of £508m (Q3 2013: £1,077m), down 53% compared to the first nine months of 2013.
 
Total international assets increased by 45% to £86.5bn (Q3 2013: £59.6bn), with new flows of £7.2bn (Q3 YTD 2013: £14.0bn).
 

Tags: Annuity | Legal & General

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.