Offshore bond sales hit £280m ($460m) in the first six months of this year – up from £170m in 2010. The increase continued the strong growth seen last year, when LGI recorded full-year offshore bond sales of £450m, compared with £80m in 2009.
“For UK investors faced with limitations on tax-advantaged savings via pensions, offshore bonds are increasingly being seen as a useful vehicle for both tax mitigation and retirement planning,” said Legal & General executive director savings Mark Gregory.
“Our international business is seeing an increase in the use of offshore investment plans as supplementary asset accumulation vehicles for retirement by higher net worth clients.”
The Legal & General group announced a 4% rise in total global sales, to £920m, in the first half of 2011. “Sales volumes continue to grow, and we are developing attractive new businesses both in the UK and internationally,” said Legal & General group chief executive Tim Breedon.