UK - Legal and General's group life and pensions business has grown this year despite "sluggish" markets.
The firm’s first quarter 2004 results showed group risk new annual premiums nearly doubled to £13m compared to £7m in the same period last year.
Group new business dropped to £23m APE compared to £33m in 2003 – a result the firm said was “good progress” because of lower levels of bulk purchase annuity business.
Single premiums for bulk annuity business, where L&G continued to maintain pricing discipline, were £91m compared to £248m in the corresponding quarter.
Group chief executive, David Prosser, said: “These results show further good progress for Legal & General, with our core UK retail life and pensions business continuing to grow well in sluggish markets.”
He added: “Legal & General Investment Management had a record quarter, winning another £5.4bn of new business – £1.3bn of this was for active bond management, developing momentum in our strategy of building this aspect of the business.”
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