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.”
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.