UK - Legal & General has reported an increase in operating profits of 6% to £626m, first half year figures reveal, with its buyout business a strong factor in its success.
It said growth in pension buyouts had increased 350% as sales trebled to £1.4bn.
Legal & General group chief executive Tim Breedon said he expected the overall pension buyout market, which totalled around £3bn to £4bn in 2007, to reach £10bn in 2008, but even this remains small compared with the total size of pension fund liabilities in the UK.
He said: "Annuities are continuing to see a surge in new business which began in the last quarter of 2007, with the demand for pension buyouts remaining high."
L&G Investment Management also had a good first half attracting inflows of £17.6bn, more than in the same half last year and taking total funds under management to £286bn at the end of June.
The firm also reported an increase in operating profit on an International Financial Reporting Standards basis of 1% from £386m in the first half of 2007 to £391m in the first six months of this year.
Meanwhile tough trading conditions in the equity markets meant that net profits were hit by losses on investments, down from £672m to £56m.
However Breedon expects the losses to be smoothed out over time.
He added: "We have probably seen the worst of the declines in asset values. A lot of bad news is currently priced into markets."
Potential changes to accounting standards and increased pressure on companies to accelerate contributions could worsen FTSE 100 scheme funding by up to £100bn, according to Lane Clark and Peacock (LCP).
Smart Pension has taken on over 20,000 active members from the £20m Corpad Master Trust, following a strategic review by the ceding firm's trustees.
The Universities Superannuation Scheme (USS) allegedly obstructed a whistleblower as she tried to discover the true value of the deficit in its defined benefit (DB) section, according to reports.
The Cost Transparency Initiative (CTI) has launched a number of templates and guidance to help pension schemes deliver greater value for savers with enhanced disclosure of transaction cost information.