UK - Legal & General's operating profit from its UK life insurance and pensions business fell £17m to £260m in the six months to the end of June 30.
But chief executive David Prosser remained upbeat about the prospects of L&G’s life and pensions business.
“We expect improving demand for our products over the rest of the year because of a more stable investment market.”
L&G’s new business dropped 9% to £453m in the first half.
However, the group reported that funds under management grew to a record £125bn from £116bn at the end of the calendar year.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.