Legal & General betters forecasts, posts sales of 1.3 bn pounds |
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Fri, 27 Jan 2006 14:05
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LONDON: Life insurer Legal & General Group Plc. bettered expectations in its full year sales spurred by higher demand for its savings products in Britain. The third largest insurer in the country said annual premium equivalent sales for the year ended 31 December 2005 stood at 1.3 billion pounds, an increase of 29 per cent compared with 2004, and beating forecasts of 1.28 billion pounds.
The company had its fourth quarter sales at 317 million pounds, up 27 [er cent and against the forecast of 203 million pounds by analysts.
The insurer said there has been strong growth in individual pensions in U.K. which grew 16 per cent over the full year to 710 million pounds. Similarly, there was good demand for its retail investment products which grew 76 per cent to 315 million pounds.
The insurer's new chief executive Tim Breedon said the company took its new business from individual life insurance, savings, pensions and investment policies past the £1 billion mark during the year. The company had been boosted by the recovery in demand for savings and pension products in the U.K., he added.
Breedon said the insurer is committed to its domestic market, saying the U.K. market is a growth market and the company has opportunities here. "We do look at opportunities overseas from time to time, but they need to measure up against the opportunities we see in the core market," he said.
Legal & General said its fund management unit Legal & General Investment Management had fund inflows of 17.1 billion pounds during the year, with the final quarter accounting for 7 billion pounds.
Legal & General shares closed at 127-1/4 pence, valuing the group at 8.3 billion pounds.
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