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LONDON, Aug 6 (Reuters) - British life insurance andpensions provider Legal & General reported a 13 percentincrease in first-half net cash generation on Wednesday, boostedby demand for retirement products.
L&G said the reforms introduced to Britain's annuitiesmarket by Finance Minister George Osborne in March would help itadd to earnings, and that it was developing new retirementproducts to evolve with the changes.
Osborne unveiled surprise reforms in March that scrapped arequirement forcing savers for retirement to use their pensionpots to buy an annuity, an instrument that pays out an incomefor life.
Net cash rose to 567 million pounds ($956.02 million) in thesix months ended June 30, from 500 million pounds a yearearlier.($1 = 0.5931 British Pounds) (Reporting by Richa Naidu; Editing by Greg Mahlich and SimonJessop)