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LONDON (Alliance News) - Insurance company Legal & General Group PLC said Tuesday that its Retirement division is on track to double its new business sales in 2016.
Legal & General said sales in the Retirement business now stand at GBP5.40 billion, up from GBP2.90 billion in 2015.
The company said that sales include GBP1.40 billion in sales since June 30, and that customer demand has not been impacted by uncertainty around the UK's vote to leave the European Union, low interest rates or the introduction of Solvency 2 capital requirements for insurers in the EU.
Legal & General said sales had been boosted by pension de-risking and lifetime mortgages, as people look to access wealth tied up in their homes. The company said the sales since June include GBP1.20 billion in pension de-risking, and GBP130.0 million in lifetime mortgages. It said it had written over GBP400 million in bulk annuity business in the UK and US in the month of September alone.
"Legal & General Retirement is on track to double new business sales in 2016. Companies still need to manage their defined-benefit pension plans, and people still want to achieve financial security in retirement, regardless of the uncertain political, regulatory or economic backdrop" said Kerrigan Procter, managing director of Legal & General Retirement.
Legal & General also said Tony Strauss will join its board as an independent non-executive director from January 1, 2017. Strauss previously was chief executive of Scottish Widows and group director of insurance at Lloyds Banking Group PLC, and prior to that chief executive of the UK Life division of Aviva PLC.
"I am delighted that Toby is joining us. His many years of experience in the UK insurance sector further supplements the strength and balance of skills and experience of the board. I look forward to working with him" said Legal & General Interim Chairman Rudy Markham.
By Adam Clark; adamclark@alliancenews.com
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