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Non-mortgage sales lift L&G protection business

  • 01/11/2011
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Non-mortgage sales lift L&G protection business
Legal & General said diversification into non mortgage-related business drove its strong individual protection results that boosted its third quarter performance.

However the insurer suffered a notable drop in group risk business from July to September but expects this to be addressed with a recovery in quarter four.

It blamed pressures on employment and salaries in general for new business results of £39m (APE) in the nine months to September, slightly down against the same point last year of £42m.

Individual protection volumes grew 11% (APE) to reach £98m (compared to last year’s £88m), with each quarter this year outperforming any quarter since 2008.

Total protection gross written premiums reached £915m in Q3, up £20m against the corresponding period last year, which L&G said reflected growth in new business and the good performance from its book.

Overall, the group said worldwide sales of £1,338m in the nine months year-to-date were marginally lower than £1,347 in the same period last year, but it expected to generate close to £1bn in cash this year.

An L&G spokeswoman added it was 25% up on its Mortgage Club completions at the end of September 2011, compared to the same period in 2010.

Stephen Smith, director, housing & external affairs at L&G, said: “Within an uncertain housing market, Legal & General Mortgage Club continues to grow market share through attracting new users and through innovative trading partnerships.

“The outlook remains difficult but we anticipate continuing to perform very well over the next 12 to 18 months.”



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