The network and club facilitated lending of £19bn in 2012 and was responsible for 1 in 8 UK mortgages, according to the results.
Legal & General’s retail protection sales were also up 15% to £151m, an increase of £131m on 2011, with gross premiums 4% higher at £947m. Over 50% of the protection policies were sold independently.
L&G remains the sole provider to appointed representatives within the L&G Network and to building society partners who service 87% of customers in that sector.
In retail protection, the provider expects volumes in H1 2013 to be “somewhat lower” due to gender neutral pricing implemented at the end of 2012.
“However, we expect stable volumes in H2 2013, supported by increased interest from IFAs and higher volumes of mortgages, due to the Funding for Lending scheme,” said the report.
Legal & General Mortgage Club revealed a 20% increase in mortgage business in 2012.
Ben Thompson, managing director, Legal & General Mortgage Club said:
“The good news is that it does look as though 2013 should be a little better for the market as a whole and therefore for our members. The overall gross lending market is forecast to grow by the CML and also it is likely that intermediaries will command a slightly greater share of new lending as well. If this is the case, this will be a just reward for those that have worked so hard through such a difficult and significant market downturn. We have new and strong plans for 2013 and beyond that will reward our loyal member base and we hope to build on our continued success.”
L&G’s annual results out today showed the insurance giant reporting increased operating profits of £1,087m following double digit sales growth.
Click to see Mortgage Solutions’ exclusive video interview also out today with Ben Thompson on Sesame, Metro Bank and broker fees in the upcoming year.
