In its interim results out today, the insurance group reported it placed one in seven of all UK mortgages and has a 27% share of the intermediated mortgage market, against 25% in its 2012 full year results.
However, retail protection sales fell 10% to £65m in H1, against £72m in 2012 as policies were brought forward by customers into Q4 2012 to secure better rates ahead of gender neutral pricing.
It said: “As a result sales in Q1 2013 were 25% below Q1 2012. In Q2 2013 sales were up 6% on Q2 2012 as the market returned to more normal levels.”
However, the group said application premiums are now running above the level of a year earlier.
“We also benefit from being the sole provider of retail protection to building society partners covering 87% of the sector, and to the appointed representatives of the Legal & General Network,” it said.
L&G reported first half profit before tax up 13% to £592m, share dividends up 22% and earnings per share up 13%. The group sold 3% more premiums reporting £689m of sales in H1 2012.
Nigel Wilson, group chief executive, said: “Legal & General delivered another very strong performance in H1 2013, with double-digit growth in sales, cash, operating profits and profit after tax.
He said the group had bought new home builder CALA Homes as part of £4bn of investment in UK infrastructure.
He added: “We are successfully evolving our strategy from a post-financial crisis focus on cash, to one based on cash plus growth plus selective acquisitions.
“It is based on five macro-trends: increasingly global asset markets, ageing populations, digital lifestyles, welfare reform and bank retrenchment. In each case, we have accelerated growth by expanding international investment management, providing retirement solutions, growing our digital presence, increasing private protection, and direct investments. I am excited about the future for Legal & General.”
