In 2013 L&G’s mortgage completions rose by 47% from £19bn in 2012 to £28bn in 2013, its preliminary annual results revealed.
Stephen Smith, director of mortgage club and housing Legal & General for the network, said: “Last years results gives L&G an estimated market share of over 28% of intermediated mortgage completions, which makes us the largest distributor in the UK.”
The network reported than one in six of all UK mortgages was facilitated through its distribution channel compared to one in eight the year before.
In its principle risks and uncertainities reporting section L&G said the retrenchment of the banks had opened up opportunities for insurance firms to take part in lending activities.
But it noted that risks to this opportunity were the organistational challenges it posed and “management stretch across the range of initiatives”.
To tackle these issues L&G said it has refocused its strategic projects which involved a “significant restructure” of its businesses.
In October last year L&G replaced its network boss, Duncan Crocker, with Martin Noone as director of distribution.
And in January this year Ben Thompson exited his role as managing director of the mortgage club to begin an insurance role with current director of housing and external affairs Stephen Smith being appointed director of the mortgage club and housing.
The group reported a fall in UK protection new business annual premiums in 2013 to £218m from £221m in 2012.
But gross protection premiums, which includes new and existing premiums, grew by 4.6% from £1.27bn in 2012 to £1.33bn last year.
Legal & General Group reported an increase in profit before tax of 10%, up from £1,033m in 2012 to £1,134m in 2013.
