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Legal and General brands complete £32bn of mortgages to Q3-end

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  • 04/11/2015
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Legal and General brands complete £32bn of mortgages to Q3-end
The Legal and General (L&G) Network and Club brands have facilitated £32bn of mortgage lending in the first nine months of the year, £3bn ahead of the 2014 quarter three figures.

L&G confirmed to Mortgage Solutions has just had a record month in October with £4.6bn completions.

Director of mortgage club Jeremy Duncombe, said: “This is the best ever month for completions in the Club’s twenty year history and we thank all our business and lender partners for this support”.

The insurance giant’s L&G surveying business also reported strong results with business up 93% to 350,000 surveys.

However, its traditional protection business supported by a broad distribution reach in the advice communities fell to £13m from £14m, year-on-year. Year to date sales are broadly flat at £53m, just below last year’s tally at this point of £54m.

General Insurance gross premiums were also down 11% to £251m which the insurer said reflected ‘disciplined pricing in a competitive market.’

However, direct retail protection new business sales were £22m, representing 16% growth on Q3 YTD 2014, which is now 18% of new business.

On equity release, the firm, which bought the New Life brand for £5m in February 2015 has already completed £102m in lending and confirmed its target doubled to £200m this financial year in August.

The firm lent £65m of lifetime business over the third quarter with applications running at £10m a week.

Since the shock budget annuity reforms, individual annuity sales were down 48% at £262m from £508m this time last year.

“We have seen the proportion of people taking their pension savings as cash increase to 90% from 60% before the introduction of the Pensions Reform legislation. Our average payment size is £12k,” the insurer confirmed.

Group chief executive, Nigel Wilson, said: “LGC is focused on attractive financial opportunities in urban regeneration, housing, alternative finance and clean energy. Urban regeneration schemes are progressing well in Bracknell, Canning Town, Cardiff, Leeds, Manchester and Salford. We entered the build-to-rent market and CALA Homes produced record operating profits of £73m.

“External political and regulatory uncertainties remain, but we believe that by aligning our strategy to macro trends we have created a high degree of resilience in our business model and are well positioned for further growth.”

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