The group said this included retirement interest-only (RIO) mortgage sales and attributed its performance to lower market demand in the higher interest rate environment.
This aligned with data from the Equity Release Council, which showed an annual fall in equity release sales from £2.6bn to £2.3bn.
L&G’s UK retail protection gross premium income rose slightly from £1.51bn to £1.52bn, and it reported new business annual premiums increased from £150m to £153m. The group said this was generated at “improved margins” in a “highly competitive market”.
Its retail protection market share in the UK also expanded to 19%.
The group’s core operating profit for 2024 increased 6% to £1.61bn, which L&G Group said was in line with guidance given in its half-year results.
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António Simões, CEO of L&G Group, said: “2024 has been a year of significant strategic progress and strong financial performance.
“We delivered 6% growth in our core operating profit and core EPS [earnings per share of the company], alongside excellent new business volumes, while investing for the future.”
Simões said the group was “seeing positive commercial momentum” as it executed its strategy “with rigour and pace”.
He said the group sharpened its profile and was strengthening its ability to generate “sustainable growth” in its core businesses.
Simões added: “Looking ahead, our momentum demonstrates why we are confident in our ability to deliver on our ambitious targets, directing our capital and expertise where they can create lasting value, and making a meaningful impact for customers, shareholders and communities.”
