L&G reports 3% rise in worldwide sales
In an interim statement, Legal & General (L&G) has reported a 3% rise in worldwide new business sales for the three months to the end of March, to £382 million.
The insurer said its investment management unit went “from strength to strength” with gross new funds increasing to £7.5 billion in the first quarter of 2009, compared with £6.1 billion a year earlier.
UK Savings new business rose 6% to £206 million, with a reduction in unit linked bond sales offset by growth in unit trusts pension sales.
The company also reports that its capital cushion rose from £1.5 billion on 23rd March to £1.6 billion on 31st March.
Group Chief Executive, Tim Breedon, said: “Our sales figures for Q1 demonstrate that Legal & General has made a good start to the year … 2009 will not be an easy year for the industry – growth opportunities will be limited. However we entered these market conditions with a consistent, stable and diversified business model and remain in a good position to make the most of the opportunities that arise.”
The update comes one day after L&G announced 560 job cuts involving 300 full-time staff and 260 contractor and temporary worker positions. The job losses are in addition to the 450 announced in February.
Category: Companies News, Financials, Insurance News
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