Legal & General expects record year for profits

Legal & General said it expected a record year for profits and earnings as it reported accelerating growth across its businesses.

In a trading update, the insurer said it had “great momentum” in all its operations with particularly strong growth in recent weeks.

L&G’s retirement business has made £6.2bn in sales so far this year and investment management had total net inflows of £38.1bn at the end of October. Life insurance and protection gross written premiums rose 6% to £2.1bn at the end of October and general insurance gross written premiums were up 13% to £305m.

Nigel Wilson, Legal & General’s chief executive, said "L&G is on track for a record year for earnings and profits. Our core business divisions are generating formidable momentum. Our market leading positions and strong balance sheet, coupled with our management capability is allowing us to benefit from global growth opportunities."

L&G agreed on 6 December to sell its mature savings business to Swiss Re for £650m. Wilson said the sale left L&G able to focus on products and countries with the best growth potential.