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Insurance industry

Legal & General Reports Record New Business Figures Amid Ongoing Uncertainty Over Potential Acquisition

Strategic Insights

— 1 min read

The British life and pensions company, Legal & General (L&G), has posted a significant increase in new business, with its world-wide new life, pensions, and retail investment business reaching a record level of £464m during the nine months to September 30. This represents a 22% rise on the same period last year, with UK business seeing an 18% increase. AEGON, the parent company of Scottish Equitable, has stated that it will not participate in any potential auction of L&G, citing concerns over the high prices of life assurance groups.

Key Takeaways:

  • L&G's world-wide new life, pensions, and retail investment business saw a 22% increase to £464m during the nine months to September 30, compared to the same period last year.
  • UK business saw an 18% increase, with individual life products proving particularly popular.
  • AEGON, the parent company of Scottish Equitable, has stated that it will not participate in any potential auction of L&G.
  • L&G's CEO, David Prosser, said that the company had set new records for both nine-month and third-quarter new business, as well as a record amount of pension funds placed with L&G for management.
  • Funds won by L&G were up 31.4% on the previous nine months to £9.1bn.
  • Bank of Scotland's shares-and-loan-note bid for NatWest is worth £21.0bn.
  • NatWest shares rose 11p to 1429p.

Statistics:

  • £464m: L&G's world-wide new life, pensions, and retail investment business during the nine months to September 30.
  • 22%: Increase in L&G's world-wide new business on the previous year.
  • 18%: Increase in UK business for L&G.
  • £9.1bn: Funds won by L&G for management, a 31.4% increase on the previous nine months.
  • 1256.8p: Value per share of Bank of Scotland's shares-and-loan-note bid for NatWest.
  • £21.0bn: Value of Bank of Scotland's shares-and-loan-note bid for NatWest.

Sources:

  • "Legal & General stock surge as Aegon rules out battle" by Ian McConnell, The Herald. (Date not specified in the article, but cited as the source of the article's information)
  • No additional sources mentioned in the article.

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