On the go: Legal & General’s 2018 results released on Wednesday showed a record £10bn annuity sales, as demand grew for both institutional risk transfer deals and individual annuities.
The insurers’ assets under management now exceed £1tn, with operating profit up 10 per cent to £1.9bn and growth across all divisions.
That includes £832m profit from the Institutional Retirement business, a 16 per cent improvement on 2017.
Pension risk transfer deals had a significant impact on performance with sales of £9.1bn (2017 £3.9bn) while individual annuity sales were also up 18 per cent to £795m (2017: £671m)
The Legal & General Retirement division is the biggest contributor to group profits, delivering a delivered a 22 per cent increase in operating profit to £1,115m (2017: £915m), driven by increasing market share in individual annuities, and consistent profits emerging from the back book, including heavier than expected mortality experience in 2018.
Legal & General Investment Management operating profit increased by 2 per cent to £407m (2017: £400m). Management fee revenues grew to £813m (2017: £780m) and assets under management topped £1tn.
