L&G readies restricted advice solution as profits rise

clock

Insurer Legal & General (L&G) said it is ready to deliver a restricted advice solution for its distribution partners after announcing an increase in half-year profits.

The group said it had secured distribution relationships with a number of key partners and now has sole tie deals with more than 75% of the UK building society sector, across some 1,100 branches.

It said it believes building societies are well placed for the "efficient provision" of financial advice following the implementation of the Retail Distribution Review (RDR) at the end of the year.

It also said it is confident these services can be extended to a wider restricted advice market which it predicts will probably grow post-RDR.

It comes as Legal & General said it had boosted operating profits to £518m in the first six months of the year, up 5% on the same period in 2011. Profit before tax on an IFRS basis was £525m, up 11% on last year.

Net flows into L&G Investment Management were up 33% to £4bn in H1, it said, while protection gross premiums rose 9% to £672m during the same period.

Nigel Wilson, group chief executive, said: "These results evidence the quality of our model.

"Our financial and strategic discipline creates confidence in complex and chaotic markets. In spite of economic conditions, we continue to grow. We have strong businesses, and social and economic challenges bring opportunities which we intend to pursue at a faster pace."

 

More on Adviser / Broking

Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

Reshaping talent acquisition and development within financial services

Isabel Baxter
clock 27 March 2024 • 2 min read
FCA releases guidance for social media ads

FCA releases guidance for social media ads

Warnings to firms and ‘finfluencers’

Cameron Roberts
clock 26 March 2024 • 1 min read
COVER Summit North: Gallery

COVER Summit North: Gallery

Event debuted in Warrington

COVER
clock 22 March 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read