Protection premiums up - L&G results

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UK protection premiums grew 6% for Legal & General (L&G), their third quarter results have revealed.

The gross figure for UK protection premiums now stands at £1,077m, up £61m on the third quarter of 2013, with new business growing 10%.

Group protection in the UK, part of the same division, saw a decline with sales down £3m to £14m, although in France sales had increased 27%.

Retail protection grew to £124m, along with the company's savings and Cofunds business these form L&G Assurance Society, one of the company's divisions.

L&G said it was expanding its distribution capabilities and customer base following growing levels of retirement savings and changes in welfare provision. L&G's results saw growth overall with total assets now standing at £676bn.

Other divisions saw higher rates of growth with annuity assets up 16%, and premiums in the company's America division up 10% despite lower sales overall in that divison.

Nigel Wilson, group chief executive of L&G, said: "Our UK Insurance businesses delivered another strong performance, with Retail Protection growing its sales by 18%. Workplace Savings passed the £10 billion AUA milestone and Cofunds AUA in the last year increased by £11 billion to £69 billion."

He added: "We remain confident in our ability to deliver economically and socially useful products for our customers and strong and sustainable growth for our shareholders.

"Recent market volatility is a reminder of the on-going market uncertainty that still exists and whilst no model can be completely immunised, we believe our strategy creates a high degree of resilience."

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