L&G protection premiums up 6%

clock

Legal & General (L&G) has seen its UK protection premiums increase 6% to £1.047bn in 2014.

Group protection new business sales were down by £5m to £65m in 2014 compared to 2013. The annual figures attributed the decline to price increases.

Meanwhile, new business for individual protection increased by £17m to £165m in 2014. The Q4 figure of £41m was the same as the two previous quarters and £1m on the Q1 figure for 2014.

For group new business, annual premiums were £11m in Q4 which was a decrease of £3m on the previous quarter and £2m down on the same quarter the previous year.

Gross premiums for individual protection were up 7% to £1.056bn while for group protection gross premiums were up 4% to £351m.

Distribution through IFAs saw sales growth of 15% in 2014 to £99m.

Operating profits at L&G were up 10% to £1.275bn and after tax profits were up 9% to £992m.

Nigel Wilson, group chief executive at L&G said: "Our market leading growth businesses coupled with continuous cost reductions have given us scale and efficiency in our chosen markets." 

He added: "Over the last five years we have increased dividend per share from 3.84p to 11.25p - a nearly threefold increase. In 2014 we produced another year of double digit growth across our key financial metrics enabling us to reward shareholders with a 21% rise in the dividend."

More on Insurer

The COVER Review: Acquisitions, healthcare and awards

The COVER Review: Acquisitions, healthcare and awards

Week commencing 30 June 2025

COVER
clock 04 July 2025 • 1 min read
Medicash sees 21% rise in premium income

Medicash sees 21% rise in premium income

Total number of policyholders up 9%

Jaskeet Briah
clock 03 July 2025 • 1 min read
New CEO for Canada Life UK

New CEO for Canada Life UK

Emma Watkins joins from Scottish Widows

Jenna Brown
clock 03 July 2025 • 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