Legal and General (L&G) saw their UK protection gross premiums grow 4% (£31m) while UK protection new business annual premiums declined by 3% (£4m) in the first half (H1) of 2015 compared to H1 2014.
L&G's direct distribution channel brought retail protection of new business sales to £14m, an 11% increase on H1 2014, it now accounts for 18% of new business.
Group protection gross premium was static for the first half (H1) of 2015 was £229m, (H1 2014: £229m) with new business of £40m (H1 2014: £40m).
L&G's overall operating profit for all divisions increased 18% to £750m compared to H1 2014 , while profit after tax rose 8% to £547m from H1 2014.
Nigel Wilson, group chief executive, said: "Legal & General continues to deliver strong organic growth in the UK and the US from both our developing and established, market leading businesses.
"In addition we are disposing of, or closing non-core businesses and reducing costs in real and nominal terms.
"The actions that we are taking allow us to focus on our chosen markets, enable us to continue to deliver low prices and better value for our increasing customer base and deliver attractive returns for our shareholders.
"This financial and strategic discipline is driving our sixth year of double digit growth in net cash, operating profit and dividends - particularly noteworthy in H1 was the diversity of the strong operational and financial delivery, with an 18% increase in operating profit to £750m, the 19% increase in dividend per share to 3.45p and the 19% ROE."
Further Reading:
L&G sees increase in Relevant Life Plan applications
Second opinion on protection policies from L&G
