L&G protection sales up 30% on 2011

Group protection sales were the biggest contribution, up 100% on last year, while individual sales were up 9%9%.

The provider's individual protection business delivered annual premium equivalent up 9% to £36m (Q3 2011: £33m) and gross premiums up 3% to £703m.

L&G reported: "As a result of enhancing our critical illness cover, market share for this product increased from 13% in 2010 to 21% in the first half of 2012."

Group protection achieved a record third quarter result with sales up 100% to £20m (Q3 2011: £10m).

Sales for the year to date are 46% above 2011, at £57m, a new record ‘year to date' for the third quarter.

The insurer put this down to new schemes for previously self-insured customers and an innovative public sector product. Auto enrolment is also providing a catalyst for employers to review employee benefits.

Gains were also acknowledged from Barclays and Sainsbury's, which selected L&G's Group Protection product alongside our Workplace Savings proposition.

General Insurance gross premiums are up 14% to £252m (Q3 2011: £221m). The growth in premiums reflects year to date growth in direct sales of 35%, and 26% from broker accounts.

Nigel Wilson, Group Chief Executive, said: "Legal & General delivered record sales in Q3 and year to date, as we continue to see attractive opportunities for growth in each of our markets.

"Our UK and US Protection franchises increased sales by 30% over the same quarter last year.

"We have invested £900m to date in socially and economically beneficial infrastructure projects in the UK.

"We are starting to accelerate the evolution of our business; our aim now is to translate strong operating performance into strong earnings growth.

"We have the solutions to meet gaps emerging from public and private deleveraging and the ambition to strengthen further our reach in protection, retirement solutions, fund management and infrastructure finance."