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Legal & General’s Q3 sales increase at forecasted rate

UK insurance and protection provider Legal & General has reported a 22% increase in third quarter sales, meeting market expectations.

For the first three quarters of the year combined, the insurer improved sales by 32% to reap GBP1.29 billion. This too fell within the forecasted range of GBP1.25 billion and GBP1.42 billion, Reuters has reported.

Returning to its latest quarterly figures, Legal & General’s new life insurance and pension sales increased to GBP398 million, from GBP327 million pounds in the year-earlier period, Bloomberg states.

UK sales improved by 25% to GBP375 million. However, overseas sales declined 15% to 23 million. Annuities helped to boost the figures, with sales of individual annuities doubling and bulk sales increasing by 9%.

To build further growth, the company plans to add products and expand its UK distribution network for life and pensions products.