The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Thursday, January 26, 2006

Legal and General's Record Year

Legal and General's Record Year

Congratulations to Legal and General (L&G), the life assurance firm, who have announced record results today.

L&G new business has risen 29% compared with the previous year, to £1.3BN, as a result of strong demand for savings products and growth in personal pensions.

The 29% increase in new business was at the top end of analysts' expectations.

Sales also rose by 27%, in the final quarter of the year.

Tim Breedon, chief executive, said:

"This has been a year of remarkable growth for Legal & General. Our UK new business grew by almost a third in 2005 and our investment management business won a record £17.1BN."

Now if they could address the concerns of those of us with failing endowment policies, by underwriting these useless products, we would all be able to open the champagne bottles and toast their success.

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