Legal & General's Wealth Management business shows strong growth

Total sales at Legal & General Wealth Management are up 18 per cent in the first half of 2007 compared with the same period last year. Pension sales are up by 38 per cent and bonds are 12 per cent up year on year.

Legal & General Wealth Management Group Executive Director, Kate Avery said: “These are great results, up almost a fifth year on year. Investment in pensions continues to grow strongly, up over a third overall and bond sales are running well ahead of what was a record sales period following the launch of Portfolio Bond last year.

Individual Pensions have shown particularly healthy growth, up 67 per cent and boosted by sales of Portfolio Plus SIPP. Approximately seven out of ten of Portfolio Plus SIPP sales are coming in via the Cofunds platform, with average case sizes in excess of £100,000. We expect to see case sizes continue to grow as customers benefit from the greater flexibility and bigger allowances for contributions post A-Day.

We’ve seen solid growth in Corporate Pensions, up 16 per cent over the first half as a result of a number of new large schemes being awarded.”

Kate added: “Our strategy of focusing on increasing our customers’ wealth continues to appeal to the emerging mass affluent sector, where customers are becoming increasingly wealthy and aware of the need to grow their savings and pensions for the long term. Looking forward, our planned entry into the International arena with a Legal & General International Bond in the second half should have a positive impact on our bond sales before year end.”