Reduction was driven by disciplined pricing

Premiums earned by Legal and General’s general insurance business fell by 2% to £84m in the first quarter of 2014 compared with £86m in Q1 2013.

The insurer attributed this reduction to disciplined pricing but added that direct sales continued to grow.

Legal and General Assurance Society (LGAS) premiums went up by 13.6% to £743m in Q1 2014 (£654m: 2013).

LGAS includes UK retail protection, general insurance, group protection, workplace savings as well as retail savings, which consists of stakeholder pensions, structured products, Suffolk Life, L&G International Ireland, and Cofunds.

The growth was helped by technology, growth in distribution channels and a continued increase in enrolments into the workplace savings scheme.

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