Growth boosted by 40% rise in direct sales
Legal & General (L&G)’s general insurance business wrote £280m of gross premiums in the first nine months of 2013, up 11% on the £252m it wrote in the same period last year.
The company said in an interim management statement this morning: “The growth in premiums reflects continuing growth in direct sales which increased 40%.”
L&G also said the general insurance operation, along with asset management arm Legal & General Investment Management, has made a “strong” contribution to operational cash generation.
Group-wide operational cash generation for the first nine months of 2013 was £780m, up 11% on the £702m cash generated in the first nine months of 2012.