December 7, 2017 / 8:03 AM / a year ago

L&G says on track for record year in 2017

LONDON, Dec 7 (Reuters) - Legal & General said on Thursday it is on track for a record year with strong growth in its core business driving profits higher.

“L&G is on track for a record year for earnings and profits... our business is now well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment,” CEO Nigel Wilson said in a statement.

The insurer said sales at its retirement business for 2017 to date stood at 6.2 billion pounds ($8.29 billion) supported by strong UK and U.S. institutional pension risk transfer markets, individual annuities and lifetime mortgages.

L&G has been growing in the bulk annuity market, which involves taking on the risk of company defined benefit, or final salary, pension schemes. This is seen as an expanding market as many schemes are in deficit and companies want to offload them.

It said annuity sales generated 4.5 billion pounds of annuity premium and that it had doubled its U.S. institutional pension risk transfer business versus 2016.

L&G said on Wednesday it had agreed to sell its Mature Savings business to Swiss Re for around $870 million.

$1 = 0.7479 pounds Reporting by Clara Denina; editing by Jason Neely

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