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LONDON, Aug 6 (Reuters) - British life insurance and pensions provider Legal & General reported a 13 percent increase in first-half net cash generation on Wednesday, boosted by demand for retirement products.
L&G said the reforms introduced to Britain’s annuities market by Finance Minister George Osborne in March would help it add to earnings, and that it was developing new retirement products to evolve with the changes.
Osborne unveiled surprise reforms in March that scrapped a requirement forcing savers for retirement to use their pension pots to buy an annuity, an instrument that pays out an income for life.
Net cash rose to 567 million pounds ($956.02 million) in the six months ended June 30, from 500 million pounds a year earlier. ($1 = 0.5931 British Pounds) (Reporting by Richa Naidu; Editing by Greg Mahlich and Simon Jessop)