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Drop in sales for L&G new business

Date: Mon, 26 Jan 04 Analysis

LONDON, UK - UK life insurance company Legal & General has remained positive despite revealing a two per cent fall in its global new business sales over the past year, saying it expects to gain market share on the back of increasing consumer confidence.

A fall in new business sales for its insurance products from £906 million to £886 million on an annual premium equivalent basis was in line with City forecasts of between £870 million and £917 million.

Chief executive David Prosser said in a statement that he believed 2004 would see further recovery in equity markets.

Mr Prosser said: “It is this steady progress which will restore consumer confidence in savings products.'

Despite the company's upbeat outlook, the market appeared to be less confident and the firm's shares fell.

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