Life Insurance

Insurance giant Legal & General has claimed a greater slice of the UK life and pensions market as it said third quarter sales jumped 31 per cent to pounds 327 million.

Strong demand for pensions, unit-linked bonds and unit trust sales drove the improvement, while L&G said it had seen signs that sales of mortgage protection products were picking up as the housing market recovered.

Chief executive Sir David Prosser said the company continued to "outperform", helped by its strong distribution network, which has included long-standing bank and building society partnerships and a growing position in the IFA market.

The improved demand led to a sales rise of 38 per cent to pounds 72 million, when using the standard industry measure of all new premiums and ten per cent of single premiums.

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