L&G upbeat on economy as it reports 7% dip in sales
CONFIDENCE is returning to the economy, according to life insurance firm Legal & General, which yesterday reported a slide in sales that was in line with market expectations.
Chief executive Tim Breedon said: "We see modest recovery in the UK going forward."
However, he added that he was sceptical about the benefits of consolidation within the insurance sector.
L&G reported a 7 per cent drop in sales in the nine months to 30 September, meeting City forecasts.
Sales stood at 1.06 billion, down from 1.14bn in the same period last year.
The firm said it had generated 450 million of net cash in the first nine months of the year, achieving its full-year target three months ahead of schedule. L&G had a capital surplus of 2.5bn at 30 September, up from 1.9bn in June.
ING analyst Kevin Ryan said: "I don't think the market will be too disappointed with the numbers."
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