Fears of risk adding to L&G protection policies

Legal & General has seen its quarterly sales rise by almost a third, buoyed by strong demand for protection policies as more companies and individuals seek cover against financial risk.

Unveiling record sales for the third quarter and year to date, chief executive Nigel Wilson said the firm continued to see “attractive opportunities for growth in each of our markets”.

Britain’s fourth-biggest insurer posted total sales, on an industry-standard annual premium equivalent basis, of £533 million between July and September, up 28 per cent compared with the same period a year earlier.

The improvement partly reflected a doubling in sales of corporate protection products, while sales of such policies to consumers rose 9 per cent.

Sales for the first nine months of the year lifted 6 per cent to £1.42 billion, beating hopes.