Insurer's turnaround ahead of schedule

INSURER Legal & General yesterday revealed better-than-expected annual results and confirmed hopes for a rebound in the hard-hit pensions and savings markets.

L&G swung out of the red with underlying pre-tax profits of 1.07 billion compared with losses of 1.49bn in 2008, while operating profits soared 87 per cent to 1.1bn. The group helped offset a 7 per cent decline in sales with tough action on costs, which saw it slash its UK workforce by 17 per cent last year.

The firm said the turnaround in its savings business was ahead of schedule.