British life insurer Legal & General (L&G) reported full-year sales at the top of market expectations today as its UK life and pensions business surged.
L&G said sales of life and pension products rose 14 per cent to £1.01 billion in 2004.
UK sales of individual life and pensions rose 24 per cent to £614 million for the year, with growth increasing in the fourth quarter, the company said.
Analysts had forecast total sales of between £949 million and £1.01 billion, with a consensus of £995 million.
Britain's third-biggest listed insurer said consumer confidence in savings products increased steadily last year and that it could maintain the momentum in 2005.
Demand in the UK savings market is reviving as customer sentiment improves after mis-selling scandals across the industry, where customers had been wrongly advised on which products to buy, and declines on stock markets.