Published Date:
04 November 2009
By PETER RANSCOMBE
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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Last Updated:
03 November 2009 8:05 PM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Economic indicators
