L&G cashes in on growth of savings in the UK
The firm yesterday reported a 15 per cent rise in net cash generation to £631 million in the nine months to the end of September after its risk, savings and investment management assets all increased.
The group said it expects to generate £900m of cash in 2011, breaking its target of £700m. But shares fell 7 per cent in line with the rest of the insurance sector amid fears over the Greek crisis.
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Hide AdChief executive Tim Breedon said “We are reaping the benefits of rising individual and corporate prudence as the move from debt to saving continues.”
L&G has been increasing its sales of savings and pensions as UK government cut-backs leave the ageing UK population increasingly dependant on their own savings.