Record Pension Deals Send Profits Soaring at Legal & General
This article is for subscribers only.
Record pension transfers boosted first half profit at Legal & General Group Plc as the insurer benefits from U.K. companies seeking to transfer responsibility for paying their retirees.
Operating profit rose to 1 billion pounds ($1.22 billion) in the six months through June as the firm expands its annuity book, it said in a statement. Legal & General wins much of the pension-transfer business, partly because it has few rivals for the deals.