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L&G sees ‘opportunities’ despite market turbulence
Apr 16 2008 By Alistair Houghton
INSURER Legal & General says it hopes to find “opportunities” for growth despite the UK property price woes and turmoil in financial markets.
The group confirmed expectations this year for a 10% drop in the individual protection market – which accounts for around 11% of its new business – amid a weakening housing sector.
L&G reported a 14% drop in year-on-year first quarter individual protection sales, but said it hoped its distribution deal with Nationwide would help increase its share of the market.
Britain’s third biggest insurer posted global new business sales of £372m for the first three months of the year, which remained flat on 2007.
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