Legal & General predicts good growth in the UK

L&G sign
Image caption L&G's savings division saw a big rise in profits

The head of insurance giant Legal & General has predicted good growth in the UK as more people take control of their own financial affairs.

Tim Breedon said the firm "will be a growing force as the welfare state retrenches" and people look for insurance and savings provisions.

L&G unveiled annual pre-tax profits of £1.09bn, up from £1.07bn, on worldwide sales up 28% to £1.8bn.

L&G also beat its £600m cash generation target by making £728m.

The company's savings division was a key driver, with operating profit up 130% to £115m and net cash generation up 134% to £68m.

L&G said in a statement: "The transformation of the savings business positions us well for the changes to the savings landscape anticipated to take place over the next few years."

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites