INSURER Legal & General benefited from a return in consumer confidence as it reported a sharp rise in new business in the UK.
The group said new business volumes for the second quarter were 27 per cent higher than a year earlier, adding that its outlook appeared encouraging as individual investors return to bonds and equities for long-term savings.
Operating profits fell to £292m in the six months to June 30, from £365m previously, after the company took a previously announced provision against its customers living longer.
Chief executive David Prosser said: "Legal & General is one of the strongest companies in the sector and is well positioned to benefit from the opportunities the market offers."
Legal & General has 4.5 million customers and employs more than 8,800 people.
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