UK – UK insurer Legal & General says it is winning pensions business from fee-based consultants, as well as benefiting from pension funds’ switching to an indexed core with active satellite structure.

The company said its new annual premium business rose 32% to 162 million pounds (244.4 million euros) from 123 million pounds in 2001. It said the increase reflects its success “in winning business from fee-based employee benefit consultants”.

Its single premium pensions business grew 21% to 876 million pounds from 721 million pounds in 2001.

Its funds under management at the end of 2002 were 115 billion pounds “unchanged from the 2001 year despite market falls”. Its fund management business won 14 billion pounds of new funds, a 6% rise.

“We have again had the excellent support from pension fund trustees who continue to switch assets to indexed core and active satellite structure.”

It was relatively confident about the outlook for the markets. “Our view is that equity markets offer good value at current levels but that recovery could be slow as confidence is taking time to build,” it said.

It said that global sales of its life, pension and investment policies rose 13% to 906 million pounds in 2002.