Legal & General will pursue emerging growth opportunities in inheritance tax planning and demand for whole-of-life products with its protection offering, the insurer said.
During its retail division investor event, the insurer said it had 6.6 million customers across the individual and workplace protection market, with gross written premiums rising from £1.8bn in 2020 to a combined £2.1bn in 2024.
Speaking as part of the event, L&G retail CEO Laura Mason said protection was where L&G started 189 years ago and remained a “core business with reliable profits and valuable diversification benefits, with retail protection delivering day one capital creation”.
“Our market share has been over 20% on average in retail protection over the last decade,” Mason said.
“In group protection we are growing fast – particularly in the SME space using our new technology platform,” she continued.
“We’re a scale player with deep and wide distribution network and sophisticated and pricing expertise powered by machine learning.”
Looking to the growth opportunities, Mason highlighted the changes made by chancellor Rachel Reeves around inheritance tax.
“Protection is the stable market in the UK, but we will pursue emerging growth opportunities – such as the recent demand for whole-of-life policies in inheritance tax planning,” she said.
L&G CEO António Simões added the sale of its US protection business to Meiji Yasuda was progressing well and expected to complete “either side of year end”.
