Insurance giant Legal & General has revealed that it recorded £400m worth of flows into its workplace pensions unit in Q3 as a result of a plethora of scheme reorganisations in preparation for auto-enrolment.
The new rules came into force in October for the largest employers, with others following suit in a staged roll out over the coming five years.
L&G’s investment unit Legal & General Investment Management also recorded international net flows of £3.3bn. It said it has accelerated its investment in long-term financing for high quality infrastructure projects, which at the end of Q3 2012, has reached approximately £900m in the UK.
Overall the group generated £533m of annual premium equivalent sales in the three months to the end of September up, 28 per cent from the same period in 2011.
UK protection sales in the third quarter of this year increased by 30 per cent to £56m, while US protection sales were also up 33 per cent to £24m in the same period.
L&G also highlighted that individual annuity sales were up 10 per cent to £250m in Q3 compared to the same period in 2011.
Nigel Wilson, group chief executive, said: “Legal & General delivered record sales in Q3 and YTD [year to date], as we continue to see attractive opportunities for growth in each of our markets.
“Legal & General has delivered sustainable growth in cash and dividends. We are starting to accelerate the evolution of our business; our aim now is to translate strong operating performance into strong earnings growth.
“Global economies are undergoing profound structural changes. We have the solutions to meet gaps emerging from public and private deleveraging and the ambition to strengthen further our reach in protection, retirement solutions, fund management and infrastructure finance.”