Legal & General Insurance.

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WHAT WE DO

We provide life insurance products to protect the families and lifestyles of around five million UK customers and over one million in the US. Our UK group protection business provides insurance cover for around two million corporate employees.

OUR STRATEGY

In the UK we’re the market leader in retail life insurance, achieved through a multi distribution strategy, scale, underwriting and reassurance capabilities and a strong focus upon technology to deliver excellence in service.

We want to leverage the expertise that has made us the UK’s No 1 life insurer and apply that expertise to build a direct-to-consumer business that complements the already successful US broker term life business.

WHERE WE OPERATE

We are primarily UK focused but our strategic intention is to expand our US operations.

Image of Bernie Hickman, Chief Executive Officer L&G Insurance

Chief Executive Officer:
Bernie Hickman
Read Bernie's profile

Percentage of divisional profit: Legal & General Insurance represent 17% of group divisional operating profit

Scale of operations: We remain the largest provider of retail protection in the UK and a top 10 player in the US term life market. Legal & General Insurance’s gross written premiums (GWP) grew by 9% in 2016, driven by further growth in the UK retail protection business plus favourable foreign exchange translation effects in the US. In the UK, our direct distribution channel delivered Retail Protection new business growth of 7%.

OUR BUSINESS SEGMENTS

1. UK RETAIL LIFE INSURANCE

  • With over five million customers, we continued our success in 2016 due to our multi-distribution channel strategy, our scale, experience in underwriting and dedication to delivering digital solutions to improve customer experience
  • Product range include term assurance, critical illness cover, income protection, whole life and over 50s plans
  • Gross written premiums in 2016 of £1,179 million (2015: £1,112 million)
  • New business premiums in 2016 of £170 million (2015: £162 million)

2. UK GROUP PROTECTION

  • We're firmly committed to the workplace health and wellbeing market, investing in our business and improving the employee and employer experience through digital developments
  • We're fully engaged with government through the ‘Working Lives’ paper, as well as specific dialogue around products and services that may help support and alleviate the welfare bill
  • We're developing additional products and services that help treat mental wellbeing in the same way as physical wellbeing in the workplace
  • We're supporting, sponsoring and developing capability to help employers, employees and advisers with tools to keep people happily and healthily in work
  • Gross written premiums in 2016 of £333 million (2015: £330 million)
  • New business premiums in 2016 of £58 million (2015: £69 million)

3. MORTGAGE CLUB AND SURVEYING BUSINESS

  • Our mortgage club has relationships with 67 different lenders who help our distribution partners find appropriate mortgages for their customers
  • In 2016, £53 billion of mortgages were facilitated by our mortgage club, representing a 20% share of the UK mortgage market
  • The wide reach of this business is shown through our database of over 10,000 mortgage brokers
  • We also help customers through our surveying business where in 2016 we arranged approximately 520,000 valuations, up 8% on 2015.

4. OUR US BUSINESS

  • US Protection 2016 premiums rose by 3% to $1,220m benefitting from strong relationships with brokerage general agents (BGA)
  • 4th largest provider of term life through BGA distribution channel
  • 10th largest provider of term life by APE in the US
  • 1.2m customers

FURTHER INFORMATION

Our retail insurance products: https://www.legalandgeneral.com/life-cover/

Legal & General Mortgage Club: https://www.legalandgeneral.com/mortgageclub/

Legal & General America: https://www.lgamerica.com/