Legal & General Insurance.

A man drinking coffee


Our business is built on people. We develop long-term relationships by supporting the things our clients value; and by designing and building solutions around them.

We protect employees and individuals by providing monetary assistance and peace of mind. Through life protection, critical illness cover and income protection we cover our customers’ financial risks from events such as death, disability and sickness.

Role and purpose: Our UK Insurance division is split into two areas. ‘Corporate’ provides group protection employee benefits for employers. ‘Retail’ provides life protection for retail customers. Our US insurance business provides term life insurance for indiviudals

We are the UK's number one provider of individual life protection policies and a market leader in group protection. Our Insurance proposition is highly efficient, relying on our digital capabilities that underwrite over 80% of applications at point of sale. We continue to be the market leader of Retail Protection products to both Independent Financial Advisers (IFAs) and in the market in total.

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

Bernie Hickman

Percentage of 2015 divisional operating profit: 25% (£370m)

Where we operate: UK, US, Netherlands and India

MD: Bernie Hickman

Recent achievements: In 2015, we maintained our market-leading share of the UK retail protection market. The Legal & General Network facilitated £46 billion of mortgages in the year, approximately 1 in 5 of all UK mortgages. Our direct distribution channel delivered retail protection new business APE of £29m, representing 12% growth on 2014 and now accounts for 18% of new business.

What we manage: We cover around 2 million people in group protection schemes and around 4 million individual protection customers.

Our Insurance business is made up of many different parts. The chart below divides our gross written premiums (GWP) for the year ended 2015 to show the relative sizes of the various parts. (GWP is an industry measure of the life insurance premiums due and the general insurance premiums underwritten in the reporting period, before any deductions for reinsurance.)

Gross written premiums for the year ended 31 December 2015

Pie chart, showing £1112 million UK Retail Protection, $773 million US Protection, £330 million UK Group Protection, £45 million Netherlands Protection

Source: Annual report and accounts 2015

Insurance growth 2012-2015:

Graph showing Protection New Business APE 2011 - 2015