Legal & General and Coventry Building Society announce general insurance partnership
Legal & General and Coventry Building Society have today announced a five year partnership to offer general insurance products to the Society’s members. It is the fourth general insurance distribution agreement Legal & General has recently agreed, in aggregate these should increase 2017 gross written premiums by £30 million to £40 million.
The partnership agreement with the Society will start in January 2017, with existing insurance customers having the option of taking out a policy with Legal & General from that date. Given Coventry Building Society’s Members First approach, the quality of service to their members was their top priority. Coventry Building Society felt that Legal & General’s culture, agility, partnership approach, value proposition and trusted brand, was the right balance for their members.
Mark Holweger, Managing Director, Legal & General Insurance Partnerships (photo) said: “It’s excellent news Coventry Building Society has chosen us as their general insurance partner, and I look forward to providing their customers with great value general insurance products and excellent customer service.
Andy Deeks, Product, Marketing and Strategy Director at Coventry Building Society commented: “Our number one priority was finding a provider that shared our Members First ethos and values, so achieving the right cultural fit was as important to us as finding a provider that could handle the transition in a seamless fashion. We are also delighted that customer premiums will be less than the current year and that cover will be at least as good as what is in place now, consistent with our aim to deliver long-term value for our members”.
Coventry is the UK’s 3rd largest building society, with over 1.8 million customers and £36bn of assets. Coventry Building Society has been rated as the number one savings provider and number one mortgage provider by Fairer Finance – an organisation that helps consumers find a bank or building society that offers good service, not just a good rate.
Legal & General has recently signed five year General Insurance agreements with Skipton and Principality Building Societies, the 4th and the 6th largest in the UK. Its insurance division has distribution arrangements for general insurance and protection products with 15 banks and building societies. Our product offering is award winning, and 5 star defaqto rated. In 2015 Legal & General Insurance wrote over £1.7 billion in total UK gross premiums.
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 20 3124 2095
m: +44 (0) 7515 324001
Laura Doyle, Head of Investor Relations
t: +44 (0) 20 3124 2088
Sujee Rajah, Investor Relations Manager
t: +44 (0) 20 3124 2047
Notes to editors:
- Fairer Finance are a free to use independent consumer group that work to help customers get a fairer deal. Their mission is to create a fairer financial services market for all consumers and to encourage companies to compete on customer service quality.
- Fairer Finance’s assessment is based on a survey of customers across the market, plus their evaluation of how well providers perform compared to other companies in the sector. The main areas considered in the assessment are customer happiness, customer trust, complaint handling and transparency.
- You can find out more information on Fairer Finance at: http://www.fairerfinance.com/bank-savings-reviews/brands/coventry-building-society
Legal & General Group Plc:
- Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.5bn (as at 29 November 2016) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders.
- Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance.
- In 2015, Legal & General's operating profit (IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively. For H1 2016 Legal & General’s profit before tax was £826m and adjusted earnings per share were 11.20p for the period, an increase of 23% and 14%.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
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