Worsening life expectancy drives Legal & General profit rise

Worsening life expectancy drives Legal & General profit rise
 

A slowdown in improvements in life expectancy in Britain has driven a sharp rise in annual profits at the insurance and pensions firm Legal & General.
Worsening life expectancy means insurers need to set aside less cash for pension payments and allowed L&G to release £332m of reserves last year it had previously held back to pay customers.
Operating profit at the firm, which manages pensions for 1.1 million people, jumped 32% to £2.1bn in 2017 after the release of the “mortality” reserves, beating City expectations.
“People aren’t dying quicker … but [the figures] aren’t improving... read more

 
7 March 2018 in Business, Views: 66
Source: Guardian
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