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Legal & General breaks £1bn insurance barrier

24 January 2005
Legal & General made £1 billion of sales for the first time in 2004.

The firm also pointed to a 22 per cent rise in new UK business during the last three months of 2004.

David Prosser, chief executive, said that rising consumer confidence in savings products would mean the company will hold this momentum over 2005.

He also said he hoped that regulation will be improved after L&G won an appeal against a Financial Services Authority (FSA) fine.

The appeal tribunal said the decision of the FSA's regulatory decisions committee (RDC) was flawed.

"We like to feel that the end result of having gone through this process is that we do have an RDC that is fairer and more even-handed," Mr Prosser said.

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