Tim Breedon, the head of Legal and General has revealed he predicts good growth in the UK, not more and more people are taking control of their own financial affairs.
The insurance giants head said that his firm “will be a growing force as the welfare state retrenches” and predicts more people will be looking for insurance and savings provisions.
Legal and Generals pre-tax profits were up slightly from £1.07billion to £1.09billion this year, although worldwide sales increased 28% to £1.8billion.
The company also smashed it’s cash generation target of £600m, generating £728million instead.
The company benefitted from the success of their savings division, who posted an operating profit of £115million, which was 130% up on the year before, and their net cash generation increases 134% to £68million.
The company released a statement saying, “The transformation of the savings business positions us well for the changes to the savings landscape anticipated to take place over the next few years.”