Legal & General has become Britain’s first £1trn fund manager after unveiling a 10% rise in profits and as sales of annuities soared to record levels.
The FTSE 100 insurer is the largest manager of people’s savings and investments in the UK, managing money on behalf of millions of savers and pension funds. It has a market value of about £16.3bn.
Nigel Wilson, 62, chief executive, said that international expansion had helped it to increase its assets by 3% last year to achieve the trillion-pound milestone. Legal & General has lifted its assets from about £200bn 12 years ago.
