Legal & General celebrates the 'rebirth of the ISA'

Record demand for Individual Savings Accounts and investment products helped insurer Legal & General notch up £388m in sales for the first three months of the year, the group said.

L&G's first quarter annual premium equivalent (APE) sales were up 2 per cent on a year earlier and 18 per cent higher than the previous three months – better than City analysts were expecting.

The UK's fourth biggest insurer said a 30 per cent year-on-year hike in sales of savings products drove new business higher, helped by the "rebirth of the ISA" as confidence returned to equity markets and following the annual ISA limit increase to 10,200.

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L&G said this offset slower sales of protection insurance products amid ongoing weakness in the property market, but forecast progress in demand for both protection and savings over the year ahead.