Legal & General has brushed off Brexit concerns, saying that its retirement division sold £3.6bn of bulk annuities in the first half of the year.
The number is up £1bn on last year, and the firm said there had been "minimal disruption" caused by the EU referendum. Kerrigan Procter, managing director of Legal & General Retirement, said: "Political and market uncertainty around the EU referendum did not get in the way of business, as companies or individuals will always need to manage their employees' or own retirement." On Tuesday, Legal & General appointed John Kingman as its new chairman and said it was ready for any Brexit fallout. The investment giant said it had planned for a 50-50 probability of a Leave vote. "We undertook a number of de-risking actions in respect of our asset portfolios, including the traded equities held within our shareholder funds, before the referendum to mitigate our balance sheet against the downside risk of a Leave vote," the firm said. Mr Kingman, former second permanent secretary to the Treasury, will take over from Rudy Markham.