UK life and pensions were seen as a highlight of their annual business, rising eight per cent to £1,160 million annual premium equivalent (APE).

Tim Breedon, group chief executive, said: “Legal & General delivered a record year for new business in UK life and pensions in 2007 and despite tougher market conditions, the fourth quarter proved to be our strongest of the year for both UK and worldwide new business APE.”

He went on to outline that 2008 could prove to be a challenging year for business, as the economy comes to terms with the credit crunch, but remained confident that there were good opportunities for them to strengthen their business.

The Department for Work and Pensions recently said that individuals must take responsibility for their retirement savings in order to avoid a pension crisis in forthcoming years.

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