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Legal & General says that it is on track for a record year, after a jump in sales of its retirement products.

The insurer on Thursday said that it had generated over £3.5bn of sales this year by taking on pension promises from companies.

It also said that sales of individual annuities had almost doubled this year. The individual annuity market has been under pressure since the government two years ago said that pension savings no longer had to be used to buy an annuity, but there have been tentative signs of a recovery this year.

Legal & General Investment Management, the group’s fund management arm, said that it had generated net inflows of £38.1bn by the end of October, largely from outside the UK.

Chief executive Nigel Wilson said: “L&G is on track for a record year for earnings and profits. Our core business divisions are generating formidable momentum.”

Eamonn Flanagan, analyst at Shore Capital, described it as a “punchy and resilient” trading update.

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