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Legal & General profits amid slowing rise in UK life expectancy

Profits at Legal & General's retirement unit have shot up after it emerged that its customers probably won't be alive for as long as previously thought.  
The insurance giant has released ?332m previously put aside for customers' pension payments after the predicted rise in UK life expectancy slowed. 
The boss of the Continuous Mortality Investigation said last week that the slowdown in rising life expectancy was now a 'trend' rather than a blip, with life expectancies for those aged over 65 falling two months at the start of this year compared to the start of 2017.  
The adjusted mortality assumptions are set to boost insurers' profits, with Legal & General (L&G) on Wednesday posting a profit rise of 54pc in its retirement division to ?1.2bn.  
"In America it's gone backwards - we're not at the American level yet," said chief executive Nigel Wilson. "Life expectancy has decreased in part because we were overly optimistic." 
Legal & General profits amid slowing rise in UK life expectancy

Legal and General chief executive Nigel Wilson
The insurance giant, which also posted a one-off US tax benefit of ?246m, said that its pre-tax profits grew 32pc last year to reach ?2.1bn.
Its investment arm reported net inflows of ?44bn, helped by a surge of new money coming in from the US and Europe. It now has almost ?1 trillion of assets under management. 
Shares in the company inched up to 260p on Wednesday afternoon. 
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