Another record year for annuities as Legal & General tops £2bn in sales

• Demand continues as customers seek financial stability and peace of mind
• Legal & General achieves record-breaking annuity sales of £2bn
• Sales are up 55% compared to the same week in 2023

This milestone is reflective of a further resurgence in annuity sales across the market, with the Association of British Insurers reporting a 50 per cent rise in sales in the first half of 2024, compared to the same period the year before. L&G sales are up 55% compared to the same week in 2023.

While improved rates on annuities have been one driver of this growing demand, there's also increasing awareness of the other benefits a guaranteed income can provide. A recent study from Legal & General and the Happiness Research Institute, an independent Danish think tank, looked at the link between annuities and happiness. The study found that retirees with an annuity score more positively across multiple wellbeing measures than those who don't¹.

The advantages for annuity holders go beyond just wellbeing considerations and include benefits around managing finances in retirement, with annuity-holders more likely to report the highest level of financial confidence compared to those without one (24% versus 21%).