(Bloomberg)--Legal & General Group Plc Chief Executive Officer Nigel Wilson said the biggest manager of U.K. pensions is resilient enough to offset a slump in annuity sales to retirees, as it generates more revenue from the U.S. and Europe.
Legal & General is looking to enter the lifetime mortgage market next year and sees “tremendous opportunity” in bulk annuity sales in the U.S., Wilson said on a conference call from London today. It will boost direct lending to companies in Europe and continue to expand the investment unit with further acquisitions, he said.
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