We have created the Legal & General Network as a single in-house distribution entity to deliver market outperformance, especially in the mortgage and protection sectors. We have a unique set of competencies which can be leveraged to support the mortgage and housing led intermediary market where we expect advice to remain important to the majority of UK consumers.

Legal & General has a 14.7% (2009: 12.1%) share of the intermediated lending market. The Legal & General Mortgage Club is a leading mortgage distributor in the market and in 2010 eight new lenders chose to partner with Legal & General.

We are well positioned for the Mortgage Market Review, which is proposing changes to the FSA regulatory regime and with two years to go before full implementation of the Retail Distribution Review.

The pace of consolidation of distribution continues to increase and we will be examining ways to profit from this by growing our share in a difficult market.