Legal & General Network (the Network), our in-house mortgage and protection-led distribution business, was successful despite difficult market conditions. The Network encompasses the full range of capabilities and services needed to support intermediary firms who operate in the mortgage market. The provision of expert and compliant advice continues to be very important to UK consumers, and we anticipate that the new regulations for mortgage sales will increase this.
Within the Network, sales of protection products have continued to grow, and the Mortgage Club increased its share of intermediated mortgage lending to 20.3%, (2010: 16.3%).
During the year, the Network established several new trading relationships with large distribution firms, ensuring that scale has been maintained in a rapidly consolidating market.