L&G and Sainsbury’s extend distribution relationship

A distribution partnership
dating back to 2004 between UK life insurer Legal & General
(L&G) and Sainsbury’s Finance, the financial services arm of
retailer Sainsbury’s, has been extended for an unspecified
period.

The agreement represents
bancassurance with a difference, with distribution of L&G’s
products undertaken through 800 stores in the Sainsbury’s
supermarket chain, Sainsbury’s Finance’s website and direct
mail.

Products offered by L&G
include basic life insurance, life insurance combined with critical
illness cover and life insurance plans for consumers over 50 years
of age.

A 50:50 joint venture between
Sainsbury’s and Lloyds Banking Group, Sainsbury’s Finance was
launched in 1997. It was the first bank established by a UK
supermarket group.

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