But importantly, the third quarter figures gave a boost by delivering sales of £180m, up 64% on the second quarter sales of £110m, suggesting that market confidence is returning to the offshore bond market.
David Fagan, chief executive of Legal & General International (Ireland) said: “We are delighted to have achieved such a strong upturn in sales in the recent quarter. The start of the year proved difficult in terms of investment market confidence and had a significant impact on the UK offshore bond market in the first half of 2012.
However, the fundamental strengths of offshore bonds in terms of tax planning remain in place and will underpin growth once investment market confidence recovers.”
He added that Legal & General’s drive to increase access to its offshore bond via multiple platforms and discretionary fund managers is paying dividends as more advisers recognise the benefits of offshore bond investment for their clients.
"Our strong performance in Q3 gives us confidence that our business will continue to grow as market confidence improves,” he said.
