Legal and General transfers

Wednesday 22 March 1995 00:02 GMT

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Legal and General transfers

Sir John Nott, chairman of Hillsdown Holdings and former Defence Secretary, said he had discussed his concerns about transfers from Legal and General's long-term life insurance fund with David Prosser, the insurer's chief executive, by telephone yesterday.

Sir John added that he was awaiting a more detailed explanation of L&G's plans in writing, but that his general concerns remained about shareholders benefiting at the expense of policyholders, as insurers moved to realise the surpluses in their long-term funds. He added that he had been an L&G policyholder since the 1960s and was due to receive his terminal bonus in two years' time.

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