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.