L&G says it paid almost a fifth of all group risk payments in 2013, paying out on 99.3 per cent of group life claims and 95 per cent of group income protection claims.
The announcement makes it the second provider to unveil its group claim stats following the publication of industry-wide stats by Group Risk Development (Grid), after Friends Life published its figures last month.
Friends revealed that it paid out 100 per cent of group life claims, 95 per cent of group income protection claims and 86 per cent of group critical illness claims.
Grid’s figures showed 99.6 per cent of group life claims were paid across the industry in 2013, with 81 per cent of group income protection claims paid and 81 per cent of group critical illness claims paid.
L&G benefits and governance director, corporate business Commenting, Vanessa Sallows says: “Last year we paid out on 99.3 per cent of all group life and 95 per cent of group income protection claims. These policies enable employers to offer staff a benefit that provides a significant amount of money when they need it most.
“Grid’s figures show that the average group income protection annualised benefit in 2013 was just under £22,000, a very useful financial safety net – but that is only part of what we do. Our key focus is helping employers and employees manage the sickness absence and supporting a return to work. For example, in 2012 we arranged and provided over 6,700 cognitive behavioural therapy sessions as
part of tailored return to work plans for employees with mental health issues.”
Friends Life director of group protection David Williams said: “I am very proud of the fact that we helped over 2,300 people and their families last year. We have paid out over £90m in claims in 2013 and provided employers, employees and their loved ones with support and protection when they are at their most vulnerable through illness or bereavement.
“Our group income protection proposition supported over 400 people back to health and helped them return to work. This demonstrates the true value of income protection in supporting employers, employees and their families. We have continued to develop the proposition with the introduction of our Cancer Work Support service. This provides much needed support for members who are looking to return to work after cancer and provides further additional value for the employer from their income protection policy.”