In May, L&G announced it was closing its modular homes factory, which was set up to pioneer the manufacture of prefabricated homes, a concept once hailed as a solution to the housing crisis.

“Trying to run a manufacturing facility with planning delays was just too problematic,” he said.

This, alongside the impact of higher interest rates and an investment write-down in its electric vehicle subscription service Onto, meant shareholder profits before tax fell from £697m to £324m in the first six months of this year.

A fall in the value of second-hand EVs was the key factor behind the Onto write-down, the L&G chief said.

However, overall profits at the group far surpassed analysts’ forecasts. 

L&G reported an operating profit of £941m in its results on Tuesday. 

This was down marginally by 1.8pc compared to the same period last year but well above the consensus expectation of £834m.

Mr Wilson praised the Government’s moves to unwind some EU Solvency II rules for insurers and Mr Hunt’s plans to increase pension investment in growth companies in the UK.