Press releases

Legal & General Group Plc: Net cash up 20%. Strong performance across all divisions.

Nigel Wilson, Group Chief Executive
Nigel Wilson
Group Chief Executive

05 November 2013

Nigel Wilson, Group Chief Executive
Nigel Wilson
Group Chief Executive

GROUP HIGHLIGHTS:

  • OPERATIONAL CASH GENERATION Q3 YTD UP 11% TO £780M (Q3 2012: £702M)
  • NET CASH GENERATION Q3 YTD UP 20% TO £740M (Q3 2012: £616M)

BUSINESS HIGHLIGHTS:

LEGAL & GENERAL INVESTMENT MANAGEMENT (LGIM)

  • Q3 GROSS INFLOWS UP 71% TO £15.4BN (Q3 2012: £9.0BN)

YTD GROSS INFLOWS UP 65% TO £42.1BN (Q3 YTD 2012: £25.5BN)

  • TOTAL AUM UP TO £443BN (H1 2013: £433BN)

INTERNATIONAL AUM UP TO £57BN (H1 2013: £52BN)

LEGAL & GENERAL RETIREMENT (LGR)

  • Q3 ANNUITY PREMIUMS UP 199% TO £2.3BN (Q3 2012: £0.8BN)
  • YTD ANNUITY PREMIUMS UP 174% TO £3.7BN (Q3 YTD 2012: £1.3BN)

LEGAL & GENERAL ASSURANCE SOCIETY (LGAS)

  • RETAIL PROTECTION Q3 SALES UP 11% TO £40M (Q3 2012: £36M)
  • COFUNDS AUA INCREASED TO £58BN (H1 2013: £54BN)

LEGAL & GENERAL AMERICA (LGA)

  • US PROTECTION Q3 SALES UP 13% TO $43M (Q3 2012: $38M)

LEGAL & GENERAL CAPITAL (LGC)

  • DIRECT INVESTMENTS INCREASED TO £2.1BN (H1 2013: £1.7BN)

 

Nigel Wilson, Group Chief Executive, said:
"Another strong quarter for Legal & General with gross inflows and premiums well ahead of 2012. All divisions contributed to our broad-based growth. We are executing well and at pace; four acquisitions have been successfully completed and net cash is up 20%.
"We are known for providing value for our 8 million customers and are working closely with government and regulators to help customers get the best possible deal. LGIM, whose fees average just over 0.1% and Cofunds, whose platform fees are less than 0.3%, offer outstanding value to both institutional and retail customers. We have capped auto enrolment charges at 50bps - and we believe nobody saving for a workplace pension in standard default funds should have to pay more than this. The government's proposed 75bps cap needs to be strengthened in our opinion: reducing it to 50bps could benefit pension savers by tens of thousands of pounds over a working lifetime."

 

For the full press release, please visit this link.


For more information please contact:

Richard King

Richard King
Head of Group Corporate Communications

t: +44 (0) 2031 242095
m: +44 (0) 7515 324001
e: richard.king@group.landg.com


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