Legal & General Group Plc: Record assets, sales and cash generation
02 May 2013
- Total LGIM AUM up 9% to £441bn (FY 2012: £406bn)
- International AUM up 21% to £52bn (FY 2012: £43bn)
- LGIM gross inflows up 81% to £13.6BN (Q1 2012: £7.5bn)
- Record LGIM international net flows OF £6.7bn (Q1 2012: £1.2bn)
- Bulk Purchase Annuity Q1 premiums of £357m (Q1 2012: £36m)
- Record Individual Annuity Q1 premiums up 51% to £406m (Q1 2012: £268m)
- Group Protection sales up 67% to £20m (Q1 2012: £12m)
- Record Q1 Workplace Pension sales up 115% to £202m (Q1 2012: £94m)
- Savings pro forma AUA over £100bn following completion of Cofunds acquisition
- Operational cash generation up 13% to £281m (Q1 2012: £249m)
- Net cash generation up 19% to £249m (Q1 2012: £210m)
Nigel Wilson, Group Chief Executive, said:
"Our UK and US businesses have exceeded expectations, delivering another record set of trading figures. Strong flows and positive markets have driven LGIM's AUM to £441bn; after our intended acquisition of Cofunds, Savings AUA will exceed £100bn; Annuities is now £33bn and Protection premiums in Q1 were almost £500m - all records.
"We are driving our growth strategy through five key areas: LGIM International Expansion, Retirement Solutions, Digital Solutions, Protection and Direct Investments Successful execution in each area is driving strong operational and financial performance - Operational cash is up 13% to £281m and Net cash up 19% to £249m - again records for Legal & General.
"Legal & General has shown it can perform strongly, delivering cash, earnings and dividend growth across the economic cycle. The outlook for the business is strong, and will improve through broader economic growth and further international expansion. Policy makers rightly took drastic action following the credit crisis, but now face huge challenges moving from austerity to growth. So, as well as progressing our own organic and acquisition growth plans, we are engaging positively with the Bank of England, PRA and Treasury as we pursue several growth options through direct investments."
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001