Legal & General Q3 2014 IMS. Growth in all divisions. Net cash up 12%.
04 November 2014
- OPERATIONAL CASH UP 8% TO £844M (Q3 YTD 2013: £780M)
- NET CASH UP 12% TO £827M (Q3 YTD 2013: £740M)
- ANNUITY ASSETS UP 16% TO £39.9BN (Q3 2013: £34.5BN)
- LGIM TOTAL ASSETS UP 14% TO £676.3BN (Q3 2013: £594.0BN)
- UK PROTECTION PREMIUM UP 6% TO £1,077M (Q3 YTD 2013: £1,016M)
- SAVINGS AUA UP 13% TO £119.7BN (Q3 2013: £106.2BN)
- LGC DIRECT INVESTMENTS INCREASED TO £4.6BN (Q3 2013: £2.1BN)
- LGA PREMIUM UP 10% TO $824M (Q3 YTD 2013: $746M)
Nigel Wilson, Group Chief Executive, said:
"We are growing our revenues, operating profit, customers and net cash and are continuing to deliver strong ROE.
"LGR completed a record £3.9 billion of annuity sales in the nine months to September, which coupled with an internal transfer in Q3, increased total annuity transactions to £5.8 billion. Of this, only around £0.5 billion was from the individual annuity market. To date in Q4, LGR has secured a further £0.8 billion of bulk premium and our immediate pipeline gives us high confidence in writing around £8 billion in total annuity transactions for the full year, double our total annuity premium for 2013.
"Over the last year LGIM's total assets increased by £82 billion from £594 billion to £676 billion. International assets now exceed £86 billion, and have trebled in the last four years. We experienced net outflows in our UK index business, these were more than offset by strong demand for our market leading LDI strategies.
"Our UK Insurance businesses delivered another strong performance, with Retail Protection growing its sales by 18%. Workplace Savings passed the £10 billion AUA milestone and Cofunds AUA in the last year increased by £11 billion to £69 billion.
"Direct investments total £4.6 billion and we are committed to our £15 billion target over the medium term. CALA, LGC's principal investment in UK house building, achieved record profits and is on track to treble its sales to £800 million by 2016.
"We remain confident in our ability to deliver economically and socially useful products for our customers and strong and sustainable growth for our shareholders. Recent market volatility is a reminder of the on-going market uncertainty that still exists and whilst no model can be completely immunised, we believe our strategy creates a high degree of resilience."
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001