Q3 IMS - Part 2

RNS Number : 1757S

Legal & General Group Plc

05 November 2013

 



New Business
Investment management assets under management
				Liability
				driven	Active
			Index	invest-	fixed	Active	Property
			funds	ments	interest	equities	& other	Total
Nine months ended 30 September 2013			£bn	£bn	£bn	£bn	£bn	£bn
At 1 January 2013			243.2	64.0	82.2	7.7	8.9	406.0
Gross inflows1, 2			25.2	8.0	8.2	0.1	0.6	42.1
Gross outflows1			(23.3)	(4.0)	(3.4)	(0.4)	(0.1)	(31.2)
Net flows			1.9	4.0	4.8	(0.3)	0.5	10.9
Market and other movements			19.9	3.5	0.7	0.6	1.0	25.7
At 30 September 2013			265.0	71.5	87.7	8.0	10.4	442.6
				Liability
				driven	Active
			Index	invest-	fixed	Active	Property
			funds	ments	interest	equities	& other	Total
Nine months ended 30 September 2012			£bn	£bn	£bn	£bn	£bn	£bn
At 1 January 2012			224.2	58.4	72.4	7.2	9.0	371.2
Gross inflows1			16.1	4.0	5.2	-	0.2	25.5
Gross outflows1			(15.7)	(3.0)	(3.7)	(0.1)	-	(22.5)
Net flows			0.4	1.0	1.5	(0.1)	0.2	3.0
Market and other movements			11.4	(1.3)	6.4	0.3	(0.3)	16.5
At 30 September 2012			236.0	58.1	80.3	7.4	8.9	390.7
							9	9
							months	months
							to	to
							30.09.13	30.09.12
							£bn	£bn
LGIM total net flows							10.9	3.0
Attributable to:
- UK							(2.9)	(0.9)
- International 2							13.9	5.5
- Unit trusts1							(0.1)	(1.6)
1. Includes unit trust business, both retail and institutional, now part of LGIM, following the organisational changes effective from 1 July 2013.
2. Includes the addition of £2.9bn of Legal & General France assets.
Investment management assets under management quarterly progression
				Liability
				driven	Active
			Index	invest-	fixed	Active	Property
			funds	ments	interest	equities	& other	Total
Nine months ended 30 September 2013			£bn	£bn	£bn	£bn	£bn	£bn
At 1 January 2013			243.2	64.0	82.2	7.7	8.9	406.0
Gross inflows1			11.1	1.1	2.1	-	0.1	14.4
Gross outflows1			(7.1)	(1.1)	(0.9)	-	-	(9.1)
Net flows			4.0	-	1.2	-	0.1	5.3
Market and other movements			20.1	7.4	1.4	0.7	0.3	29.9
At 31 March 2013			267.3	71.4	84.8	8.4	9.3	441.2
Gross inflows1			6.1	4.7	1.3	-	0.2	12.3
Gross outflows1			(7.9)	(1.0)	(0.5)	(0.3)	(0.1)	(9.8)
Net flows			(1.8)	3.7	0.8	(0.3)	0.1	2.5
Market and other movements			(3.4)	(4.2)	(2.7)	(0.4)	-	(10.7)
At 30 June 2013			262.1	70.9	82.9	7.7	9.4	433.0
Gross inflows1, 2			7.9	2.2	4.9	0.1	0.3	15.4
Gross outflows1			(8.3)	(1.9)	(2.0)	(0.1)	-	(12.3)
Net flows			(0.4)	0.3	2.9	-	0.3	3.1
Market and other movements			3.3	0.3	1.9	0.3	0.7	6.5
At 30 September 2013			265.0	71.5	87.7	8.0	10.4	442.6

					Liability		Active
			Index		driven		fixed		Active		Property
			funds		investments		interest		equities		& other		Total
Nine months ended 30 September 2012			£bn		£bn		£bn		£bn		£bn		£bn
At 1 January 2012			224.2		58.4		72.4		7.2		9.0		371.2
Gross inflows1			4.6		1.8		1.8		-		0.1		8.3
Gross outflows1			(4.6)		(1.1)		(0.4)		(0.1)		-		(6.2)
Net flows			-		0.7		1.4		(0.1)		0.1		2.1
Market and other movements			9.1		(0.1)		0.5		0.4		(0.3)		9.6
At 31 March 2012			233.3		59.0		74.3		7.5		8.8		382.9
Gross inflows1			4.4		1.7		2.0		-		0.1		8.2
Gross outflows1			(5.4)		(0.4)		(1.3)		-		-		(7.1)
Net flows			(1.0)		1.3		0.7		-		0.1		1.1
Market and other movements			(5.3)		0.9		2.2		(0.5)		-		(2.7)
At 30 June 2012			227.0		61.2		77.2		7.0		8.9		381.3
Gross inflows1			7.1		0.5		1.4		-		-		9.0
Gross outflows1			(5.7)		(1.5)		(2.0)		-		-		(9.2)
Net flows			1.4		(1.0)		(0.6)		-		-		(0.2)
Market and other movements			7.6		(2.1)		3.7		0.4		-		9.6
At 30 September 2012			236.0		58.1		80.3		7.4		8.9		390.7
1. Includes unit trust business, both retail and institutional, now part of LGIM, following the organisational changes effective from 1 July 2013.
2. Includes the addition of £2.9bn of Legal & General France assets.
Investment management assets under management quarterly progression (continued)
	3	3		3		3		3		3		3
	months	months		months		months		months		months		months
	to	to		to		to		to		to		to
	30.09.13	30.06.13		31.03.13		31.12.12		30.09.12		30.06.12		31.03.12
	£bn	£bn		£bn		£bn		£bn		£bn		£bn
LGIM total net flows	3.1	2.5		5.3		2.1		(0.2)		1.1		2.1
Attributable to:
- UK	(3.4)	1.7		(1.2)		0.4		(2.6)		0.2		1.5
- International 1	6.4	0.8		6.7		2.2		3.2		1.2		1.1
- Unit trusts2	0.1	-		(0.2)		(0.5)		(0.8)		(0.3)		(0.5)
1. Includes the addition of £2.9bn of Legal & General France assets.
2. Includes unit trust business, both retail and institutional, now part of LGIM, following the organisational changes effective from 1 July 2013.
Assets under administration
							Consol-
			Mature				idation				Retail
	Suffolk		Retail		Work-		adjust-		Total		Invest-
	Life	Platforms1	Savings2		place		ment3		LGAS		ments4		Annuities
Nine months ended 30 September 2013	£bn	£bn	£bn		£bn		£bn		£bn		£bn		£bn
At 1 January 2013	5.1	8.6	36.2		6.0		(1.4)		54.5		15.6		32.2
Gross inflows5	0.9	6.4	1.1		1.5		(0.1)		9.8		2.6		3.7
Gross outflows	(0.3)	(2.1)	(4.0)		(0.4)		0.3		(6.5)		(2.7)		-
Payments to annuitants	-	-	-		-		-		-		-		(1.5)
Net flows	0.6	4.3	(2.9)		1.1		0.2		3.3		(0.1)		2.2
Cofunds acquisition	-	45.7	-		-		(5.4)		40.3		(1.2)		-
Market and other movements	0.4	(0.3)	2.7		0.8		-		3.6		1.2		-
At 30 September 2013	6.1	58.3	36.0		7.9		(6.6)		101.7		15.5		34.4
							Consol-
			Mature				idation				Retail
	Suffolk		Retail		Work-		adjust-		Total		Invest-
	Life	Platforms1	Savings2		place		ment3		LGAS		ments4		Annuities
Nine months ended 30 September 2012	£bn	£bn	£bn		£bn		£bn		£bn		£bn		£bn
At 1 January 2012	4.3	6.7	36.4		3.8		(1.2)		50.0		14.9		28.4
Gross inflows	0.6	2.2	1.7		1.5		(0.1)		5.9		1.9		1.4
Gross outflows	(0.2)	(1.3)	(4.0)		(0.4)		0.1		(5.8)		(2.4)		-
Payments to annuitants	-	-	-		-		-		-		-		(1.2)
Net flows	0.4	0.9	(2.3)		1.1		-		0.1		(0.5)		0.2
Market and other movements	0.2	0.5	2.0		0.4		(0.1)		3.0		1.0		1.9
At 30 September 2012	4.9	8.1	36.1		5.3		(1.3)		53.1		15.4		30.5
1. Platforms includes Investor Portfolio Services (IPS) and Cofunds.
2. Mature retail savings products includes With-profit products, bonds and retail pensions.
3. Consolidation adjustment represents Suffolk Life and Mature Retail Savings assets included in the Platforms column.
4. Retail Investments includes unit trust products (both LGIM and externally managed) and structured products (deposits and investments).
5. Platforms gross inflows include Cofunds institutional net flows.
Assets under administration quarterly progression
							Consol-
			Mature				idation				Retail
	Suffolk		Retail		Work-		adjust-		Total		Invest-
	Life	Platforms1	Savings2		place		ment3		LGAS		ments4		Annuities
Nine months ended 30 September 2013	£bn	£bn	£bn		£bn		£bn		£bn		£bn		£bn
At 1 January 2013	5.1	8.6	36.2		6.0		(1.4)		54.5		15.6		32.2
Gross inflows	0.2	0.2	0.4		0.5		-		1.3		0.7		0.8
Gross outflows	(0.1)	(0.2)	(1.2)		(0.2)		0.1		(1.6)		(1.0)		-
Payments to annuitants	-	-	-		-		-		-		-		(0.5)
Net flows	0.1	-	(0.8)		0.3		0.1		(0.3)		(0.3)		0.3
Market and other movements	0.3	0.5	1.7		0.6		(0.1)		3.0		1.0		0.7
At 31 March 2013	5.5	9.1	37.1		6.9		(1.4)		57.2		16.3		33.2
Gross inflows5	0.3	1.7	0.4		0.5		-		2.9		1.0		0.6
Gross outflows	(0.1)	(0.7)	(1.4)		(0.1)		-		(2.3)		(0.9)		-
Payments to annuitants	-	-	-		-		-		-		-		(0.5)
Net flows	0.2	1.0	(1.0)		0.4		-		0.6		0.1		0.1
Cofunds acquisition	-	45.7	-		-		(5.4)		40.3		(1.2)		-
Market and other movements	-	(2.1)	(0.4)		-		0.3		(2.2)		(0.3)		(1.2)
At 30 June 2013	5.7	53.7	35.7		7.3		(6.5)		95.9		14.9		32.1
Gross inflows5	0.4	4.5	0.3		0.5		(0.1)		5.6		0.9		2.3
Gross outflows	(0.1)	(1.2)	(1.4)		(0.1)		0.2		(2.6)		(0.8)		-
Payments to annuitants	-	-	-		-		-		-		-		(0.5)
Net flows	0.3	3.3	(1.1)		0.4		0.1		3.0		0.1		1.8
Market and other movements	0.1	1.3	1.4		0.2		(0.2)		2.8		0.5		0.5
At 30 September 2013	6.1	58.3	36.0		7.9		(6.6)		101.7		15.5		34.4
1. Platforms includes Investor Portfolio Services (IPS) and Cofunds.
2. Mature retail savings products includes With-profit products, bonds and retail pensions.
3. Consolidation adjustment represents Suffolk Life and Mature Retail Savings assets included in the Platforms column.
4. Retail Investments includes unit trust products (both LGIM and externally managed) and structured products (deposits and investments).
5. Platforms gross inflows include Cofunds institutional net flows.

Assets under administration quarterly progression (continued)
							Consol-
			Mature				idation				Retail
	Suffolk		Retail		Work-		adjust-		Total		Invest-
	Life	Platforms1	Savings2		place		ment3		LGAS		ments4		Annuities
Nine months ended 30 September 2012	£bn	£bn	£bn		£bn		£bn		£bn		£bn		£bn
At 1 January 2012	4.3	6.7	36.4		3.8		(1.2)		50.0		14.9		28.4
Gross inflows	0.2	0.5	0.6		0.4		-		1.7		0.7		0.3
Gross outflows	(0.1)	(0.2)	(1.3)		-		-		(1.6)		(1.1)		-
Payments to annuitants	-	-	-		-		-		-		-		(0.4)
Net flows	0.1	0.3	(0.7)		0.4		-		0.1		(0.4)		(0.1)
Market and other movements	0.2	0.4	1.8		0.3		(0.1)		2.6		0.7		0.1
At 31 March 2012	4.6	7.4	37.5		4.5		(1.3)		52.7		15.2		28.4
Gross inflows	0.2	0.8	0.5		0.4		-		1.9		0.7		0.3
Gross outflows	(0.1)	(0.4)	(1.2)		(0.1)		-		(1.8)		(0.6)		-
Payments to annuitants	-	-	-		-		-		-		-		(0.4)
Net flows	0.1	0.4	(0.7)		0.3		-		0.1		0.1		(0.1)
Market and other movements	(0.1)	(0.3)	(0.7)		(0.2)		-		(1.3)		(0.2)		0.6
At 30 June 2012	4.6	7.5	36.1		4.6		(1.3)		51.5		15.1		28.9
Gross inflows	0.2	0.9	0.6		0.7		(0.1)		2.3		0.5		0.8
Gross outflows	-	(0.7)	(1.5)		(0.3)		0.1		(2.4)		(0.7)		-
Payments to annuitants	-	-	-		-		-		-		-		(0.4)
Net flows	0.2	0.2	(0.9)		0.4		-		(0.1)		(0.2)		0.4
Market and other movements	0.1	0.4	0.9		0.3		-		1.7		0.5		1.2
At 30 September 2012	4.9	8.1	36.1		5.3		(1.3)		53.1		15.4		30.5
1. Platforms includes Investor Portfolio Services (IPS) and Cofunds.
2. Mature retail savings products includes With-profit products, bonds and retail pensions.
3. Consolidation adjustment represents Suffolk Life and Mature Retail Savings assets included in the Platforms column.
4. Retail Investments includes unit trust products (both LGIM and externally managed) and structured products (deposits and investments).
Worldwide new business
		Annual	Single				Annual		Single
		premiums	premiums		APE		premiums		premiums		APE		APE
		30.09.13	30.09.13		30.09.13		30.09.12		30.09.12		30.09.12		31.12.12
		£m	£m		£m		£m		£m		£m		£m
Annuities
- Individual		-	1,077		108		-		872		87		132
- Bulk purchase		-	2,613		261		-		475		48		102
Total Annuities1		-	3,690		369		-		1,347		135		234
Group Protection		57	-		57		57		-		57		70
Retail Protection		105	-		105		108		-		108		151
France (LGF)		25	186		44		26		164		42		61
Netherlands (LGN)		7	84		15		9		67		16		21
Workplace Savings		434	608		495		257		716		329		614
Platforms (Cofunds & IPS)2		25	1,638		189		48		1,629		211		273
Suffolk Life		-	894		89		-		591		59		77
Mature Retail Savings3		8	570		65		14		1,014		115		150
With-profits		38	62		44		46		300		76		92
Total LGAS		699	4,042		1,103		565		4,481		1,013		1,509
Retail Investments4		9	2,628		272		8		1,784		186		241
US Protection		73	-		73		66		-		66		90
India (26% share)		5	42		9		5		19		7		9
Egypt (55% share)		10	-		10		11		-		11		14
Gulf (50% share)		2	2		2		3		6		4		5
Total emerging markets new business		17	44		21		19		25		22		28
Total worldwide new business		798	10,404		1,838		658		7,637		1,422		2,102
1. Total Annuities new business excludes £175m (2012: £nil) of APE in relation to longevity insurance transactions. It is not included in the table due to the unpredictable deal flow from this type of business.
2. Platforms APE includes retail business only.
3. Includes bonds and retail pensions.
4. Includes retail unit trusts and structured products.
Worldwide new business APE quarterly progression
		3		3		3		3		3		3		3
		months		months		months		months		months		months		months
		to		to		to		to		to		to		to
		30.09.13		30.06.13		31.03.13		31.12.12		30.09.12		30.06.12		31.03.12
		£m		£m		£m		£m		£m		£m		£m
Annuities
- Individual		33		35		40		45		35		26		26
- Bulk purchase		194		31		36		54		41		3		4
Total Annuities		227		66		76		99		76		29		30
Group Protection		17		20		20		13		20		25		12
Retail Protection		40		38		27		43		36		36		36
France (LGF)		7		6		31		19		4		18		20
Netherlands (LGN)		4		4		7		5		5		5		6
Workplace Savings		166		127		202		285		159		76		94
Platforms (Cofunds & IPS)1		94		69		26		62		78		83		50
Suffolk Life		39		31		19		18		19		19		21
Mature Retail Savings2		21		22		22		35		39		36		40
With-profits		13		14		17		16		18		30		28
Total LGAS		401		331		371		496		378		328		307
Retail Investments3		94		104		74		55		49		70		67
US Protection		28		23		22		24		24		22		20
India (26% share)		2		1		6		2		1		1		5
Egypt (55% share)		3		3		4		3		3		4		4
Gulf (50% share)		1		-		1		1		2		1		1
Total emerging markets new business		6		4		11		6		6		6		10
Total worldwide new business		756		528		554		680		533		455		434
1. Platforms APE includes retail business only.
2. Includes bonds and retail pensions.
3. Includes retail unit trusts and structured products only.

Overseas new business in local currency
		Annual	Single		Annual	Single
		premiums	premiums	APE	premiums	premiums	APE	APE
		30.09.13	30.09.13	30.09.13	30.09.12	30.09.12	30.09.12	31.12.12
US Protection ($m)		113	-	113	104	-	104	142
France (LGF) (€m)		30	214	51	32	203	52	75
Netherlands (LGN) (€m)		8	98	18	12	76	20	27
India (Rs m) - Group's 26% interest		427	3,903	817	449	1,534	602	790
Egypt (Pounds m) - Group's 55% interest		107	-	107	106	-	106	134
Gulf (US$m) - Group's 50% interest		3	3	3	5	9	6	7
Gross written premiums on insurance business
						9 months	9 months	Year
						to	to	ended
						30.09.13	30.09.12	31.12.12
						£m	£m	£m
Group Protection						282	265	322
Retail Protection						734	703	946
France (LGF)						127	119	159
Netherlands (LGN)						41	35	47
General Insurance						280	252	349
US Protection						482	428	584
Total						1,946	1,802	2,407

Gross written premiums on insurance business - quarterly progression
		3	3	3	3	3	3	3
		months	months	months	months	months	months	months
		to	to	to	to	to	to	to
		30.09.13	30.06.13	31.03.13	31.12.12	30.09.12	30.06.12	31.03.12
		£m	£m	£m	£m	£m	£m	£m
Group Protection		74	123	85	57	62	129	74
Retail Protection		250	244	240	243	240	233	230
France (LGF)		41	43	43	40	40	39	40
Netherlands (LGN)		14	13	14	12	12	11	12
General Insurance		97	97	86	97	87	82	83
US Protection		156	172	154	156	140	150	138
Total		632	692	622	605	581	644	577
Worldwide APE by channel
					Annual	Single
					premiums	premiums	APE	% of
For the nine months ended 30 September 2013					£m	£m	£m	total
Retail IFA					162	5,740	736	40
Employee benefit consultants1					548	3,254	873	47
Tied including bancassurance					68	1,076	176	10
Direct					20	334	53	3
Total					798	10,404	1,838	100
1. Includes Lucida business.
					Annual	Single
					premiums	premiums	APE	% of
For the nine months ended 30 September 2012					£m	£m	£m	total
Retail IFA					141	3,703	511	36
Employee benefit consultants					382	1,273	509	36
Tied including bancassurance					119	2,313	351	24
Direct					16	348	51	4
Total					658	7,637	1,422	100

Worldwide APE by channel quarterly progression
		3	3	3	3	3	3	3
		months	months	months	months	months	months	months
		to	to	to	to	to	to	to
		30.09.13	30.06.13	31.03.13	31.12.12	30.09.12	30.06.12	31.03.12
		£m	£m	£m	£m	£m	£m	£m
Retail IFA		295	259	182	188	166	176	169
Employee benefit consultants1		386	191	296	377	232	131	146
Tied agents including bancassurance		58	59	59	103	118	130	103
Direct		17	19	17	12	17	18	16
Total		756	528	554	680	533	455	434
1. Includes Lucida business.

 

END

 

 

QRTLLFVDLELSIIV