Q3 IMS - Part 2 | RNS | Ticker

Q3 IMS - Part 2

RNS Announcement

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 inflows^{1, 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 inflows^{1, 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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RNS metadata

Title: Q3 IMS - Part 2
Time: 07:00:16
Date: 5 Nov 2013
Category: Results
ID: 1757S