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Q3 IMS - Part 2

5th Nov 2013 07:00

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.  

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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