L&G 2011 HY Results - Part 6

RNS Number : 6175L

Legal & General Group Plc

03 August 2011

 



New Business						Page 101
6.01  Investment management new business
							Full year
					30.06.11	30.06.10	31.12.10
					£m	£m	£m
Managed pension funds1
Pooled funds					12,791	12,320	19,898
Segregated funds					1,893	5,045	5,756
Total managed funds					14,684	17,365	25,654
Other funds2					3,573	4,577	8,440
Total new funds					18,257	21,942	34,094
Attributable to:
Legal & General Investment Management					17,852	21,158	32,642
Legal & General Retail Investments					405	784	1,452
6.02  Investment management new business quarterly progression
		3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
		30.06.11	31.03.11	31.12.10	30.09.10	30.06.10	31.03.10
		£m	£m	£m	£m	£m	£m
Managed pension funds1
Pooled funds		6,712	6,079	3,569	4,009	4,936	7,384
Segregated funds		255	1,638	490	221	4,777	268
Total managed funds		6,967	7,717	4,059	4,230	9,713	7,652
Other funds2		920	2,653	2,863	1,000	981	3,596
Total new funds		7,887	10,370	6,922	5,230	10,694	11,248
Attributable to:
Legal & General
Investment Management		7,764	10,088	6,577	4,907	10,305	10,853
Legal & General Retail Investments		123	282	345	323	389	395
1. New monies from pension fund clients of Legal & General Assurance (Pensions Management) exclude monies held through the year on a temporary basis, generally as part of portfolio reconstructions.
2. Includes segregated property, property partnerships, private equity partnerships and institutional clients funds managed by Legal & General Investment Management and institutional investments in unit trust funds managed by Legal & General Retail Investments. Due to the expected volatility of gross new business inflows into the sterling/euro liquidity funds, these have been been removed from the gross new business figures going forward. For consistency, this has led to a reduction of £442m in H1 2011 and £492m in H2 2010.
6.03  Legal & General Investment Management new business by investment approach
					30.06.11	30.06.10	31.12.10
					%	%	%
Indexed equities					43	43	47
Indexed bonds (including index linked funds and cash)					26	27	24
Active bonds (including index linked funds and cash)					15	9	12
Liability driven investments					15	20	15
Property					1	1	1
Private equity					-	-	-
Active equities					-	-	1
Total					100	100	100
New Business						Page 102
6.04  Funds under management
					At 30.06.11	At 30.06.10	At 31.12.10
					£m	£m	£m
Legal & General Investment Management funds under management					362,438	320,014	353,520
Other funds under management1					7,900	10,945	11,326
Worldwide funds under management					370,338	330,959	364,846
1. Other funds under management comprises retail investments and additional funds managed overseas.
Legal & General Investment Management's funds under management are analysed below:
Represented by
Index tracking funds:
- UK equities					69,647	61,376	71,982
- Overseas equities					87,271	71,390	85,999
- Fixed interest					38,505	37,971	36,496
- Index linked					35,855	30,642	33,872
- Cash/deposits					1,501	628	188
Total index tracking funds					232,779	202,007	228,537
Actively managed funds					84,743	80,408	84,207
Liability driven investments					44,916	37,599	40,776
					362,438	320,014	353,520
By investment approach
Index equities					156,918	132,766	157,981
Index bonds (including index linked funds and cash)					75,861	69,241	70,556
Active bonds (including index linked funds and cash)					67,233	64,507	66,564
Liability driven investments					44,916	37,599	40,776
Active equities					8,826	8,057	9,137
Property					8,307	7,656	8,136
Private equity					377	188	370
					362,438	320,014	353,520
By source of business
Institutional funds under management1:
- Managed pension funds pooled					208,895	184,495	206,400
- Liability driven investments					44,904	37,599	40,776
- Other					18,706	14,368	16,772
- Managed pension funds segregated					4,103	3,630	3,508
Total institutional funds under management					276,608	240,092	267,456
UK businesses (life and general insurance funds)					69,735	66,206	70,024
UK businesses (unit trusts - excluding life fund investment)					16,095	13,716	16,040
					362,438	320,014	353,520
1. Excludes institutional investments in unit trust funds.
New Business						Page 103
6.05  Savings net flows
					30.06.11	30.06.10	31.12.10
					£m	£m	£m
Investments					1,703	2,058	4,149
Insured					220	102	476
With-profits					(787)	(628)	(1,480)
Total net flows					1,136	1,532	3,145
6.06  Savings net flows quarterly progression
		3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
		30.06.11	31.03.11	31.12.10	30.09.10	30.06.10	31.03.10
		£m	£m	£m	£m	£m	£m
Investments		804	899	985	1,106	1,123	935
Insured		107	113	211	163	74	28
With-profits		(387)	(400)	(483)	(369)	(290)	(338)
Total net flows		524	612	713	900	907	625
6.07  Worldwide new business
	Annual	Single	APE	Annual	Single	APE	APE
	premiums	premiums		premiums	premiums
	30.06.11	30.06.11	30.06.11	30.06.10	30.06.10	30.06.10	31.12.10
	£m	£m	£m	£m	£m	£m	£m
Protection
- Individual	65	-	65	57	-	57	118
- Group	29	-	29	28	-	28	57
	94	-	94	85	-	85	175
Annuities
- Individual (non profit)	-	505	51	-	601	60	114
- Individual (with-profits)	-	11	1	-	10	1	3
- Bulk purchase	-	240	24	-	447	45	90
	-	756	76	-	1,058	106	207
Total Risk	94	756	170	85	1,058	191	382
Investments1	30	3,415	371	15	3,279	343	643
Insured business	121	991	220	114	763	190	478
With-profits	39	317	71	41	351	76	132
Total Savings	190	4,723	662	170	4,393	609	1,253
- USA	32	-	32	22	-	22	52
- Netherlands	2	58	8	3	66	10	18
- France	26	125	38	20	123	32	46
- India (26% share)	3	13	4	8	2	8	14
- Egypt (55% share)	3	-	3	5	-	5	10
- Gulf (50% share)	1	-	1	-	-	-	-
	67	196	86	58	191	77	140
France retail
investment business	-	18	2	-	40	4	6
Total International	67	214	88	58	231	81	146
Total worldwide
new business	351	5,693	920	313	5,682	881	1,781
1. Investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.01).
New Business						Page 104
6.08  Worldwide new business APE quarterly progression
		3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
		30.06.11	31.03.11	31.12.10	30.09.10	30.06.10	31.03.10
		£m	£m	£m	£m	£m	£m
Protection
- Individual		32	33	30	31	29	28
- Group		14	15	15	14	14	14
		46	48	45	45	43	42
Annuities
- Individual (non profit)		30	21	24	30	33	27
- Individual (with-profits)		-	1	2	-	1	-
- Bulk purchase		22	2	36	9	30	15
		52	24	62	39	64	42
Total Risk		98	72	107	84	107	84
Investments1		195	176	157	143	179	164
Insured business		112	108	106	182	124	66
With-profits		35	36	29	27	39	37
Total Savings		342	320	292	352	342	267
- USA		16	16	16	14	13	9
- Netherlands		3	5	5	3	4	6
- France		23	15	8	6	19	13
- India (26% share)		1	3	3	3	2	6
- Egypt (55% share)		2	1	2	3	5	-
- Gulf (50% share)		1	-	-	-	-	-
		46	40	34	29	43	34
France retail investment business		1	1	1	1	1	3
Total International		47	41	35	30	44	37
Total worldwide new business		487	433	434	466	493	388
1. Investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.02).
New Business						Page 105
6.09  Worldwide new business annual premium quarterly progression
		3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
		30.06.11	31.03.11	31.12.10	30.09.10	30.06.10	31.03.10
		£m	£m	£m	£m	£m	£m
Protection
- Individual		32	33	30	31	29	28
- Group		14	15	15	14	14	14
		46	48	45	45	43	42
Annuities
- Individual (non profit)		-	-	-	-	-	-
- Individual (with-profits)		-	-	-	-	-	-
- Bulk purchase		-	-	-	-	-	-
		-	-	-	-	-	-
Total Risk		46	48	45	45	43	42
Investments1		19	11	7	4	10	5
Insured business		62	59	47	138	81	33
With-profits		17	22	17	13	18	23
Total Savings		98	92	71	155	109	61
- USA		16	16	16	14	13	9
- Netherlands		1	1	1	2	1	2
- France		17	9	2	-	12	8
- India (26% share)		1	2	2	3	2	6
- Egypt (55% share)		2	1	2	3	5	-
- Gulf (50% share)		1	-	-	-	-	-
		38	29	23	22	33	25
France retail investment business		-	-	-	-	-	-
Total International		38	29	23	22	33	25
Total worldwide new business		182	169	139	222	185	128
1. Investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.02).
New Business						Page 106
6.10  Worldwide new business single premium quarterly progression
		3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
		30.06.11	31.03.11	31.12.10	30.09.10	30.06.10	31.03.10
		£m	£m	£m	£m	£m	£m
Protection
- Individual		-	-	-	-	-	-
- Group		-	-	-	-	-	-
		-	-	-	-	-	-
Annuities
- Individual (non profit)		293	212	243	298	334	267
- Individual (with-profits)		5	6	11	5	6	4
- Bulk purchase		217	23	361	89	298	149
		515	241	615	392	638	420
Total Risk		515	241	615	392	638	420
Investments1		1,761	1,654	1,513	1,377	1,692	1,587
Insured business		502	489	591	441	434	329
With-profits		177	140	113	144	207	144
Total Savings		2,440	2,283	2,217	1,962	2,333	2,060
- USA		-	-	-	-	-	-
- Netherlands		19	39	42	16	23	43
- France		69	56	61	53	78	45
- India (26% share)		2	11	2	3	1	1
- Egypt (55% share)		-	-	-	-	-	-
- Gulf (50% share)		-	-	-	-	-	-
		90	106	105	72	102	89
France retail investment business		9	9	11	9	11	29
Total International		99	115	116	81	113	118
Total worldwide new business		3,054	2,639	2,948	2,435	3,084	2,598
1. Investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.02).
New Business						Page 107
6.11  International new business in local currency
	Annual	Single	APE	Annual	Single	APE	APE
	premiums	premiums		premiums	premiums
	30.06.11	30.06.11	30.06.11	30.06.10	30.06.10	30.06.10	2010
USA ($m)	52	-	52	33	-	33	80
Netherlands (€m)	2	67	9	4	78	12	22
France (€m):
- Life and pensions	30	143	44	24	143	38	55
- Unit trusts	-	20	2	-	47	5	7
India (Rs m) - Group's
26% interest	224	959	320	544	157	560	980
Egypt (Pounds m) - Group's
55% interest	30	-	30	40	3	40	87
Gulf (US$m) - Group's
50% interest	1	-	1	-	-	-	-
6.12  UK APE by channel quarterly progression
		3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
		30.06.11	31.03.11	31.12.10	30.09.10	30.06.10	31.03.10
		£m	£m	£m	£m	£m	£m
Retail IFA		170	166	166	150	164	156
Employee benefit consultants		120	104	118	178	145	84
Tied agents		13	8	11	9	12	8
Bancassurance		123	100	97	93	115	94
Direct		14	14	7	6	13	9
Total		440	392	399	436	449	351
6.13  UK APE by channel
				Annual	Single	Total	% of
						APE	total
For the six months ended 30 June 2011				£m	£m	£m
Retail IFA				41	2,955	336	40
Employee benefit consultants				170	538	224	27
Tied agents				15	57	21	3
Bancassurance				44	1,791	223	27
Direct				14	138	28	3
Total				284	5,479	832	100
				Annual	Single	Total	% of
						APE	total
For the six months ended 30 June 2010				£m	£m	£m
Retail IFA				37	2,824	320	40
Employee benefit consultants				167	620	229	29
Tied agents				13	69	20	2
Bancassurance				26	1,842	209	26
Direct				12	96	22	3
Total				255	5,451	800	100
				Annual	Single	Total	% of
						APE	total
For the year ended 31 December 2010				£m	£m	£m
Retail IFA				75	5,610	636	39
Employee benefit consultants				389	1,360	525	32
Tied agents				29	110	40	3
Bancassurance				57	3,420	399	24
Direct				21	137	35	2
Total				571	10,637	1,635	100

 

END

 

 

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