L&G Half-year Report 2010 - P

RNS Number : 4832Q

Legal & General Group Plc

04 August 2010

 



New Business										Page 93
6.01	Investment management new business
										Full year
								30.06.10	30.06.09	31.12.09
								£m	£m	£m
Managed pension funds1
Pooled funds								12,320	11,788	25,606
Segregated funds								5,045	1,247	3,381
Total managed funds								17,365	13,035	28,987
Other funds2								4,577	2,102	4,297
Total new funds								21,942	15,137	33,284
Attributable to:
Legal & General Investment Management								21,158	14,182	31,485
Legal & General Retail Investments								784	955	1,799
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
					30.06.10	31.03.10	31.12.09	30.09.09	30.06.09	31.03.09
					£m	£m	£m	£m	£m	£m
Managed pension funds1
Pooled funds					4,936	7,384	6,742	7,076	5,763	6,025
Segregated funds					4,777	268	1,344	790	533	714
Total managed funds					9,713	7,652	8,086	7,866	6,296	6,739
Other funds2					981	3,596	869	1,326	1,382	720
Total new funds					10,694	11,248	8,955	9,192	7,678	7,459
Attributable to:
Legal & General Investment Management					10,305	10,853	8,450	8,853	7,166	7,016
Legal & General Retail Investments					389	395	505	339	512	443
1. New monies from pension fund clients of Legal & General Assurance (Pensions Management) exclude £2.3bn (H109: £2.4bn; FY09: £7.9bn) 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.
6.03	Legal & General Investment Management new business by investment approach
								30.06.10	30.06.09	31.12.09
								%	%	%
Indexed equities								43	52	49
Indexed bonds (including index linked funds and cash)								27	27	27
Active bonds (including index linked funds and cash)								9	16	14
Structured solutions								20	5	10
Property								1	-	-
Total								100	100	100
New Business										Page 94
6.04	Funds under management
								At 30.06.10	At 30.06.09	At 31.12.09
								£m	£m	£m
Total investments								320,014	270,899	315,101
Represented by
Index tracking funds:
- UK equities								61,376	55,595	68,971
- Overseas equities								71,390	56,715	73,858
- Fixed interest								37,971	34,798	36,534
- Index linked								30,642	31,514	28,245
- Cash/deposits								628	1,939	695
Total index tracking funds								202,007	180,561	208,303
Actively managed funds								80,408	67,864	76,860
Structured solutions								37,599	22,474	29,938
								320,014	270,899	315,101
By investment approach
Index equities								132,766	112,310	142,828
Index bonds (including index linked funds and cash)								69,241	68,252	65,475
Active bonds (including index linked funds and cash)								64,507	54,453	61,167
Structured solutions								37,599	22,474	29,938
Active equities								8,057	7,290	8,788
Property								7,656	5,899	6,675
Private equity								188	221	230
								320,014	270,899	315,101
By source of business
Institutional funds under management1:
- Managed pension funds pooled								184,495	163,875	190,792
- Structured solutions								37,599	22,474	29,938
- Other								14,368	9,055	11,261
- Managed pension funds segregated								3,630	6,378	4,330
Total institutional funds under management								240,092	201,782	236,321
UK businesses (life and general insurance funds)								66,206	58,198	65,106
UK businesses (unit trusts - excluding life fund investment)								13,716	10,919	13,674
								320,014	270,899	315,101
1.  Excludes institutional investments in unit trust funds.
Funds under management of £11bn (30 June 2009: £16bn; 31 December 2009: £19bn) derived from retail investments and additional funds managed overseas, take total worldwide funds under management to £331bn (30 June 2009: £287bn; 31 December 2009: £334bn).
New Business										Page 95
6.05	Worldwide new business
				Annual	Single	APE	Annual	Single	APE	APE
				premiums	premiums		premiums	premiums		Full year
				30.06.10	30.06.10	30.06.10	30.06.09	30.06.09	30.06.09	31.12.09
				£m	£m	£m	£m	£m	£m	£m
Protection
- Individual				57	-	57	60	-	60	123
- Group				28	-	28	30	-	30	57
				85	-	85	90	-	90	180
Annuities
- Individual (non profit)				-	601	60	-	583	58	96
- Individual (with-profits)				-	10	1	-	7	1	2
- Bulk purchase				-	447	45	-	738	74	88
				-	1,058	106	-	1,328	133	186
Total Risk				85	1,058	191	90	1,328	223	366
Core retail investments1
- Unit trusts				4	2,055	210	5	1,061	111	269
- ISAs				11	860	97	13	270	40	106
Non profit savings
- Unit linked bonds				-	443	44	-	319	32	68
- Individual pensions				114	678	181	77	699	147	272
- DWP rebates				-	6	1	-	4	-	1
With-profits savings
- Bonds				-	197	20	-	305	31	55
- Individual pensions				40	78	48	67	123	79	123
- DWP rebates				-	74	7	-	65	7	12
- Group pensions				1	2	1	1	-	1	1
Total Savings				170	4,393	609	163	2,846	448	907
- USA				22	-	22	29	-	29	49
- Netherlands				3	66	10	4	86	13	22
- France				20	123	32	19	110	30	38
- India (26% share)				8	2	8	-	-	-	-
- Egypt (55% share)				5	-	5	-	-	-	-
				58	191	77	52	196	72	109
France retail investment business				-	40	4	-	32	3	6
Total International				58	231	81	52	228	75	115
Total worldwide new business				313	5,682	881	305	4,402	746	1,388
1. Core retail 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 96
6.06	Worldwide new business APE quarterly progression
					3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
					30.06.10	31.03.10	31.12.09	30.09.09	30.06.09	31.03.09
					£m	£m	£m	£m	£m	£m
Protection
- Individual					29	28	31	32	30	30
- Group					14	14	16	11	16	14
					43	42	47	43	46	44
Annuities
- Individual (non profit)					33	27	16	22	25	33
- Individual (with-profits)					1	-	1	-	1	-
- Bulk purchase					30	15	9	5	24	50
					64	42	26	27	50	83
Total Risk					107	84	73	70	96	127
Core retail investments1
- Unit trusts					104	106	85	73	65	46
- ISAs					59	38	32	34	26	14
Non profit savings
- Unit linked bonds					26	18	23	13	14	18
- Individual pensions					113	68	60	65	71	76
- DWP rebates					1	-	-	1	-	-
With-profits savings
- Bonds					11	9	11	13	18	13
- Individual pensions					21	27	22	22	40	39
- DWP rebates					7	-	1	4	7	-
- Group pensions					-	1	-	-	1	-
Total Savings					342	267	234	225	242	206
- USA					13	9	9	11	13	16
- Netherlands					4	6	5	4	6	7
- France					19	13	7	1	6	24
- India (26% share)					2	6	-	-	-	-
- Egypt (55% share)					5	-	-	-	-	-
					43	34	21	16	25	47
France retail investment business					1	3	2	1	1	2
Total International					44	37	23	17	26	49
Total worldwide new business					493	388	330	312	364	382
1. Core retail 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 97
6.07	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
					30.06.10	31.03.10	31.12.09	30.09.09	30.06.09	31.03.09
					£m	£m	£m	£m	£m	£m
Protection
- Individual					29	28	31	32	30	30
- Group					14	14	16	11	16	14
					43	42	47	43	46	44
Annuities
- Individual (non profit)					-	-	-	-	-	-
- Individual (with-profits)					-	-	-	-	-	-
- Bulk purchase					-	-	-	-	-	-
					-	-	-	-	-	-
Total Risk					43	42	47	43	46	44
Core retail investments1
- Unit trusts					2	2	2	3	2	3
- ISAs					8	3	4	5	7	6
Non profit savings
- Unit linked bonds					-	-	-	-	-	-
- Individual pensions					81	33	29	38	37	40
- DWP rebates					-	-	-	-	-	-
With-profits savings
- Bonds					-	-	-	-	-	-
- Individual pensions					18	22	18	17	35	32
- DWP rebates					-	-	-	-	-	-
- Group pensions					-	1	-	-	1	-
Total Savings					109	61	53	63	82	81
- USA					13	9	9	11	13	16
- Netherlands					1	2	2	2	2	2
- France					12	8	-	(5)	-	19
- India (26% share)					2	6	-	-	-	-
- Egypt (55% share)					5	-	-	-	-	-
					33	25	11	8	15	37
France retail investment business					-	-	-	-	-	-
Total International					33	25	11	8	15	37
Total worldwide new business					185	128	111	114	143	162
1. Core retail 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 98
6.08	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
					30.06.10	31.03.10	31.12.09	30.09.09	30.06.09	31.03.09
					£m	£m	£m	£m	£m	£m
Protection
- Individual					-	-	-	-	-	-
- Group					-	-	-	-	-	-
					-	-	-	-	-	-
Annuities
- Individual (non profit)					334	267	165	214	260	323
- Individual (with-profits)					6	4	6	4	4	3
- Bulk purchase					298	149	91	54	234	504
					638	420	262	272	498	830
Total Risk					638	420	262	272	498	830
Core retail investments1
- Unit trusts					1,018	1,037	829	705	630	431
- ISAs					511	349	283	285	188	82
Non profit savings
- Unit linked bonds					260	183	222	136	144	175
- Individual pensions					331	347	310	270	341	358
- DWP rebates					6	-	2	4	4	-
With-profits savings
- Bonds					103	94	116	132	171	134
- Individual pensions					31	47	35	53	56	67
- DWP rebates					72	2	6	44	63	2
- Group pensions					1	1	-	-	-	-
Total Savings					2,333	2,060	1,803	1,629	1,597	1,249
- USA					-	-	-	-	-	-
- Netherlands					23	43	29	27	31	55
- France					78	45	66	61	61	49
- India (26% share)					1	1	-	-	-	-
- Egypt (55% share)					-	-	-	-	-	-
					102	89	95	88	92	104
France retail investment business					11	29	13	11	16	16
Total International					113	118	108	99	108	120
Total worldwide new business					3,084	2,598	2,173	2,000	2,203	2,199
1. Core retail 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 99
6.09	International new business in local currency
				Annual	Single	APE	Annual	Single	APE	APE
				premiums	premiums		premiums	premiums		Full year
				30.06.10	30.06.10	30.06.10	30.06.09	30.06.09	30.06.09	31.12.09
USA ($m)				33	-	33	43	-	43	76
Netherlands (€m)				4	78	12	5	96	15	25
France (€m):
- Life and pensions				24	143	38	21	122	33	41
- Unit trusts				-	47	5	-	36	4	6
India (Rs m) - Group's 26% interest				544	157	560	-	-	-	-
Egypt (Pounds m) - Group's 55% interest				40	3	40	-	-	-	-
6.10	UK individual APE by channel quarterly progression
					3 months to	3 months to	3 months to	3 months to	3 months to	3 months to
					30.06.10	31.03.10	31.12.09	30.09.09	30.06.09	31.03.09
					£m	£m	£m	£m	£m	£m
Independent financial advisers					280	208	171	168	186	191
Tied					100	88	89	94	86	51
Direct					25	25	22	17	25	27
Total					405	321	282	279	297	269
6.11	UK individual APE by channel
									Total
							Annual	Single	APE	% of
For the six months ended 30 June 2010							£m	£m	£m	total
Independent financial advisers							179	3,095	488	67
Tied							35	1,532	188	26
Direct							12	375	50	7
Total							226	5,002	726	100
									Total
							Annual	Single	APE	% of
For the six months ended 30 June 2009							£m	£m	£m	total
Independent financial advisers							168	2,090	377	67
Tied							42	945	137	24
Direct							12	401	52	9
Total							222	3,436	566	100
									Total
							Annual	Single	APE	% of
For the year ended 31 December 2009							£m	£m	£m	total
Independent financial advisers							298	4,175	716	64
Tied							82	2,381	320	28
Direct							21	701	91	8
Total							401	7,257	1,127	100

 

END

 

 

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