REG - Legal & General Grp - L&G Full Year Results 2015 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 7
15/03/2016 07:07
- Part 7: For the preceding part double click ID:nRSO0690Sf
Active
fixed Solu- Active Total Advisory Total
For the year ended Index income1 tions2 Real assets1 equities AUM assets assets
31 December 2015 £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2015 274.8 102.9 293.3 14.5 8.2 693.7 14.8 708.5
External inflows 6.8 2.3 1.4 0.3 - 10.8 10.8
External outflows (8.3) (1.6) (1.6) (0.1) - (11.6) (11.6)
Overlay/ advisory net flows - - 5.1 - - 5.1 (1.2) 3.9
External net flows4 (1.5) 0.7 4.9 0.2 - 4.3 (1.2) 3.1
Internal net flows - (0.6) - 0.3 (0.1) (0.4) - (0.4)
Total net flows (1.5) 0.1 4.9 0.5 (0.1) 3.9 (1.2) 2.7
Cash management movements5 - 1.7 - - - 1.7 - 1.7
Market and other movements 11.3 4.8 5.8 1.2 0.1 23.2 0.7 23.9
At 31 March 2015 284.6 109.5 304.0 16.2 8.2 722.5 14.3 736.8
External inflows 9.1 2.5 2.5 0.4 - 14.5 14.5
External outflows (8.8) (0.9) (1.8) (0.2) - (11.7) (11.7)
Overlay/ advisory net flows - - 6.7 - - 6.7 (2.3) 4.4
External net flows4 0.3 1.6 7.4 0.2 - 9.5 (2.3) 7.2
Internal net flows (0.3) (0.2) - 0.1 (0.2) (0.6) - (0.6)
Total net flows - 1.4 7.4 0.3 (0.2) 8.9 (2.3) 6.6
Cash management movements5 - - - - - - - -
Market and other movements (9.9) (4.5) (3.2) 0.2 0.6 (16.8) (0.7) (17.5)
At 30 June 2015 274.7 106.4 308.2 16.7 8.6 714.6 11.3 725.9
External inflows 9.3 1.0 1.6 0.4 - 12.3 12.3
External outflows (6.6) (0.8) (1.1) (0.2) - (8.7) (8.7)
Overlay / advisory net flows - - 4.3 - - 4.3 (0.2) 4.1
External net flows4 2.7 0.2 4.8 0.2 - 7.9 (0.2) 7.7
Internal net flows - (1.5) - 0.3 - (1.2) - (1.2)
Total net flows 2.7 (1.3) 4.8 0.5 - 6.7 (0.2) 6.5
Cash management movements5 - (0.8) - - - (0.8) - (0.8)
Market and other movements (13.5) 1.2 9.3 0.3 (0.8) (3.5) (0.4) (3.9)
At 30 September 2015 263.9 105.5 322.3 17.5 7.8 717.0 10.7 727.7
External inflows3 8.2 5.3 10.8 0.3 - 24.6 24.6
External outflows (7.2) (1.0) (2.1) (0.4) - (10.7) (10.7)
Overlay / advisory net flows - - 2.1 - - 2.1 (0.9) 1.2
External net flows4 1.0 4.3 10.8 (0.1) - 16.0 (0.9) 15.1
Internal net flows (0.4) 0.4 - 0.2 (0.1) 0.1 - 0.1
Disposal of LGF6 - (2.3) - - - (2.3) - (2.3)
Total net flows 0.6 2.4 10.8 0.1 (0.1) 13.8 (0.9) 12.9
Cash management movements5 - (0.1) - - - (0.1) - (0.1)
Market and other movements 9.8 (1.0) 5.1 0.7 0.8 15.4 0.7 16.1
At 31 December 2015 274.3 106.8 338.2 18.3 8.5 746.1 10.5 756.6
1. Infrastructure debt investment has been reclassified from Active Fixed Income to Real Assets in 2015 (1 January 2015 AUM: £0.9bn). The commercial loans business has also been reclassified and is now included in Real Assets (Q1 15: £0.1bn, Q2 15: £0.1bn, Q3 15: £0.3bn).
2. Solutions include liability driven investments, multi-asset funds, and include £226.2bn at 31 December 2015 (Q1 15: £197.1bn; Q2 15: £208.1bn; Q3 15: £216.6bn) of derivative notionals associated with the Solutions business.
3. External inflows include £11.7bn of assets associated with the transfer of National Grid UK Pension Scheme after the purchase of their asset manager Aerion Fund Management.
4. External net flows exclude movements in short term solutions assets, with maturity as determined by client agreements and are subject to a higher degree of variability. The total value of these assets at 31 December 2015 was £59.9bn (Q1 15: £44.0bn; Q2 15: £48.2bn; Q3 15: £52.5bn) and the movement in these assets is included in market and other movements for Solutions assets.
5. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.
6. On 31 December 2015, the group sold Legal & General Holdings (France) S.A. to APICIL Prévoyance.
Asset and premium flows
Page 57
3.02 Legal & General investment management total assets quarterly progression (continued)
Active
fixed Solu- Active Total Advisory Total
For the year ended Index income1 tions2 Real assets1 equities AUM assets assets
31 December 2014 £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2014 269.8 88.7 232.5 12.0 8.6 611.6 - 611.6
External inflows 4.9 1.4 2.4 0.3 - 9.0 9.0
External outflows (5.8) (0.5) (1.2) (0.1) - (7.6) (7.6)
Overlay/ advisory net flows - - 5.2 - - 5.2 - 5.2
External net flows3 (0.9) 0.9 6.4 0.2 - 6.6 - 6.6
Internal net flows - 2.0 - 0.5 (0.1) 2.4 - 2.4
Total net flows (0.9) 2.9 6.4 0.7 (0.1) 9.0 - 9.0
Cash management movements4 - - - - - - - -
Market and other movements3 1.5 2.9 5.9 (0.1) 0.1 10.3 - 10.3
At 31 March 2014 270.4 94.5 244.8 12.6 8.6 630.9 - 630.9
External inflows 6.1 1.5 2.8 0.3 0.1 10.8 10.8
External outflows (13.5) (1.4) (0.9) (0.1) (0.1) (16.0) (16.0)
Overlay/ advisory net flows - - 7.1 - - 7.1 0.1 7.2
External net flows3 (7.4) 0.1 9.0 0.2 - 1.9 0.1 2.0
Internal net flows (0.1) (1.3) 0.5 0.4 (0.1) (0.6) - (0.6)
Total net flows (7.5) (1.2) 9.5 0.6 (0.1) 1.3 0.1 1.4
Acquisition of GIA assets - - - - - - 13.4 13.4
Cash management movements4 - 0.2 - - - 0.2 - 0.2
Market and other movements3 5.8 3.0 (1.2) 0.3 (0.3) 7.6 0.2 7.8
At 30 June 2014 268.7 96.5 253.1 13.5 8.2 640.0 13.7 653.7
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