REG - Legal & General Grp - L&G Full Year Results 2015 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 8
15/03/2016 07:07
- Part 8: For the preceding part double click ID:nRSO0690Sg
External inflows 5.6 1.0 1.5 0.3 - 8.4 8.4
External outflows (8.7) (0.8) (1.4) (0.2) - (11.1) (11.1)
Overlay/ advisory net flows - - 2.5 - - 2.5 - 2.5
External net flows3 (3.1) 0.2 2.6 0.1 - (0.2) - (0.2)
Internal net flows (0.3) (0.9) (0.1) - (0.1) (1.4) - (1.4)
Total net flows (3.4) (0.7) 2.5 0.1 (0.1) (1.6) - (1.6)
Cash management movements4 - (0.7) - - - (0.7) - (0.7)
Market and other movements3 5.2 1.7 17.4 0.3 (0.2) 24.4 0.5 24.9
At 30 September 2014 270.5 96.8 273.0 13.9 7.9 662.1 14.2 676.3
External inflows 7.1 1.6 1.8 0.5 - 11.0 11.0
External outflows (11.5) (1.1) (3.1) (0.1) - (15.8) (15.8)
Overlay/ advisory net flows - - 4.0 - - 4.0 (0.3) 3.7
External net flows3 (4.4) 0.5 2.7 0.4 - (0.8) (0.3) (1.1)
Internal net flows 0.2 (0.5) - 0.6 0.2 0.5 - 0.5
Total net flows (4.2) - 2.7 1.0 0.2 (0.3) (0.3) (0.6)
Cash management movements4 - (1.1) - - - (1.1) - (1.1)
Market and other movements3 8.5 7.2 17.6 (0.4) 0.1 33.0 0.9 33.9
At 31 December 2014 274.8 102.9 293.3 14.5 8.2 693.7 14.8 708.5
1. Infrastructure debt investment has been reclassified from Active Fixed Income to Real Assets in 2015. 2014 has therefore been restated (1 January 2014 AUM: £0.7bn; internal net flows: £0.2bn; 31 December 2014 AUM: £0.9bn). The commercial loans business has also been reclassified and is now included in Real Assets (Q1 14: £0.0bn, Q2 14: £0.2bn, Q3 14: £0.1bn, Q4 14: £0.3bn).
2. Solutions include liability driven investments, multi-asset funds, and include £194.6bn at 31 December 2014 (Q1 14: £168.3bn; Q2 14: £174.9bn; Q3 14: £185.3bn) of derivative notionals associated with the Solutions business.
3. External net flows exclude movements in 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 2014 was £46.5bn (Q1 14: £33.8bn; Q2 14: £33.3bn; Q3 14: £41.2bn), and the movement in these assets is included in market and other movements for Solutions assets.
4. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.
Asset and premium flows
Page 58
3.02 Legal & General investment management total assets quarterly progression (continued)
As at As at As at As at As at As at As at As at
31.12.15 30.09.15 30.06.15 31.03.15 31.12.14 30.09.14 30.06.14 31.03.14
£bn £bn £bn £bn £bn £bn £bn £bn
Total assets attributable to:1
External 671.5 641.7 636.1 644.5 618.5 591.5 570.3 547.8
Internal 85.1 86.0 89.8 92.3 90.0 84.8 83.4 83.1
Total assets attributable to:1
UK 623.7 599.2 598.8 610.4 579.7 589.8 570.8 564.9
International2 132.9 128.5 127.1 126.4 128.8 86.5 82.9 66.0
1. Total assets at 31 December 2015 include £10.5bn of advisory assets (Q3 15: £10.7bn; Q2 15: £11.3bn; Q1 15: £14.3bn; Q4 14: £14.8bn; Q3 14: £14.2bn; Q2 14: £13.7bn; Q1 14: £nil).
2. In Q4 14, International assets included £37.5bn of assets transferred from our London office to our Chicago office.
3.03 Legal & General investment management total external assets under management net flows
3 3 3 3 3 3 3 3
months months months months months months months months
to to to to to to to to
31.12.15 30.09.15 30.06.15 30.03.15 31.12.14 30.09.14 30.06.14 31.03.14
£bn £bn £bn £bn £bn £bn £bn £bn
LGIM total external AUM net flows1 16.0 7.9 9.5 4.3 (0.8) (0.2) 1.9 6.6
Attributable to:
International 1.5 2.6 4.6 0.8 1.6 1.3 2.4 3.4
UK Institutional
- Defined contribution 1.1 0.8 0.6 0.4 0.9 0.7 0.5 0.6
- Defined benefit 2 13.1 3.9 4.0 3.1 (3.6) (2.2) (1.2) 2.3
UK Retail 0.3 0.6 0.3 - 0.3 - 0.2 0.3
1. External net flows exclude movements in short term overlay assets, with maturity as determined by client agreements and cash management movements.
2. 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.
Asset and premium flows
Page 59
3.04 Assets under administration
LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the year ended Platforms2 Life Savings3 ment4 Savings rlands place ments7 Annuities
ended 31 December 2015 £bn £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2015 71.9 7.7 36.0 (6.9) 108.7 4.4 11.1 21.3 44.2
Gross inflows1 8.7 1.2 1.1 (0.5) 10.5 0.4 3.3 5.9 3.0
Gross outflows (5.2) (0.5) (4.1) 0.8 (9.0) (0.3) (0.7) (5.7) -
Payments to pensioners - - - - - - - (2.6)
Disposals5,6 - - (2.8) - (2.8) (2.7) - - -
Net flows 3.5 0.7 (5.8) 0.3 (1.3) (2.6) 2.6 0.2 0.4
Market and other
movements 1.5 0.2 (0.6) (0.2) 0.9 (0.2) 1.0 1.1 (1.2)
At 31 December 2015 76.9 8.6 29.6 (6.8) 108.3 1.6 14.7 22.6 43.4
LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the year ended Platforms2 Life Savings3 ment4 Savings rlands place ments7 Annuities
ended 31 December 2014 £bn £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2014 64.1 6.6 36.3 (6.8) 100.2 4.5 8.7 20.5 34.4
Gross inflows1 10.1 1.3 1.4 (0.5) 12.3 0.4 2.8 4.4 6.5
Gross outflows (4.7) (0.5) (4.4) 0.7 (8.9) (0.4) (0.6) (4.8) -
Payments to pensioners - - - - - - - - (2.1)
Net flows 5.4 0.8 (3.0) 0.2 3.4 - 2.2 (0.4) 4.4
Market and other
movements 2.4 0.3 2.7 (0.3) 5.1 (0.1) 0.2 1.2 5.4
At 31 December 2014 71.9 7.7 36.0 (6.9) 108.7 4.4 11.1 21.3 44.2
1. Platforms gross inflows include Cofunds institutional net flows. Total 2015 Platforms comprise £37.5bn (2014: £38.3bn) of retail assets and £39.4bn (2014: £33.6bn) of assets held on behalf of institutional clients.
2. Platforms AUA comprise ISAs £19.9bn (2014: £19.1bn); onshore bonds £3.0bn (2014: £3.3bn); offshore bonds £0.1bn (2014: £0.1bn); platform SIPPs £3.5bn (2014: £3.3bn) and non-wrapped funds £50.4bn (2014: £46.1bn).
3. Mature Retail Savings products include with-profits products, bonds and retail pensions.
4. Consolidation adjustment represents Suffolk Life and Mature Retail Savings assets included in the Platforms column.
5. £2.8bn of assets relating to Legal & General International (Ireland) Limited, were sold to Canada Life Group on 1 July 2015.
6. £2.7bn of assets relating to Legal & General Holdings (France) S.A. were sold on 31 December 2015 to APICIL Prévoyance.
7. 2015 Retail Investments include £2.0bn (2014: £1.7bn) of LGIM unit trust assets held on our Cofunds platform and £3.2bn (2014: £3.2bn) of LGIM unit trust assets held on our IPS platform.
Asset and premium flows
Page 60
3.05 Assets under administration quarterly progression
LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the year ended Platforms Life Savings2 ment3 Savings rlands place ments5 Annuities
31 December 2015 £bn £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2015 71.9 7.7 36.0 (6.9) 108.7 4.4 11.1 21.3 44.2
Gross inflows1 1.9 0.3 0.3 - 2.5 0.1 0.6 1.5 0.7
Gross outflows (1.2) (0.1) (0.9) 0.2 (2.0) (0.1) (0.1) (1.6) -
Payments to pensioners - - - - - - - - (0.5)
Net flows 0.7 0.2 (0.6) 0.2 0.5 - 0.5 (0.1) 0.2
Market and other
movements 3.4 0.3 0.7 (0.4) 4.0 (0.1) 1.4 1.2 1.2
At 31 March 2015 76.0 8.2 36.1 (7.1) 113.2 4.3 13.0 22.4 45.6
Gross inflows1 1.9 0.3 0.4 (0.2) 2.4 0.1 0.6 1.5 0.7
Gross outflows (1.5) (0.2) (1.3) 0.2 (2.8) (0.1) (0.2) (1.4) -
Payments to pensioners - - - - - - - - (0.7)
Net flows 0.4 0.1 (0.9) - (0.4) - 0.4 0.1 -
Market and other
movements (1.8) - (0.4) 0.2 (2.0) (0.1) (0.3) - (2.2)
At 30 June 2015 74.6 8.3 34.8 (6.9) 110.8 4.2 13.1 22.5 43.4
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