REG - Legal & General Grp - L&G Full Year Results 2015 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 9

Legal & GeneralAnnouncement

15/03/2016 07:07

- Part 9: For the preceding part double click  ID:nRSO0690Sh 

                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                    
 Gross inflows1                                                                                                                                                                                                                                                                               2.7        0.3      0.1        (0.2)    2.9      0.1     1.0    1.7      0.2          
 Gross outflows                                                                                                                                                                                                                                                                               (1.2)      (0.1)    (1.0)      0.2      (2.1)    -       (0.2)  (1.2)    -            
 Payments to pensioners                                                                                                                                                                                                                                                                       -          -        -          -        -        -       -      -        (0.7)        
 Disposal of LGI4                                                                                                                                                                                                                                                                             -          -        (2.8)      -        (2.8)    -       -      -        -            
                                                                                                                                                                                                                                                                                                                                                                                    
 Net flows                                                                                                                                                                                                                                                                                    1.5        0.2      (3.7)      -        (2.0)    0.1     0.8    0.5      (0.5)        
 Market and other                                                                                                                                                                                                                                                                                                                                                                   
 movements                                                                                                                                                                                                                                                                                    (3.0)      (0.3)    (0.9)      0.3      (3.9)    (0.1)   (0.8)  (0.8)    0.2          
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
 At 30 September 2015                                                                                                                                                                                                                                                                         73.1       8.2      30.2       (6.6)    104.9    4.2     13.1   22.2     43.1         
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
 Gross inflows1                                                                                                                                                                                                                                                                               2.2        0.3      0.3        (0.1)    2.7      0.1     1.1    1.2      1.4          
 Gross outflows                                                                                                                                                                                                                                                                               (1.3)      (0.1)    (0.9)      0.2      (2.1)    (0.1)   (0.2)  (1.5)    -            
 Payments to pensioners                                                                                                                                                                                                                                                                       -          -        -          -        -        -       -      -        (0.7)        
 Disposal of LGF6                                                                                                                                                                                                                                                                             -          -        -          -        -        (2.7)   -      -        -            
                                                                                                                                                                                                                                                                                                                                                                                    
 Net flows                                                                                                                                                                                                                                                                                    0.9        0.2      (0.6)      0.1      0.6      (2.7)   0.9    (0.3)    0.7          
 Market and other                                                                                                                                                                                                                                                                                                                                                                   
 movements                                                                                                                                                                                                                                                                                    2.9        0.2      -          (0.3)    2.8      0.1     0.7    0.7      (0.4)        
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
 At 31 December 20157                                                                                                                                                                                                                                                                         76.9       8.6      29.6       (6.8)    108.3    1.6     14.7   22.6     43.4         
                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                    
 1. Platforms gross inflows include Cofunds institutional net flows. Total 2015 Platforms comprise £37.5bn (Q3 15: £36.5bn; Q2 15: £37.9bn; Q1 15: £38.8bn) of retail assets and £39.4bn (Q3 15: £36.6bn; Q2 15: £36.7bn; Q1 15: £37.2bn) of assets held on behalf of institutional clients.             
 2. Mature Retail Savings products include with-profits products, bonds and retail pensions.                                                                                                                                                                                                             
 3. Consolidation adjustment represents Suffolk Life and Mature Retail Savings assets included in the Platforms column.                                                                                                                                                                                  
 4. £2.8bn of assets relating to Legal & General International (Ireland) Limited, were sold to Canada Life Group on 1 July 2015.                                                                                                                                                                         
 5. At 31 December 2015 Retail Investments include £3.2bn (Q3 15: £1.9bn; Q2 15: £1.8bn; Q1 15: £1.8bn) of LGIM unit trust assets held on our Cofunds platform and £2.0bn (Q3 15: £3.1bn; Q2 15: £3.3bn; Q1 15: £3.4bn) of LGIM unit trust assets held on our IPS platform.                              
                                                                                                                                                                                                                                                                                              
 6. £2.7bn of assets relating to Legal & General Holdings (France) S.A. were sold on 31 December 2015 to APICIL Prévoyance.                                                                                                                                                                              
 7. On 21 January 2016 Suffolk Life was sold. The assets of £8.6bn and consol adjustment of £0.1m are included in the total savings assets as at 31 December 2015.                                                                                                                                       
 
 
Asset and premium flows                                                                                                    
            Page 61 
 
 3.05 Assets under administration quarterly progression (continued)                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                       LGIM            
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                     Consol-           France                              
                                                                                                                                                                                                                                                                                                                          Mature     idation           and             Retail              
                                                                                                                                                                                                                                                                                                                 Suffolk  Retail     adjust-  Total    Nether-  Work-  Invest-             
 For the year ended                                                                                                                                                                                                                                                                                   Platforms  Life     Savings2   ment3    Savings  lands    place  ments4   Annuities  
 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                                                                                                                                                                                                                                                                                       2.6        0.3      0.4        (0.1)    3.2      0.1      0.7    1.0      3.3        
 Gross outflows                                                                                                                                                                                                                                                                                       (1.1)      (0.1)    (1.1)      0.2      (2.1)    (0.1)    (0.2)  (0.9)    -          
 Payments to pensioners                                                                                                                                                                                                                                                                               -          -        -          -        -        -        -      -        (0.5)      
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Net flows                                                                                                                                                                                                                                                                                            1.5        0.2      (0.7)      0.1      1.1      -        0.5    0.1      2.8        
 Market and other                                                                                                                                                                                                                                                                                                                                                                          
 movements                                                                                                                                                                                                                                                                                            -          0.1      0.5        (0.1)    0.5      (0.1)    (0.1)  0.2      1.1        
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 At 31 March 2014                                                                                                                                                                                                                                                                                     65.6       6.9      36.1       (6.8)    101.8    4.4      9.1    20.8     38.3       
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Gross inflows1                                                                                                                                                                                                                                                                                       2.2        0.3      0.3        (0.1)    2.7      0.1      0.6    0.9      0.2        
 Gross outflows                                                                                                                                                                                                                                                                                       (1.2)      (0.1)    (1.1)      0.2      (2.2)    (0.1)    (0.1)  (1.5)    -          
 Payments to pensioners                                                                                                                                                                                                                                                                               -          -        -          -        -        -        -      -        (0.5)      
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Net flows                                                                                                                                                                                                                                                                                            1.0        0.2      (0.8)      0.1      0.5      -        0.5    (0.6)    (0.3)      
 Market and other                                                                                                                                                                                                                                                                                                                                                                          
 movements                                                                                                                                                                                                                                                                                            0.8        0.1      0.6        -        1.5      0.1      (0.1)  0.4      0.5        
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 At 30 June 2014                                                                                                                                                                                                                                                                                      67.4       7.2      35.9       (6.7)    103.8    4.5      9.5    20.6     38.5       
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Gross inflows1                                                                                                                                                                                                                                                                                       2.8        0.4      0.4        (0.2)    3.4      0.1      0.7    1.2      0.4        
 Gross outflows                                                                                                                                                                                                                                                                                       (1.3)      (0.2)    (1.2)      0.2      (2.5)    (0.1)    (0.2)  (1.3)    -          
 Payments to pensioners                                                                                                                                                                                                                                                                               -          -        -          -        -        -        -      -        (0.6)      
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Net flows                                                                                                                                                                                                                                                                                            1.5        0.2      (0.8)      -        0.9      -        0.5    (0.1)    (0.2)      
 Market and other                                                                                                                                                                                                                                                                                                                                                                          
 movements                                                                                                                                                                                                                                                                                            0.1        0.1      0.4        (0.1)    0.5      (0.1)    0.1    0.2      1.6        
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 At 30 September 2014                                                                                                                                                                                                                                                                                 69.0       7.5      35.5       (6.8)    105.2    4.4      10.1   20.7     39.9       
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Gross inflows1                                                                                                                                                                                                                                                                                       2.5        0.3      0.3        (0.1)    3.0      0.1      0.8    1.3      2.6        
 Gross outflows                                                                                                                                                                                                                                                                                       (1.1)      (0.1)    (1.0)      0.1      (2.1)    (0.1)    (0.1)  (1.1)    -          
 Payments to pensioners                                                                                                                                                                                                                                                                               -          -        -          -        -        -        -      -        (0.5)      
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 Net flows                                                                                                                                                                                                                                                                                            1.4        0.2      (0.7)      -        0.9      -        0.7    0.2      2.1        
 Market and other                                                                                                                                                                                                                                                                                                                                                                          
 movements                                                                                                                                                                                                                                                                                            1.5        -        1.2        (0.1)    2.6      -        0.3    0.4      2.2        
                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                           
 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. At 31 December 2014 Platforms comprise £38.3bn (Q1 14 £36.6bn; Q2 14: £37.3bn; Q3 14: £37.4bn) of retail assets and £33.6bn (Q1 14: £29.0bn; Q2 14: £30.1bn; Q3 14: £31.6bn) of assets held on behalf of institutional clients.  
 2. Mature Retail Savings products include with-profits products, bonds and retail pensions.                                                                                                                                                                                                                              
 3. Consolidation adjustment represents Suffolk Life and Retail Savings assets included in the Platforms column.                                                                                                                                                                                      
 4. At 31 December 2014 Retail Investments include £1.7bn (Q1 14: £1.6bn; Q2 14: £1.5bn; Q3 14: £1.6bn) of LGIM unit trust assets held on our Cofunds platform and £3.2bn (Q1 14: £3.2bn; Q2 14: £3.2bn; Q3 14: £3.2bn) of LGIM unit trust assets held on our IPS platform.                           
 
 
Asset and premium flows                                                                                                    
            Page 62 
 
 3.06 LGR new business                                                                                                                                  
                                                                                                                                                                                                
                                                                                                                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  31.03.15  31.12.14  30.09.14  30.06.14  31.03.14  
                                                                                                                £m        £m        £m        £m        £m        £m        £m        £m        
                                                                                                                                                                                                
                                                                                                                                                                                                
 Individual Annuities                                                                                           65        82        81        99        83        125       139       244       
 Bulk Purchase Annuities                                                                                                                                                                        
 - UK                                                                                                           739       92        491       655       2,619     233       90        3,045     
 - USA                                                                                                          295       -         -         -         -         -         -         -         
 - Netherlands                                                                                                  145       -         -         -         -         -         -         -         
 Lifetime Mortgage Advances1                                                                                    99        65        37        -         -         -         -         -         
                                                                                                                                                                                                
                                                                                                                                                                                                
 Total LGR new business                                                                                         1,343     239       609       754       2,702     358       229       3,289     
                                                                                                                                                                                                
 1. In Q2 15, £12m of these advances were funded by L&G prior to our acquisition of New Life Home Finance Ltd.                                
 
 
 3.07 Insurance new business annual premiums  
                                                                                                                              
                                              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  31.03.15  31.12.14  30.09.14  30.06.14  31.03.14  
                                              £m        £m        £m        £m        £m        £m        £m        £m        
                                                                                                                              
                                                                                                                              
 UK Retail Protection                         41        42        41        38        41        41        41        42        
 UK Group Protection                          16        13        22        18        11        14        20        20        
 France Protection                            -         -         -         30        -         -         -         33        
 Netherlands Protection                       1         1         2         1         -         1         -         2         
 US Protection                                14        15        21        20        21        23        24        23        
                                                                                                                              
                                                                                                                              
 Total Insurance new business                 72        71        86        107       73        79        85        120       
                                                                                                                              
                                                                                                                              
 
 
 3.08 Gross written premiums on Insurance business   
                                                                                                                                     
                                                     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  31.03.15  31.12.14  30.09.14  30.06.14  31.03.14  
                                                     £m        £m        £m        £m        £m        £m        £m        £m        
                                                                                                                                     
                                                                                                                                     
 UK Retail Protection                                282       285       275       270       273       269       260       254       
 UK Group Protection                                 51        50        127       102       57        65        130       99        
 General Insurance                                   86        87        83        81        95        104       94        84        
 France Protection                                   44        39        42        43        41        41        45        46        
 Netherlands Protection                              11        11        11        13        9         16        12        14        
 US Protection                                       201       186       202       184       184       162       170       162       
 Longevity Insurance                                 81        81        85        79        82        84        83        84        
                                                                                                                                     
                                                                                                                                     
 Total gross written premiums on insurance business  756       739       825       772       741       741       794       743       
                                                                                                                                     
                                                                                                                                     
 
 
Asset and premium flows                                                                                                    
            Page 63 
 
 3.09 Overseas new business in local currency        
                                                                                                         
                                                                 Annual    Single    Annual    Single    
                                                                 premiums  premiums  premiums  premiums  
                                                                 2015      2015      2014      2014      
                                                                                                         
                                                                                                         
 US (US$m)                                                       106       -         150       -         
                                                                                                         
 Netherlands (Em)                                                14        111       10        138       
                                                                                                         
 France (Em)                                                     41        418       41        351       
                                                                                                         
 India (Rs m) - Group's 26% interest                 478  3,266  408       4,003     
                                                                                                         
 Egypt (Pounds m) - Group's 55% interest             144  -      149       -         
                                                                                                         
 Gulf (US$m) - Group's 50% interest                  2    2      3         5         
                                                                                                         
                                                                                                         
 
 
Asset and premium flows                                                                                                    
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