REG - Legal & General Grp - L&G Full Year Results 2016 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 8
08/03/2017 07:07
- Part 8: For the preceding part double click ID:nRSH8033Yg
1. Platforms gross inflows include Cofunds institutional net flows. Total 2016 Platforms comprise £83.6bn of which £39.4bn (31 December 2015: £37.5bn) are retail assets and £44.2bn (31 December 2015: £39.4bn) are assets held on behalf of institutional clients.
2. Platforms AUA comprise: ISAs £21.4bn (31 December 2015: £19.9bn); onshore bonds £2.8bn (31 December 2015: £3.0bn); offshore bonds £0.1bn (31 December 2015: £0.1bn); platform SIPPs £3.9bn (31 December 2015: £3.5bn) and non-wrapped funds £54.0bn (31 December 2015: £50.4bn).
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. Retail Investments include £2.4bn (31 December 2015: £2.0bn) of LGIM unit trust assets held on the Cofunds platform and £3.7bn (31 December 2015: £3.2bn) of LGIM unit trust assets held on the IPS platform.
6. Suffolk Life was sold on 25 May 2016 to Curtis Banks Group plc.
7. £2.8bn of assets relating to Legal & General International (Ireland) Limited, were sold to Canada Life Group on 1 July 2015. £2.7bn of assets relating to Legal & General Holdings (France) S.A. were sold on 31 December 2015 to APICIL Prévoyance.
Asset and premium flows
Page 60
3.06 Assets under administration half-yearly progression
LGIM
Consol-
Mature idation Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the year ended Platforms1,2 Life Savings3 ment4 Savings rlands place ments5 Annuities7
31 December 2016 £bn £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2016 76.9 8.6 29.6 (6.8) 108.3 1.6 14.7 22.6 43.4
Gross inflows1 2.2 0.5 0.5 (0.2) 3.0 0.1 2.3 3.0 4.0
Gross outflows (2.9) (0.3) (1.8) 0.3 (4.7) (0.1) (0.5) (3.2) -
Payments to pensioners - - - - - - - - (1.4)
Net flows (0.7) 0.2 (1.3) 0.1 (1.7) - 1.8 (0.2) 2.6
Market and other movements 1.3 - 1.1 - 2.4 0.2 0.8 0.9 5.0
Disposals6 - (8.8) 1.8 (7.0) - - - -
At 30 June 2016 77.5 - 29.4 (4.9) 102.0 1.8 17.3 23.3 51.0
Gross inflows1 22.0 - 0.3 0.1 22.4 0.1 2.1 3.7 3.3
Gross outflows (22.6) - (2.0) 0.2 (24.4) (0.1) (0.6) (3.5) -
Payments to pensioners - - - - - - - - (1.6)
Net flows (0.6) - (1.7) 0.3 (2.0) - 1.5 0.2 1.7
Market and other movements 6.7 - 3.0 (0.3) 9.4 - 2.0 1.9 1.7
At 31 December 2016 83.6 - 30.7 (4.9) 109.4 1.8 20.8 25.4 54.4
1. Platforms gross inflows include Cofunds institutional net flows. Total 2016 Platforms comprise £39.4bn (30 June 2016: £37.2bn) of retail assets and £44.2bn (30 June 2016: £40.3bn) of assets held on behalf of institutional clients.
2. Platforms AUA comprise: ISAs £21.4bn (30 June 2016: £20.1bn); onshore bonds £2.8bn (30 June 2016: £2.8bn); offshore bonds £0.1bn (30 June 2016: £0.1bn); platform SIPPs £3.9bn (30 June 2016: £3.6bn) and non-wrapped funds £54.0bn (30 June 2016: £49.5bn).
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. At 31 December 2016 Retail Investments include £2.4bn (30 June 16: £1.8bn) of LGIM unit trust assets held on the Cofunds platform and £3.7bn (30 June 2016: £3.4bn) of LGIM unit trust assets held on the IPS platform.
6. Suffolk Life was sold on 25 May 2016 to Curtis Banks Group plc.
7. Annuities exclude LGRE and LGA assets.
Asset and premium flows
Page 61
3.06 Assets under administration half-yearly progression
LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nether- Work- Invest-
For the year ended Platforms1,2 Life Savings3 ment4 Savings lands 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 3.8 0.6 0.7 (0.2) 4.9 0.2 1.2 3.0 1.4
Gross outflows (2.7) (0.3) (2.2) 0.4 (4.8) (0.2) (0.3) (3.0) -
Payments to pensioners - - - - - - - - (1.2)
Net flows 1.1 0.3 (1.5) 0.2 0.1 - 0.9 - 0.2
Market and other movements 1.6 0.3 0.3 (0.2) 2.0 (0.2) 1.1 1.2 (1.0)
At 30 June 2015 74.6 8.3 34.8 (6.9) 110.8 4.2 13.1 22.5 43.4
Gross inflows1 4.9 0.6 0.4 (0.3) 5.6 0.2 2.1 2.9 1.6
Gross outflows (2.5) (0.2) (1.9) 0.4 (4.2) (0.1) (0.4) (2.7) -
Payments to pensioners - - - - - - - - (1.4)
Disposals6 - - (2.8) - (2.8) (2.7) - - -
Net flows 2.4 0.4 (4.3) 0.1 (1.4) (2.6) 1.7 0.2 0.2
Market and other movements (0.1) (0.1) (0.9) - (1.1) - (0.1) (0.1) (0.2)
At 31 December 2015 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 (30 June 2015: £37.9bn) of retail assets and £39.4bn (30 June 2015: £36.7bn) of assets held on behalf of institutional clients.
2. Platforms AUA comprise ISAs: £19.9bn (June 2015: £20.0bn); onshore bonds £3.0bn (June 2015 £3.2bn); offshore bonds £0.1bn (June 2015 £0.1bn); platform SIPPs £3.5bn (June 2015 £3.4bn) and non-wrapped funds £50.4bn (June 2015 £46.7bn).
3. Mature Retail Savings products include with-profits products, bonds and retail pensions.
4. Consolidation adjustment represents Suffolk Life (until disposal) and Mature Retail Savings assets included in the Platforms column.
5. At 31 December 2015 Retail Investments included £2.0bn (June 2015: £1.8bn) of LGIM unit trust assets held on our Cofunds platform and £3.2bn (June 2015: £3.3bn) of LGIM unit trust assets held on our IPS platform.
6. £2.8bn of assets relating to Legal & General International (Ireland) Limited, were sold to Canada Life Group on 1 July 2015. £2.7bn of assets relating to Legal & General Holdings (France) S.A. were sold on 31 December 2015 to APICIL Prevoyance.
Asset and premium flows
Page 62
3.07 LGR new business
6 6 6 6
months months months months
to to to to
31.12.16 30.06.16 31.12.15 30.06.15
£m £m £m £m
Backbook acquisitions - 2,945 - -
Pension risk transfer
- UK 2,698 640 831 1,146
- USA 302 45 295 -
- Netherlands - - 145 -
Individual Annuities 220 158 147 180
Lifetime Mortgage Advances 389 231 164 37
Longevity Insurance1 900 - - -
Total LGR new business 4,509 4,019 1,582 1,363
1. Represents a reinsured longevity insurance deal transacted in December 2016. The figure quoted represents the notional size of the transaction and is based on the present value of the fixed leg cash flows discounted at the LIBOR curve. The first year's fixed cash flow is £25m.
3.08 Insurance new business
6 6 6 6
months months months months
to to to to
31.12.16 30.06.16 31.12.15 30.06.15
£m £m £m £m
UK Retail Protection 88 82 83 79
UK Group Protection 22 36 29 40
France Protection1 - - - 30
Netherlands Protection 2 2 2 3
US Protection 34 28 29 41
Total Insurance new business 146 148 143 193
1. Legal & General Holdings (France) S.A. was sold on 31 December 2015 to APICIL Prévoyance.
3.09 Gross written premiums on Insurance business
6 6 6 6
months months months months
to to to to
31.12.16 30.06.16 31.12.15 30.06.15
£m £m £m £m
UK Retail Protection 597 582 567 545
UK Group Protection 100 233 101 229
General Insurance 170 156 173 164
France Protection - - 83 85
Netherlands Protection 27 25 22 24
US Protection 477 420 387 386
Longevity Insurance 160 161 162 164
Total gross written premiums on insurance business 1,531 1,577 1,495 1,597
This information is provided by RNS
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