REG - Legal & General Grp - L&G Half-year results 2015 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 9
05/08/2015 07:02
- Part 9: For the preceding part double click ID:nRSE1056Vh
(1.5) 0.1 4.9 0.4 (0.1) 3.8 (1.2) 2.6
Cash management movements3 - 1.7 - - - 1.7 - 1.7
Market and other movements2 11.3 4.8 5.8 1.3 0.1 23.3 0.7 24.0
At 31 March 2015 284.6 110.4 304.0 15.3 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 flows2 0.3 1.6 7.4 0.2 - 9.5 (2.3) 7.2
Internal net flows (0.3) (0.2) - - (0.2) (0.7) - (0.7)
Total net flows - 1.4 7.4 0.2 (0.2) 8.8 (2.3) 6.5
Cash management movements3 - - - - - - - -
Market and other movements2 (9.9) (4.5) (3.2) 0.3 0.6 (16.7) (0.7) (17.4)
At 30 June 2015 274.7 107.3 308.2 15.8 8.6 714.6 11.3 725.9
1. Solutions include liability driven investments, multi-asset funds, and include £208.1bn at 30 June 2015 (Q1 15: £197.1bn) of derivative notionals associated with the Solutions business.
2. External net flows exclude movements in overlay assets which have a short maturity period as determined by client agreements and are subject to a higher degree
of variability. The total value of these assets at 30 June 2015 is £48.2bn (Q1 15: £44.0bn), and the movement in these assets is included in market and other movements for overlay assets.
3. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.
Asset and premium flows
64
3.02 Legal & General investment management total assets quarterly progression (continued)
Active
fixed Solu- Active Total Advisory Total
For the year ended Index income tions1 Property equities AUM assets assets
31 December 2014 £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2014 269.8 89.4 232.5 11.3 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 flows2 (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 movements3 - - - - - - - -
Market and other movements2 1.5 2.9 5.9 (0.1) 0.1 10.3 - 10.3
At 31 March 2014 270.4 95.2 244.8 11.9 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 flows2 (7.4) 0.1 9.0 0.2 - 1.9 0.1 2.0
Internal net flows (0.1) (1.3) 0.5 0.2 (0.1) (0.8) - (0.8)
Total net flows (7.5) (1.2) 9.5 0.4 (0.1) 1.1 0.1 1.2
Acquisition of GIA assets - - - - - - 13.4 13.4
Cash management movements3 - 0.2 - - - 0.2 - 0.2
Market and other movements2 5.8 3.0 (1.2) 0.5 (0.3) 7.8 0.2 8.0
At 30 June 2014 268.7 97.2 253.1 12.8 8.2 640.0 13.7 653.7
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 flows2 (3.1) 0.2 2.6 0.1 - (0.2) - (0.2)
Internal net flows (0.3) (0.9) (0.1) (0.1) (0.1) (1.5) - (1.5)
Total net flows (3.4) (0.7) 2.5 - (0.1) (1.7) - (1.7)
Cash management movements3 - (0.7) - - - (0.7) - (0.7)
Market and other movements2 5.2 1.7 17.4 0.4 (0.2) 24.5 0.5 25.0
At 30 September 2014 270.5 97.5 273.0 13.2 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 flows2 (4.4) 0.5 2.7 0.4 - (0.8) (0.3) (1.1)
Internal net flows 0.2 (0.3) - 0.1 0.2 0.2 - 0.2
Total net flows (4.2) 0.2 2.7 0.5 0.2 (0.6) (0.3) (0.9)
Cash management movements3 - (1.1) - - - (1.1) - (1.1)
Market and other movements2 8.5 7.2 17.6 (0.1) 0.1 33.3 0.9 34.2
At 31 December 2014 274.8 103.8 293.3 13.6 8.2 693.7 14.8 708.5
1. Solutions include liability driven investments, multi-asset funds, and include £194.6bn at 31 December 2014 (Q1 14: £168.3bn; H1 14: £174.9bn; Q3 14: £185.3bn) of derivative notionals associated with the Solutions business.
2. External net flows exclude movements in overlay 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; H1 14: £33.3bn; Q3 14: £41.2bn), and the movement in these assets is included in market and other movements for overlay assets.
3. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.
Asset and premium flows
65
3.02 Legal & General investment management total assets quarterly progression (continued)
As at As at As at As at As at As at
30.06.15 31.03.15 31.12.14 30.09.14 30.06.14 31.03.14
£bn £bn £bn £bn £bn £bn
Total assets attributable to:1
External 636.1 644.5 618.5 591.5 570.3 547.8
Internal 89.8 92.3 90.0 84.8 83.4 83.1
Total assets attributable to:1
UK 598.8 610.4 579.7 589.8 570.8 564.9
International2 127.1 126.4 128.8 86.5 82.9 66.0
1. Total assets at 30 June 2015 include £11.3bn of advisory assets (Q1 15: £14.3bn; Q4 14: £14.8bn; Q3 14: £14.2bn; H1 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
months months months months months months
to to to to to to
30.06.15 30.03.15 31.12.14 30.09.14 30.06.14 31.03.14
£bn £bn £bn £bn £bn £bn
LGIM total external AUM net flows1 9.5 4.3 (0.8) (0.2) 1.9 6.6
Attributable to:
International 4.6 0.8 1.6 1.3 2.4 3.4
UK Institutional
- Defined contribution 0.6 0.4 0.9 0.7 0.5 0.6
- Defined benefit 4.0 3.1 (3.6) (2.2) (1.2) 2.3
UK Retail 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.
Asset and premium flows
66
3.04 Assets under administration
Digital LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the six months Platforms Life Savings2,3 ment4 Savings rlands place ments5 Annuities
ended 30 June 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 1.0
Gross outflows (2.7) (0.3) (2.2) 0.4 (4.8) (0.2) (0.3) (3.0) -
Payments to pensioners - - - - - - - - (1.1)
Net flows 1.1 0.3 (1.5) 0.2 0.1 - 0.9 - (0.1)
Market and other
movements 1.6 0.3 0.3 (0.2) 2.0 (0.2) 1.1 1.2 (0.7)
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