REG - Legal & General Grp - L&G Half Year Results 2016 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 10
09/08/2016 07:08
- Part 10: For the preceding part double click ID:nRSI5967Gi
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
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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 Platforms2 Life Savings3 ment4 Savings lands place ments6 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)
Disposals5 - - (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. At 31 December 2015 Platforms comprised £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. At 31 December 2015 Platforms AUA comprise ISAs: £19.9bn (30 June 2015: £20.0bn); onshore bonds £3.0bn (30 June 2015: £3.2bn); offshore bonds £0.1bn (30 June 2015: £0.1bn); platform SIPPs £3.5bn (30 June 2015: £3.4bn) and non-wrapped funds £50.4bn (30 June 2015: £46.7bn).
3. Mature Retail Savings products include with-profits products, bonds and retail pensions.
4. Consolidation adjustment represents Suffolk Life and 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. £2.7bn of assets relating to Legal & General Holdings (France) S.A. were sold on 31 December 2015 to APICIL Prévoyance.
6. At 31 December 2015 Retail Investments included £2.0bn (30 June 2015: £1.8bn) of LGIM unit trust assets held on our Cofunds platform and £3.2bn (30 June 2015: £3.3bn) of LGIM unit trust assets held on our IPS platform.
Asset and premium flows
Page 69
3.07 LGR new business
6 6 6
months months months
to to to
30.06.16 31.12.15 30.06.15
£m £m £m
Bulk Purchase Annuities
- UK 3,585 831 1,146
- USA 45 295 -
- Netherlands - 145 -
Individual Annuities 158 147 180
Lifetime Mortgage Advances1 231 164 37
Total LGR new business 4,019 1,582 1,363
1. In H1 15, £12m of these advances were funded by L&G prior to the group's acquisition of New Life Home Finance Ltd.
3.08 Insurance new business annual premiums
6 6 6
months months months
to to to
30.06.16 31.12.15 30.06.15
£m £m £m
UK Retail Protection 82 83 79
UK Group Protection 36 29 40
France Protection1 - - 30
Netherlands Protection 2 2 3
US Protection 28 29 41
Total Insurance new business 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
months months months
to to to
30.06.16 31.12.15 30.06.15
£m £m £m
UK Retail Protection 582 567 545
UK Group Protection 233 101 229
General Insurance 156 173 164
France Protection1 - 83 85
Netherlands Protection 25 22 24
US Protection 420 387 386
Longevity Insurance 161 162 164
Total gross written premiums on insurance business 1,577 1,495 1,597
1. Legal & General Holdings (France) S.A. was sold on 31 December 2015 to APICIL Prévoyance.
Asset and premium flows
Page 70
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