REG - Legal & General Grp - L&G Half Year Results 2016 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 9
09/08/2016 07:08
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1.4 0.3 2.6 1.4 0.7 6.4 - 6.4
At 30 June 2015 274.7 106.4 308.2 16.7 8.6 714.6 11.3 725.9
External inflows2 17.5 6.3 12.4 0.7 - 36.9 36.9
External outflows (13.8) (1.8) (3.2) (0.6) - (19.4) (19.4)
Overlay/advisory net flows - - 6.4 - - 6.4 (1.1) 5.3
External net flows3 3.7 4.5 15.6 0.1 - 23.9 (1.1) 22.8
Internal net flows (0.4) (1.1) - 0.5 (0.1) (1.1) - (1.1)
Disposal of LGF4 - (2.3) - - - (2.3) - (2.3)
Total net flows 3.3 1.1 15.6 0.6 (0.1) 20.5 (1.1) 19.4
Cash management movements5 - (0.9) - - - (0.9) - (0.9)
Market and other movements3 (3.7) 0.2 14.4 1.0 - 11.9 0.3 12.2
At 31 December 20156 274.3 106.8 338.2 18.3 8.5 746.1 10.5 756.6
1. Solutions include liability driven investments, multi-asset funds, and include £226.2bn at 31 December 2015 (30 June 2015: £208.1bn) of derivative notionals associated with the Solutions business.
2. Solutions 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.
3. External net flows exclude movements in short-term 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 2015 was £59.9bn (30 June 2015: £48.2bn), and the movement in these assets is included in market and other movements for Solutions assets.
4. On 31 December 2015, the group sold Legal & General Holdings (France) S.A. to APICIL Prévoyance.
5. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.
6. Total assets under management have been reconciled to the financial investments and investment property on the Consolidated Balance Sheet in note 3.04.
Asset and premium flows
Page 66
3.02 Legal & General investment management total assets half-yearly progression (continued)
As at As at As at
30.06.16 31.12.15 30.06.15
£bn £bn £bn
Total assets attributable to:1
External 761.4 671.5 636.1
Internal 91.7 85.1 89.8
Total assets attributable to:1
UK 689.6 623.7 598.8
International 163.5 132.9 127.1
1. Total assets at 30 June 2016 include £11.6bn of advisory assets (30 June 2015: £11.3bn; 31 December 2015: £10.5bn).
3.03 Legal & General investment management total external assets under management net flows
6 6 6
months months months
to to to
30.06.16 31.12.15 30.06.15
£bn £bn £bn
LGIM total external AUM net flows1 9.6 23.9 13.8
Attributable to:
International 6.7 4.1 5.4
UK Institutional
- Defined contribution 0.8 1.9 1.0
- Defined benefit2 1.4 17.0 7.1
UK Retail 0.7 0.9 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 in the 6 months to 31 December 2015 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.
3.04 Assets under management reconciliation to Consolidated Balance Sheet financial assets
As at As at As at
30.06.16 31.12.15 30.06.15
£bn £bn £bn
Assets under management 841.5 746.1 714.6
Derivative notionals (244.0) (226.2) (208.1)
Third party assets (202.3) (157.9) (147.6)
Derivative liabilities 15.4 8.0 5.8
Other1 (5.2) (7.9) (4.8)
Total group financial investments and investment property 405.4 362.1 359.9
1. Other includes assets that are managed by third parties on behalf of the group, cash and broker balances.
Asset and premium flows
Page 67
3.05 Assets under administration
LGIM
Consol-
Mature idation Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the six months Platforms2 Life Savings3 ment4 Savings rlands place ments5 Annuities
ended 30 June 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
LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the six months Platforms2 Life Savings3 ment4 Savings rlands place ments5 Annuities
ended 30 June 2015 £bn £bn £bn £bn £bn £bn £bn £bn £bn
As 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)
At 30 June 2015 74.6 8.3 34.8 (6.9) 110.8 4.2 13.1 22.5 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 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 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 (9.1) (0.3) (0.7) (5.7) -
Payments to pensioners - - - - - - - - (2.6)
Disposals7 - - (2.8) - (2.8) (2.7) - - -
Net flows 3.5 0.7 (5.8) 0.3 (1.4) (2.6) 2.6 0.2 0.4
Market and other
movements 1.5 0.2 (0.6) (0.2) 1.0 (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
1. Platforms gross inflows include Cofunds institutional net flows. 30 June 2016 Platforms comprise £77.5bn of which £37.2bn is retail assets (30 June 2015: £37.9bn; 31 December 2015: £37.5bn) and £40.3bn (30 June 2015: £36.7bn; 31 December 2015: £39.4bn) of assets held on behalf of institutional clients.
2. Platforms AUA comprise ISAs: £20.1bn (30 June 2015: £20.0bn; 31 December 2015: £19.9bn); onshore bonds £2.8bn (30 June 2015: £3.2bn; 31 December 2015: £3.0bn); offshore bonds £0.1bn (30 June 2015: £0.1bn; 31 December 2015: £0.1bn); platform SIPPs £3.6bn (30 June 2015: £3.4bn; 31 December 2015: £3.5bn) and non-wrapped funds £49.5bn (30 June 2015: £46.7bn; 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 £1.8bn (30 June 2015: £1.8bn; 31 December 2015: £2.0bn) of LGIM unit trust assets held on our Cofunds platform and £3.4bn (30 June 2015: £3.3bn; 31 December 2015: £3.2bn) of LGIM unit trust assets held on our IPS platform.
6. Suffolk Life was sold on 25 May 2016 to Curtis Banks Group plc.
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