REG - Legal & General Grp - L&G Half Year Results 2022 Part 3
09/08/2022 07:00
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RNS Number : 3229V Legal & General Group Plc 09 August 2022
Legal & General Group Plc
Half Year Results 2022 Part 3
Asset and premium
flows
Page 73
5.01 LGIM total assets under management(1) (AUM)
Active Multi Real Total
Index strategies asset Solutions(2) assets AUM
For the six month period to 30 June 2022 £bn £bn £bn £bn £bn £bn
As at 1 January 2022 502.4 198.8 78.0 605.1 37.2 1,421.5
External inflows(3) 63.2 7.0 6.8 21.3 1.4 99.7
External outflows(3) (38.2) (4.2) (3.7) (12.5) (1.1) (59.7)
Overlay net flows - - - 25.6 - 25.6
External net flows(4) 25.0 2.8 3.1 34.4 0.3 65.6
PRT transfers(5) - - - (0.4) - (0.4)
Internal net flows(6) (0.4) 0.2 - (0.7) 0.4 (0.5)
Total net flows 24.6 3.0 3.1 33.3 0.7 64.7
Market movements (57.8) (25.2) (8.0) (102.4) (1.9) (195.3)
Other movements(7) 0.4 1.6 - (3.2) - (1.2)
As at 30 June 2022 469.6 178.2 73.1 532.8 36.0 1,289.7
Assets attributable to:
External 1,190.7
Internal 99.0
Active Multi Real Total
Index strategies asset Solutions(2) assets AUM
For the six month period to 30 June 2021 £bn £bn £bn £bn £bn £bn
As at 1 January 2021 429.9 193.6 65.7 557.2 32.5 1,278.9
External inflows(3) 47.8 10.0 4.9 20.2 0.6 83.5
External outflows(3) (43.1) (7.7) (3.1) (8.0) (0.8) (62.7)
Overlay net flows - - - 6.6 - 6.6
External net flows(4) 4.7 2.3 1.8 18.8 (0.2) 27.4
PRT transfers(5) (0.4) (0.5) - (2.8) - (3.7)
Internal net flows(6) (0.3) (2.3) 0.1 (0.2) 1.0 (1.7)
Total net flows 4.0 (0.5) 1.9 15.8 0.8 22.0
Market movements 37.9 (4.3) 4.2 (19.2) 0.4 19.0
Other movements(7) (0.4) 1.3 - 6.0 - 6.9
As at 30 June 2021 471.4 190.1 71.8 559.8 33.7 1,326.8
Assets attributable to:
External 1,213.6
Internal 113.2
1. Assets under management (AUM) includes assets on our Investment Only
Platform that are managed by third parties, on which fees are earned.
2. Solutions include liability driven investments and £386.9bn (30 June 2021:
£345.3bn) of derivative notionals associated with the Solutions business.
3. External inflows and outflows include £2.3bn (30 June 2021: £3.3bn) of
external investments and £2.0bn (30 June 2021: £1.2bn) of redemptions in the
ETF business.
4. External net flows exclude movements in short-term Solutions assets, as
their maturity dates are determined by client agreements and are subject to a
higher degree of variability. The total value of these assets at 30 June 2022
was £68.8bn (30 June 2021: £51.5bn).
5. PRT transfers reflect UK defined benefit pension scheme buy-outs to LGRI.
6. Internal net flows includes legacy assets from the Mature Savings business
sold to ReAssure in 2020.
7. Other movements include movements of external holdings in money market
funds, other cash mandates and short-term solutions assets.
Legal & General Group Plc
Half Year Results 2022 Part 3
Asset and premium
flows
Page 74
5.01 LGIM total assets under management(1) (AUM) (continued)
Active Multi Real Total
Index strategies asset Solutions(2) assets AUM
For the year ended 31 December 2021 £bn £bn £bn £bn £bn £bn
As at 1 January 2021 429.9 193.6 65.7 557.2 32.5 1,278.9
External inflows(3) 99.4 18.7 15.1 34.4 1.7 169.3
External outflows(3) (94.5) (15.8) (8.1) (25.5) (1.8) (145.7)
Overlay net flows - - - 11.0 - 11.0
External net flows(4) 4.9 2.9 7.0 19.9 (0.1) 34.6
PRT transfers(5) (0.6) (0.7) - (2.9) - (4.2)
Internal net flows(6) (1.0) (1.8) 0.2 (1.5) 2.0 (2.1)
Total net flows 3.3 0.4 7.2 15.5 1.9 28.3
Market movements 68.7 1.8 5.1 8.6 2.8 87.0
Other movements(7) 0.5 3.0 - 23.8 - 27.3
As at 31 December 2021 502.4 198.8 78.0 605.1 37.2 1,421.5
Assets attributable to:
External 1,306.3
Internal 115.2
1. Assets under management (AUM) includes assets on our Investment Only
Platform, that are managed by third parties, on which fees are earned.
2. Solutions include liability driven investments and £383.2bn of derivative
notionals associated with the Solutions business.
3. External inflows and outflows include £5.5bn of external investments and
£3.0bn of redemptions in the ETF business.
4. External net flows exclude movements in short-term Solutions assets, as
their maturity dates are determined by client agreements and are subject to a
higher degree of variability. The total value of these assets at 31 December
2021 was £71.2bn.
5. PRT transfers reflect UK defined benefit pension scheme buy-outs to LGRI.
6. Internal net flows include flows in legacy assets from the Mature Savings
business sold to ReAssure in 2020.
7. Other movements include movements of external holdings in money market
funds, other cash mandates and short-term solutions assets.
5.02 LGIM total external assets under management and net flows
Assets under management at Net flows for the six months ended(1)
30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2022 2021 2021 2022 2021 2021
£bn £bn £bn £bn £bn £bn
International(2) 377.1 344.8 377.3 34.5 15.0 14.5
UK Institutional
- Defined contribution 129.4 125.5 137.7 6.9 4.4 5.0
- Defined benefit 630.3 689.6 733.3 22.5 4.6 (13.9)
Wholesale(3) 45.5 45.5 49.1 1.4 1.3 1.2
ETF(4) 8.4 8.2 8.9 0.3 2.1 0.4
Total external 1,190.7 1,213.6 1,306.3 65.6 27.4 7.2
1. 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.
2. International assets are shown on the basis of client domicile. Total
International AUM including assets managed internationally on behalf of UK
clients amounted to £468bn as at 30 June 2022 (30 June 2021: £434bn; 31
December 2021: £479bn).
3. Wholesale represents assets from the Retail Intermediary business and
£0.3bn of assets from Personal Investing customers that did not migrate to
Fidelity International Limited.
4. ETF reflects external AUM and flows invested on the platform. Total AUM
managed on the platform is £9.9bn ($12.0bn) in H1 22 (H1 21: £9.4bn
($13.0bn); FY 21: £10.1bn ($13.7bn)) and flows of £0.6bn ($0.8bn) in H1 22
(H1 21: £2.5bn ($3.4bn); FY 21: £2.9bn ($3.9bn)) which include internal
investment from other LGIM asset classes.
Legal & General Group Plc
Half Year Results 2022 Part 3
Asset and premium
flows
Page 75
5.03 Reconciliation of assets under management to Consolidated Balance Sheet
financial investments, investment property and cash and cash equivalents
30 Jun 2022 30 Jun 2021 31 Dec 2021
£bn £bn £bn
Assets under management 1,290 1,327 1,421
Derivative notionals(1) (387) (351) (383)
Third party assets(2) (429) (441) (480)
Other(3) 24 10 7
Financial investments, investment property and cash and cash equivalents 498 545 565
1. Derivative notionals are included in the assets under management measure
but are not for IFRS reporting and are thus removed.
2. Third party assets are those that LGIM manage on behalf of others which are
not included on the group's Consolidated Balance Sheet.
3. Other includes assets that are managed by third parties on behalf of the
group, other assets and liabilities related to financial investments,
derivative assets and pooled funds.
5.04 Assets under administration
Workplace(1) Annuities(2) Workplace Annuities Workplace Annuities
30 Jun 2022 30 Jun 2022 30 Jun 2021 30 Jun 2021 31 Dec 2021 31 Dec 2021
£bn £bn £bn £bn £bn £bn
As at 1 January 65.7 89.9 50.8 87.0 50.8 87.0
Gross inflows 6.1 5.0 7.5 3.7 11.9 8.7
Gross outflows (1.8) - (1.5) - (3.4) -
Payments to pensioners - (2.4) - (2.2) - (4.6)
Net flows 4.3 2.6 6.0 1.5 8.5 4.1
Market and other movements (6.9) (13.7) 3.4 (2.7) 6.4 (1.2)
As at 30 June/31 December 63.1 78.8 60.2 85.8 65.7 89.9
1. Workplace assets under administration as at 30 June 2022 includes £63.0bn
(30 June 2021: £60.1bn; 31 December 2021: £65.6bn) of assets under
management included in Note 5.01.
2. Annuities assets under administration as at 30 June 2022 includes £69.9bn
(30 June 2021: £77.3bn; 31 December 2021: £80.6bn) of assets under
management included in Note 5.01.
Legal & General Group Plc
Half Year Results 2022 Part 3
Asset and premium
flows
Page 76
5.05 LGRI new business
6 months 6 months 6 months Full year
30 Jun 30 Jun 31 Dec 31 Dec
2022 2021 2021 2021
£m £m £m £m
Pension risk transfer
- UK(1) 3,715 2,965 3,275 6,240
- US 593 107 682 789
- Bermuda 141 - 147 147
Total LGRI new business 4,449 3,072 4,104 7,176
1. UK pension risk transfer includes a £nil (H1 21: £925m; H2 21: £nil)
Assured Payment Policy (APP).
5.06 Retail new business
6 months 6 months 6 months Full year
30 Jun 30 Jun 31 Dec 31 Dec
2022 2021 2021 2021
£m £m £m £m
Individual annuities 453 483 474 957
Lifetime mortgage loans and retirement interest only mortgages 338 414 434 848
Total Retail Retirement new business 791 897 908 1,805
UK Retail protection 85 105 95 200
UK Group protection 63 55 33 88
US protection(1) 48 43 48 91
Total Insurance new business 196 203 176 379
Total Retail new business 987 1,100 1,084 2,184
1. In local currency, US protection reflects new business of $62m (H1 21:
$59m; H2 21: $65m).
5.07 Gross written premiums on insurance business
6 months 6 months 6 months Full year
30 Jun 30 Jun 31 Dec 31 Dec
2022 2021 2021 2021
£m £m £m £m
UK Retail protection 740 714 730 1,444
UK Group protection 291 274 131 405
US protection(1) 574 512 541 1,053
Longevity insurance 154 152 155 307
Total gross written premiums on insurance business 1,759 1,652 1,557 3,209
1. In local currency, US protection reflects gross written premiums of $746m
(H1 21: $712m; H2 21: $737m).
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 77
6.01 Group regulatory capital - Solvency II
The group complies with the requirements established by the Solvency II
Framework Directive, as adopted by the Prudential Regulation Authority (PRA)
in the UK and measures and monitors its capital resources on this basis.
The Solvency II results are estimated and unaudited. Further explanation of
the underlying methodology and assumptions are set out in the sections below.
The group calculates its Solvency II capital requirements using a Partial
Internal Model. The vast majority of the risk to which the group is exposed is
assessed on the Partial Internal Model basis approved by the PRA. Capital
requirements for a few smaller entities are assessed using the Standard
Formula basis on materiality grounds. The group's US insurance businesses and
Legal & General Reinsurance Company No. 2 are valued on a local statutory
basis, following the PRA's approval to use the Deduction and Aggregation
method of including these businesses in the group solvency calculation.
The table below shows the group Own Funds, Solvency Capital Requirement (SCR)
and Surplus Own Funds, based on the Partial Internal Model, Matching
Adjustment and Transitional Measures on Technical Provisions (TMTP) as at 30
June 2022.
(a) Capital position
As at 30 June 2022 the group had a surplus of £9,181m (31 December 2021:
£8,185m) over its Solvency Capital Requirement, corresponding to a Solvency
II capital coverage ratio of 212% (31 December 2021: 187%). The Solvency II
capital position is as follows:
30 Jun 2022 31 Dec 2021
£m £m
Unrestricted Tier 1 Own Funds 13,255 13,254
Restricted Tier 1 Own Funds(1) 495 495
Tier 2 Subordinated liabilities 3,733 3,995
Eligibility restrictions (109) (183)
Solvency II Own Funds(2,3) 17,374 17,561
Solvency Capital Requirement (8,193) (9,376)
Solvency II surplus 9,181 8,185
( )
SCR Coverage ratio 212% 187%
1. Restricted Tier 1 Own Funds represent Perpetual restricted Tier 1
contingent convertible notes.
2. Solvency II Own Funds do not include an accrual for the interim dividend of
£324m (31 December 2021: £790m) declared after the balance sheet date.
3. Solvency II Own Funds allow for a Risk Margin of £3,782m (2021: £5,488m)
and TMTP of £3,291m (2021: £4,736m).
(b) Methodology and assumptions
The methodology, assumptions and Partial Internal Model underlying the
calculation of Solvency II Own Funds and associated capital requirements are
broadly consistent with those set out in the group's 2021 Annual Report and
Accounts and Full Year Results.
Non-market assumptions are consistent with those underlying the group's IFRS
disclosures, but with the removal of any margins for prudence. Future
investment returns and discount rates are those defined by the PRA, using
risk-free rates based on SONIA market swap rates for sterling denominated
liabilities. For annuities that are eligible, the liability discount rate
includes a Matching Adjustment. This Matching Adjustment varies between LGAS
and LGRe and by the currency of the relevant liabilities.
At 30 June 2022 the Matching Adjustment for UK GBP denominated liabilities was
138 basis points (31 December 2021: 104 basis points) after deducting an
allowance for the fundamental spread equivalent to 57 basis points (31
December 2021: 54 basis points).
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 78
6.01 Group regulatory capital - Solvency II (continued)
(c) Analysis of change
The table below shows the movement (net of tax) during the six month period
ended 30 June 2022 in the group's Solvency II surplus.
6 months 6 months 6 months
30 Jun 2022 30 Jun 2022 30 Jun 2022
Own Funds SCR Surplus
£m £m £m
Opening Position 17,561 (9,376) 8,185
Operational Surplus Generation(1) 748 198 946
New business strain 175 (296) (121)
Net surplus generation 923 (98) 825
Operating variances(2) (231)
Market movements(3) 1,194
M&A, portfolio and business transfers -
Subordinated liabilities -
Dividends paid(4) (792)
Total surplus movement (after dividends paid in the period) (187) 1,183 996
Closing Position 17,374 (8,193) 9,181
1. Operational Surplus Generation includes a £176m release of Risk Margin and
£(173)m amortisation of the TMTP.
2. Operating variances include the impact of experience variances, changes to
valuation assumptions, methodology changes and other management actions
including changes in asset mix. The net impact of operating variances over the
period was negative and predominantly reflects timing differences which we
expect to reverse in H2.
3. Market movements represent the impact of changes in investment market
conditions during the period and changes to future economic assumptions. The
movement during the period primarily reflects the impact of rising rates on
the valuation of the balance sheet, partially offset by weaker asset markets,
predominantly in equities, credit spread dispersion in sub-investment grade
assets, as well as a number of other, smaller variances.
4. Dividends paid are the amounts from the 2021 final dividend paid in H1
2022.
The table below shows the movement (net of tax) during the year ended 31
December 2021 in the group's Solvency II surplus.
Full year Full year Full year
31 Dec 2021 31 Dec 2021 31 Dec 2021
Own Funds SCR Surplus
£m £m £m
Opening Position 17,316 (9,880) 7,436
Operational Surplus Generation(1) 1,144 492 1,636
New business strain 330 (684) (354)
Net surplus generation 1,474 (192) 1,282
Operating variances(2) 26
Market movements(3) 727
M&A, portfolio and business transfers(4) 77
Subordinated liabilities(5) (300)
Dividends paid(6) (1,063)
Total surplus movement (after dividends paid in the period) 245 504 749
Closing Position 17,561 (9,376) 8,185
1. Operational Surplus Generation includes a £612m release of Risk Margin and
£(433)m amortisation of the TMTP.
2. Operating variances include the impact of experience variances, changes to
valuation assumptions, methodology changes and other management actions
including changes in asset mix.
3. Market movements represent the impact of changes in investment market
conditions over the year and changes to future economic assumptions.
4. Includes the impact of the sale of the Personal Investment business.
5. Reflects the redemption of £300m debt issued in 2009.
6. Dividends paid are the amounts from the 2020 final dividend and the 2021
interim dividend.
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 79
6.01 Group regulatory capital - Solvency II (continued)
(c) Analysis of change (continued)
Operational Surplus Generation is the expected surplus generated from the
assets and liabilities in-force at the start of the year. It is based on
assumed real world returns and best estimate non-market assumptions. It
includes the impact of management actions to the extent that, at the start of
the year, these were reasonably expected to be implemented over the year.
New Business Strain is the cost of acquiring and setting up Technical
Provisions and SCR (net of any premium income) on actual new business written
over the period. It is based on economic conditions at the point of sale.
(d) Reconciliation of IFRS Release from operations to Solvency II Operational
surplus generation
(i) The table below provides a reconciliation of the group's IFRS Release from
operations to Solvency II Operational surplus generation.
6 months Full year
2022 2021
£m £m
IFRS Release from operations 892 1,441
Expected release of IFRS prudential margins (273) (496)
Releases of IFRS specific reserves(1) (83) (162)
Solvency II investment margin(2,3) 67 213
Release of Solvency II Capital Requirement and Risk Margin less TMTP 343 640
amortisation
Solvency II Operational surplus generation(4) 946 1,636
1. Release of prudence from IFRS specific reserves which are not included in
Solvency II (e.g. long-term longevity and expense margins).
2. Release of prudence related to differences between the PRA defined
Fundamental Spread and Legal & General's best estimate default assumption.
3. Expected market returns earned on LGR's free assets in excess of risk-free
rates over 2022.
4. Solvency II Operational Surplus Generation includes management actions
which at the start of 2022 were reasonably expected to be implemented over the
year.
(ii) The table below provides a reconciliation of the group's IFRS New
business surplus to Solvency II New business strain.
6 months Full year
2022 2021
£m £m
IFRS New business surplus 153 247
Removal of requirement to set up prudential margins above best estimate on new 94 280
business
Set up of SCR on new business (296) (684)
Set up of Risk Margin on new business (72) (197)
Solvency II New business strain(1) (121) (354)
1. UK PRT new business volume during the first half of 2022 was £3.7bn (Full
year 2021: £6.2bn).
(e) Reconciliation of IFRS equity to Solvency II Own Funds
A reconciliation of the group's IFRS equity to Solvency II Own Funds is given
below:
( ) ( ) ( ) 30 Jun 2022 31 Dec 2021
( ) ( ) ( ) £m £m
IFRS equity(1) 11,679 10,981
Remove DAC, goodwill and other intangible assets and associated liabilities (428) (406)
Add IFRS carrying value of subordinated borrowings(2) 3,813 3,700
Insurance contract valuation differences(3) 2,808 4,132
Difference in value of net deferred tax liabilities (494) (716)
Other 105 53
Eligibility restrictions (109) (183)
Solvency II Own Funds(4) 17,374 17,561
1. IFRS equity represents equity attributable to owners of the parent and
restricted Tier 1 convertible notes as per the Consolidated Balance Sheet.
2. Treated as available capital on the Solvency II balance sheet as the
liabilities are subordinate to policyholder claims.
3. Differences in the measurement of technical provisions between IFRS and
Solvency II.
4. Solvency II Own Funds do not include an accrual for the interim dividend of
£324m (31 December 2021: £790m) declared after the balance sheet date.
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 80
6.01 Group regulatory capital - Solvency II (continued)
(f) Sensitivity analysis
The following sensitivities are provided to give an indication of how the
group's Solvency II surplus as at 30 June 2022 would have changed in a variety
of adverse events. These are all independent stresses to a single risk. In
practice, the balance sheet is impacted by combinations of stresses and the
combined impact can be larger than adding together the impacts of the same
stresses in isolation. It is expected that, particularly for market risks,
adverse stresses will happen together.
Impact on Impact on Impact on Impact on
net of tax net of tax net of tax net of tax
Solvency II Solvency II Solvency II Solvency II
capital coverage capital coverage
surplus ratio surplus ratio
2022 2022 2021 2021
£bn % £bn %
50bps increase in risk-free rates(1) 0.3 9 0.5 10
100bps increase in risk-free rates(1) 0.5 19 0.9 19
50bps decrease in risk-free rates(1,2) (0.3) (9) (0.6) (10)
Credit spreads widen by 100bps assuming an escalating addition to ratings(3,4) 0.4 12 0.6 13
Credit spreads narrow by 100bps assuming an escalating deduction from (0.4) (15) (0.6) (14)
ratings(3,4)
Credit spreads widen by 100bps assuming a flat addition to ratings(3) 0.4 14 0.7 14
Credit spreads of sub investment grade assets widen by 100bps assuming a level (0.3) (8) (0.4) (7)
addition to ratings(3,5)
Credit migration(6) (1.2) (14) (0.9) (10)
25% fall in equity markets(7) (0.4) (3) (0.5) (3)
15% fall in property markets(8) (0.9) (9) (0.8) (7)
50bps increase in future inflation expectations(1) - (3) - (2)
Substantially reduced Risk Margin(9) 0.5 7 0.6 7
1. Assuming a recalculation of the Transitional Measure on Technical
Provisions that partially offsets the impact on Risk Margin.
2. In the interest rate down stress negative rates are allowed, i.e. there is
no floor at zero rates.
3. The spread sensitivity applies to the group's corporate bond (and similar)
holdings, with no change in long-term default expectations, post management
actions. Restructured lifetime mortgages are excluded as the underlying
exposure is mostly to property.
4. The stress for AA bonds is twice that for AAA bonds, for A bonds it is
three times, for BBB four times and so on, such that the weighted average
spread stress for the portfolio is 100 basis points. To give a 100bps increase
on the total portfolio, the spread stress increases in steps of 32bps, i.e.
32bps for AAA, 64bps for AA etc.
5. No stress for bonds rated BBB and above. For bonds rated BB and below the
stress is 100bps. The spread widening on the total portfolio is smaller than
2bps as the group holds less than 2% in bonds rated BB and below. The impact
is primarily an increase in SCR arising from the modelled cost of trading
downgraded bonds back to a higher rating in the stress scenarios in the SCR
calculation.
6. Credit migration stress covers the cost of an immediate big letter
downgrade on 20% of all assets where the capital treatment depends on a credit
rating (including corporate bonds, and sale and leaseback rental strips;
lifetime mortgage senior notes are excluded). Downgraded assets in our
annuities portfolio are assumed to be traded to their original credit rating,
so the impact is primarily a reduction in Own Funds from the loss of value on
downgrade. The impact of the sensitivity will depend upon the market levels of
spreads at the balance sheet date.
7. This relates primarily to equity exposure in LGC but will also include
equity-based mutual funds and other investments that receive an equity stress
(for example, certain investments in subsidiaries). Some assets have factors
that increase or decrease the stress relative to general equity levels via a
beta factor.
8. Assets stressed include residual values from sale and leaseback, the full
amount of lifetime mortgages and direct investments treated as property.
9. Assuming a 2/3 reduction in the Risk Margin, allowing for offset from an
equivalent reduction in the Transitional Measure on Technical Provisions.
The above sensitivity analysis does not reflect all management actions which
could be taken to reduce the impacts. In practice, the group actively manages
its asset and liability positions to respond to market movements. Other than
in the interest rate and inflation stresses, we have not allowed for the
recalculation of TMTP following a stress.
The impacts of these stresses are not linear therefore these results should
not be used to interpolate or extrapolate the impact of a smaller or larger
stress. The results of these tests are indicative of the market conditions
prevailing at the balance sheet date. The results would be different if
performed at an alternative reporting date.
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 81
6.02 Estimated Solvency II new business contribution
(a) New business by product(1)
Management estimates of the present value of new business premium (PVNBP) and
the margin for selected lines of business are provided below:
Contribution Contribution
from new from new
PVNBP business(2) Margin(3) PVNBP business(2) Margin(3)
6 months 6 months 6 months Full year Full year Full year
2022 2022 2022 2021 2021 2021
£m £m % £m £m %
LGRI - UK annuity business 3,715 323 8.7 6,059 574 9.5
Retail Retirement - UK annuity business 453 32 7.1 957 61 6.4
UK protection business 870 50 5.7 1,883 149 7.9
- retail protection 578 28 4.8 1,476 120 8.1
- group protection 292 22 7.5 407 29 7.1
US protection business(4) 391 42 10.7 842 113 13.4
1. Selected lines of business only.
2. The contribution from new business is defined as the present value at the
point of sale of expected future Solvency II surplus emerging from new
business written in the year using the risk discount rate applicable at the
end of the year.
3. Margin is based on unrounded inputs.
4. In local currency, US protection business reflects PVNBP of $508m (31
December 2021: $1,159m) and a contribution from new business of $54m (31
December 2021: $155m).
The decrease in LGRI margin was driven by the shorter average duration for the
schemes written in the first six months of the year, compared to the schemes
written in prior year.
The increase in Retail Retirement margin is driven by pricing that is focused
on both value and volume in light of the lack of growth in the overall retail
market. There was also a benefit from the rise in interest rates over the
first half of the year.
The UK protection contribution from new business is supported by robust
volumes, particularly in the group protection business. Retail protection
business is impacted by a smaller market (2021 benefitted from a buoyant
housing market driven by stamp duty relief) and competitive conditions in
2022.
The US protection business margin, whilst still very strong, reduced compared
to the prior full year. The decrease is driven by pricing actions and an
increase in acquisition expenses.
(b) Basis of preparation
Solvency II new business contribution reflects the portion of Solvency II
value added by new business written in the period. It has been calculated in a
manner consistent with principles and methodologies which were set out in the
group's 2021 Annual Report and Accounts and Full Year Results.
Solvency II new business contribution has been calculated for the group's most
material insurance-related businesses, namely, LGRI, Retail Retirement and
Insurance.
Intra-group reinsurance arrangements are in place between US, UK and Bermudan
businesses and it is expected that these arrangements will be periodically
extended to cover recent new business. The US protection new business margin
assumes that the new business will continue to be reinsured in 2022 and looks
through the intra-group arrangements.
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 82
6.02 Estimated Solvency II new business contribution (continued)
(c) Assumptions
The key economic assumptions are as follows:
30 Jun 2022 31 Dec 2021
% %
Margin for Risk 4.1 4.1
Risk-free rate
- UK 2.3 0.9
- US 3.0 1.5
Risk discount rate (net of tax)
- UK 6.4 5.0
- US 7.1 5.6
Long-term rate of return on non-profit annuities 4.4 2.5
The future earnings are discounted using duration-based discount rates, which
is the sum of a duration-based risk-free rate and a flat margin for risk. The
risk-free rates have been based on a swap curve net of the PRA-specified
Credit Risk Adjustment. The risk-free rate shown above is a weighted average
based on the projected cash flows.
Other than updating for recent experience, all other economic and non-economic
assumptions and methodologies that would have a material impact on the margin
for these contracts are unchanged from those previously used by the group for
its European Embedded Value reporting, other than the cost of currency hedging
which has been updated to reflect current market conditions and hedging
activity in light of Solvency II. In particular:
· The assumed future pre-tax returns on fixed interest and RPI
linked securities are set by reference to the portfolio yield on the relevant
backing assets held at market value at the end of the reporting period. The
calculated return takes account of derivatives and other credit instruments in
the investment portfolio. The returns on fixed and index-linked assets are
calculated net of an allowance for default risk which takes account of the
credit rating and the outstanding term of the assets. The allowance for
corporate and other unapproved credit asset defaults within the new business
contribution is calculated explicitly for each bulk annuity scheme written,
and the weighted average deduction for business written in 2022 equates to a
level rate deduction from the expected returns for the overall annuities
portfolio of 19 basis points.
· Non-economic assumptions have been set at levels commensurate
with recent operating experience, including those for mortality, morbidity,
persistency and maintenance expenses (excluding development costs). An
allowance is made for future mortality improvement. For new business,
mortality assumptions may be modified to take certain scheme specific features
into account.
The profits on the new business are presented gross of tax.
Legal & General Group Plc
Half Year Results 2022 Part 3
Capital
Page 83
6.02 Estimated Solvency II new business contribution (continued)
(d) Reconciliation of PVNBP to gross written premium
A reconciliation of PVNBP and gross written premium is given below:
6 months Full year
2022 2021
Notes £bn £bn
PVNBP 6.02 (a) 5.4 9.7
Effect of capitalisation factor ( ) (0.9) (2.1)
New business premiums from selected lines 4.5 7.6
Other(1) 0.9 1.8
Total LGRI and Retail new business 5.05,5.06 5.4 9.4
Annualisation impact of regular premium long-term business ( ) (0.2) (0.2)
IFRS gross written premiums from existing long-term insurance business ( ) 1.8 3.3
Deposit accounting for investment products (0.4) (2.1)
Total gross written premiums(2) 6.6 10.4
1. Other principally includes annuity sales in the US, lifetime mortgage loans
and retirement interest only mortgages, and quota share reinsurance premiums.
2. Total gross written premiums includes £55m (2021: £109m) of gross written
premiums relating to a residual reinsurance treaty following the
disposal of the General Insurance business in 2019.
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Page 84
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Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 85
7.01 Investment portfolio
Market Market Market
value value value
30 Jun 30 Jun 31 Dec
2022 2021 2021
£m £m £m
Worldwide total assets under management(1) 1,295,640 1,333,203 1,426,462
Client and policyholder assets (1,175,344) (1,218,560) (1,309,772)
Investments to which shareholders are directly exposed 120,296 114,643 116,690
1. Worldwide total assets under management include LGIM AUM and other group
assets not managed by LGIM.
Analysed by investment class:
Other
Annuity(1) LGC(2) shareholder
investments investments investments Total Total Total
30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec
2022 2022 2022 2022 2021 2021
Notes £m £m £m £m £m £m
Equities 65 3,071 356 3,492 3,088 3,185
Bonds 7.03 73,174 947 2,693 76,814 82,699 86,803
Derivative assets(3) 24,832 239 - 25,071 14,019 13,203
Property 7.04 5,632 524 - 6,156 5,103 5,710
Loans(4) 1,346 377 79 1,802 4,301 2,332
Financial investments 4.03 (a) 105,049 5,158 3,128 113,335 109,210 111,233
Cash and cash equivalents 2,665 1,276 1,032 4,973 3,740 3,596
Other assets(5) 94 1,894 - 1,988 1,693 1,861
Total investments 107,808 8,328 4,160 120,296 114,643 116,690
1. Annuity investments includes products held within the LGRI and Retail
Retirement portfolios including lifetime mortgage loans & retirement
interest only mortgages.
2. LGC investments includes £60m (30 June 2021: £52m; 31 December 2021:
£54m) of equities that belong to Legal & General Reinsurance Company
Limited.
3. Derivative assets are shown gross of derivative liabilities of £28.4bn (30
June 2021: £17.7bn; 31 December 2021: £14.1bn). Exposures arise from use of
derivatives for efficient portfolio management, especially the use of interest
rate swaps, inflation swaps, credit default swaps and foreign exchange forward
contracts for assets and liability management.
4. Loans include reverse repurchase agreements of £1,701m (30 June 2021:
£4,152m; 31 December 2021: £2,240m).
5. Other assets include finance leases of £85m (30 June 2021: £87m; 31
December 2021: £86m), associates and joint ventures of £387m (30 June 2021:
£314m; 31 December 2021: £375m) and the consolidated net asset value of the
group's investments in CALA Homes and other housing businesses.
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 86
7.02 Direct investments
(a) Total investments analysed by asset class
Direct(1) Traded(2) Direct(1) Traded(2) Direct(1) Traded(2)
investments securities Total investments securities Total investments securities Total
30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 31 Dec 31 Dec 31 Dec
2022 2022 2022 2021 2021 2021 2021 2021 2021
£m £m £m £m £m £m £m £m £m
Equities 1,431 2,061 3,492 1,202 1,886 3,088 1,248 1,937 3,185
Bonds(3) 21,773 55,041 76,814 22,218 60,481 82,699 24,237 62,566 86,803
Derivative assets - 25,071 25,071 - 14,019 14,019 - 13,203 13,203
Property(4) 6,156 - 6,156 5,103 - 5,103 5,710 - 5,710
Loans and other receivables 71 1,731 1,802 119 4,182 4,301 63 2,269 2,332
Financial investments 29,431 83,904 113,335 28,642 80,568 109,210 31,258 79,975 111,233
Cash and cash equivalents 116 4,857 4,973 221 3,519 3,740 114 3,482 3,596
Other assets 1,988 - 1,988 1,693 - 1,693 1,861 - 1,861
Total investments 31,535 88,761 120,296 30,556 84,087 114,643 33,233 83,457 116,690
1. Direct investments, which generally constitute an agreement with another
party, represent an exposure to untraded and often less volatile asset
classes. Direct investments also include physical assets, bilateral loans and
private equity, but excluded hedge funds.
2. Traded securities are defined by exclusion. If an instrument is not a
direct investment, then it is classed as a traded security.
3. Bonds include lifetime mortgage loans of £5,758m (30 June 2021: £6,325m;
31 December 2021: £6,857m).
4. A further breakdown of property is provided in Note 7.04.
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 87
7.02 Direct investments (continued)
(b) Direct investments analysed by asset portfolio
Annuity(1) Shareholder(2) Insurance(3) Total
30 Jun 30 Jun 30 Jun 30 Jun
2022 2022 2022 2022
£m £m £m £m
-
Equities 42 1,192 197 1,431
Bonds(4) 20,498 3 1,272 21,773
Property 5,632 524 - 6,156
Loans and other receivables - 71 - 71
Financial investments 26,172 1,790 1,469 29,431
Other assets, cash and cash equivalents 94 2,010 - 2,104
Total direct investments 26,266 3,800 1,469 31,535
Annuity(1) Shareholder(2) Insurance(3) Total
30 Jun 30 Jun 30 Jun 30 Jun
2021 2021 2021 2021
£m £m £m £m
Equities 9 1,077 116 1,202
Bonds(4) 21,023 3 1,192 22,218
Property 4,639 464 - 5,103
Loans and other receivables - 119 - 119
Financial investments 25,671 1,663 1,308 28,642
Other assets, cash and cash equivalents 100 1,814 - 1,914
Total direct investments 25,771 3,477 1,308 30,556
Annuity(1) Shareholder(2) Insurance(3) Total
31 Dec 31 Dec 31 Dec 31 Dec
2021 2021 2021 2021
£m £m £m £m
Equities 12 1,124 112 1,248
Bonds(4) 23,029 3 1,205 24,237
Property 5,286 424 - 5,710
Loans and other receivables - 63 - 63
Financial investments 28,327 1,614 1,317 31,258
Other assets, cash and cash equivalents 96 1,879 - 1,975
Total direct investments 28,423 3,493 1,317 33,233
1. Annuity investments includes products held within the LGRI and Retail
Retirement portfolios including lifetime mortgage loans & retirement
interest only mortgages.
2. Shareholder primarily includes the LGC direct investment portfolio along
with £60m (30 June 2021: £52m; 31 December 2021: £54m) of equities that
belong to other shareholder funds.
3. Insurance primarily includes assets backing the group's US protection
business.
4. Bonds include lifetime mortgage loans of £5,758m (30 June 2021: £6,325m;
31 December 2021: £6,857m).
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 88
7.03 Bond portfolio summary
(a) Sectors analysed by credit rating
BB or
AAA AA A BBB below Other Total(2) Total(2)
As at 30 June 2022 £m £m £m £m £m £m £m %
Sovereigns, Supras and Sub-Sovereigns 1,696 8,049 1,169 294 11 1 11,220 15
Banks:
- Tier 2 and other subordinated - - 68 52 3 1 124 -
- Senior - 1,336 2,336 942 1 - 4,615 6
- Covered 120 - - - - - 120 -
Financial Services:
- Tier 2 and other subordinated - 118 50 32 - 17 217 -
- Senior 51 307 439 368 - - 1,165 2
Insurance:
- Tier 2 and other subordinated 59 175 32 51 - - 317 -
- Senior 5 166 416 462 - - 1,049 1
Consumer Services and Goods:
- Cyclical - 39 1,360 1,877 159 3 3,438 4
- Non-cyclical 323 880 2,531 3,732 247 - 7,713 10
- Health care - 608 808 761 4 - 2,181 3
Infrastructure:
- Social 184 891 3,660 882 79 - 5,696 7
- Economic 273 173 891 3,744 180 - 5,261 7
Technology and Telecoms 141 325 1,546 2,801 20 1 4,834 6
Industrials - 52 613 659 29 - 1,353 2
Utilities 386 628 4,711 5,523 28 - 11,276 15
Energy - - 331 765 16 - 1,112 1
Commodities - - 337 781 25 8 1,151 2
Oil and Gas - 505 873 316 226 24 1,944 3
Real estate - 23 1,906 1,677 107 - 3,713 5
Structured finance ABS / RMBS / CMBS / Other 539 771 463 695 30 - 2,498 3
Lifetime mortgage loans(1) 3,721 1,146 497 381 - 13 5,758 8
CDOs - 47 - 12 - - 59 -
Total £m 7,498 16,239 25,037 26,807 1,165 68 76,814 100
Total % 10 21 33 35 1 - 100
1. The credit ratings attributed to lifetime mortgage loans are allocated in
accordance with the internal Matching Adjustment structuring.
2. The group's bond portfolio is dominated by investments backing LGRI's and
Retail Retirement's annuity business. These account for £73,174m,
representing 95% of the total group portfolio.
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 89
7.03 Bond portfolio summary (continued)
(a) Sectors analysed by credit rating (continued)
BB or
AAA AA A BBB below Other Total(2) Total(2)
As at 30 June 2021 £m £m £m £m £m £m £m %
Sovereigns, Supras and Sub-Sovereigns 1,925 10,091 1,249 335 10 - 13,610 17
Banks:
- Tier 2 and other subordinated - - 58 39 4 - 101 -
- Senior - 1,024 3,490 790 2 - 5,306 6
- Covered 151 - - - - - 151 -
Financial Services:
- Tier 2 and other subordinated - 113 57 21 - - 191 -
- Senior 55 443 406 393 9 - 1,306 2
Insurance:
- Tier 2 and other subordinated 64 196 31 58 - - 349 -
- Senior - 221 405 542 - - 1,168 1
Consumer Services and Goods: - - -
- Cyclical - 84 1,135 1,772 193 - 3,184 4
- Non-cyclical 338 1,052 2,658 3,936 344 - 8,328 10
- Health care - 605 851 690 5 - 2,151 3
Infrastructure:
- Social 208 746 4,669 916 77 - 6,616 8
- Economic 311 51 766 4,053 183 - 5,364 6
Technology and Telecoms 174 209 1,462 3,085 22 1 4,953 6
Industrials - 31 672 694 22 - 1,419 2
Utilities - 207 5,629 5,861 27 - 11,724 14
Energy - - 468 589 16 - 1,073 1
Commodities - - 365 910 8 - 1,283 2
Oil and Gas - 560 1,047 389 274 - 2,270 3
Real estate - 11 1,728 1,591 177 - 3,507 4
Structured finance ABS / RMBS / CMBS / Other 423 798 403 603 24 1 2,252 3
Lifetime mortgage loans(1) 3,852 1,509 524 427 - 13 6,325 8
CDOs - 55 - 13 - - 68 -
Total £m 7,501 18,006 28,073 27,707 1,397 15 82,699 100
Total % 9 22 34 33 2 - 100
1. The credit ratings attributed to lifetime mortgage loans are allocated in
accordance with the internal Matching Adjustment structuring.
2. The group's bond portfolio is dominated by investments backing LGRI's and
Retail Retirement's annuity business. These account for £78,226m,
representing 95% of the total group portfolio.
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 90
7.03 Bond portfolio summary (continued)
(a) Sectors analysed by credit rating (continued)
BB or
AAA AA A BBB below Other Total(2) Total(2)
As at 31 December 2021 £m £m £m £m £m £m £m %
Sovereigns, Supras and Sub-Sovereigns 2,008 10,348 1,302 360 9 - 14,027 16
Banks:
- Tier 2 and other subordinated - - 56 36 3 - 95 -
- Senior 95 1,858 3,998 738 1 - 6,690 8
- Covered 138 - - - - - 138 -
Financial Services:
- Tier 2 and other subordinated - 111 60 72 - 8 251 -
- Senior 57 416 422 315 - - 1,210 1
Insurance:
- Tier 2 and other subordinated 61 192 32 62 - - 347 -
- Senior 4 196 460 535 - - 1,195 1
Consumer Services and Goods:
- Cyclical - 33 1,399 1,760 206 - 3,398 4
- Non-cyclical 350 1,003 2,737 3,836 346 - 8,272 10
- Health care - 690 837 889 5 - 2,421 3
Infrastructure:
- Social 215 780 5,001 900 79 - 6,975 8
- Economic 303 50 1,121 4,294 191 - 5,959 7
Technology and Telecoms 177 307 1,530 3,024 22 2 5,062 6
Industrials - 31 688 558 30 - 1,307 2
Utilities 27 206 5,666 5,947 30 - 11,876 14
Energy - - 385 840 16 - 1,241 1
Commodities - - 365 889 8 - 1,262 1
Oil and Gas - 546 971 387 271 - 2,175 3
Real estate - 16 1,802 1,587 122 - 3,527 4
Structured finance ABS / RMBS / CMBS / Other 450 860 445 668 28 - 2,451 3
Lifetime mortgage loans(1) 4,238 1,550 584 470 - 15 6,857 8
CDOs - - 54 13 - - 67 -
Total £m 8,123 19,193 29,915 28,180 1,367 25 86,803 100
Total % 9 22 35 32 2 - 100
1. The credit ratings attributed to lifetime mortgage loans are allocated in
accordance with the internal Matching Adjustment structuring.
2. The group's bond portfolio is dominated by investments backing LGRI's and
Retail Retirement's annuity business. These account for £81,812m,
representing 94% of the total group portfolio.
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 91
7.03 Bond portfolio summary (continued)
(b) Sectors analysed by domicile
Rest of
UK US EU the World Total
As at 30 June 2022 £m £m £m £m £m
Sovereigns, Supras and Sub-Sovereigns 7,685 1,774 768 993 11,220
Banks 1,514 1,849 812 684 4,859
Financial Services 341 403 380 258 1,382
Insurance 101 1,131 19 115 1,366
Consumer Services and Goods:
- Cyclical 473 2,299 395 271 3,438
- Non-cyclical 1,888 5,311 354 160 7,713
- Health care 275 1,842 63 1 2,181
Infrastructure:
- Social 4,965 524 158 49 5,696
- Economic 3,711 881 264 405 5,261
Technology and Telecoms 403 3,080 699 652 4,834
Industrials 189 799 313 52 1,353
Utilities 6,303 2,583 1,877 513 11,276
Energy 312 633 1 166 1,112
Commodities 37 449 151 514 1,151
Oil and Gas 167 567 686 524 1,944
Real estate 1,938 934 544 297 3,713
Structured Finance ABS / RMBS / CMBS / Other 704 1,503 11 280 2,498
Lifetime mortgage loans 5,758 - - - 5,758
CDOs - - - 59 59
Total 36,764 26,562 7,495 5,993 76,814
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 92
7.03 Bond portfolio summary (continued)
(b) Sectors analysed by domicile (continued)
Rest of
UK US EU the World Total
As at 30 June 2021 £m £m £m £m £m
Sovereigns, Supras and Sub-Sovereigns 9,937 1,900 861 912 13,610
Banks 1,807 1,828 1,241 682 5,558
Financial Services 532 344 555 66 1,497
Insurance 103 1,239 60 115 1,517
Consumer Services and Goods:
- Cyclical 446 2,088 503 147 3,184
- Non-cyclical 1,952 5,822 382 172 8,328
- Health care 285 1,785 80 1 2,151
Infrastructure:
- Social 5,826 582 160 48 6,616
- Economic 3,941 847 226 350 5,364
Technology and Telecoms 407 2,981 707 858 4,953
Industrials 186 815 351 67 1,419
Utilities 6,834 2,230 2,075 585 11,724
Energy 229 622 96 126 1,073
Commodities 6 564 183 530 1,283
Oil and Gas 213 634 792 631 2,270
Real estate 2,089 562 620 236 3,507
Structured Finance ABS / RMBS / CMBS / Other 919 1,237 11 85 2,252
Lifetime mortgage loans 6,325 - - - 6,325
CDOs - - - 68 68
Total 42,037 26,080 8,903 5,679 82,699
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 93
7.03 Bond portfolio summary (continued)
(b) Sectors analysed by domicile (continued)
Rest of
UK US EU the World Total
As at 31 December 2021 £m £m £m £m £m
Sovereigns, Supras and Sub-Sovereigns 9,829 1,892 1,244 1,062 14,027
Banks 2,253 1,799 1,956 915 6,923
Financial Services 425 429 517 90 1,461
Insurance 113 1,291 15 123 1,542
Consumer Services and Goods
- Cyclical 473 2,213 442 270 3,398
- Non-cyclical 1,879 5,828 391 174 8,272
- Health care 284 2,054 82 1 2,421
Infrastructure
- Social 6,141 628 154 52 6,975
- Economic 4,348 902 309 400 5,959
Technology and Telecoms 412 3,025 782 843 5,062
Industrials 190 681 354 82 1,307
Utilities 6,963 2,158 2,217 538 11,876
Energy 415 667 1 158 1,241
Commodities 20 537 175 530 1,262
Oil and Gas 196 626 785 568 2,175
Real estate 1,895 734 602 296 3,527
Structured finance ABS / RMBS / CMBS / Other 861 1,395 10 185 2,451
Lifetime mortgage loans 6,857 - - - 6,857
CDOs - - - 67 67
Total 43,554 26,859 10,036 6,354 86,803
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 94
7.03 Bond portfolio summary (continued)
(c) Bond portfolio analysed by credit rating
Externally Internally
rated rated(1) Total
As at 30 June 2022 £m £m £m
AAA 3,449 4,049 7,498
AA 13,439 2,800 16,239
A 17,049 7,988 25,037
BBB 19,723 7,084 26,807
BB or below 777 388 1,165
Other 19 49 68
Total 54,456 22,358 76,814
Externally Internally
rated rated(1) Total
As at 30 June 2021 £m £m £m
AAA 3,254 4,247 7,501
AA 14,732 3,274 18,006
A 20,595 7,478 28,073
BBB 21,462 6,245 27,707
BB or below 970 427 1,397
Other 1 14 15
Total 61,014 21,685 82,699
Externally Internally
rated rated(1) Total
As at 31 December 2021 £m £m £m
AAA 3,506 4,617 8,123
AA 15,544 3,649 19,193
A 21,240 8,675 29,915
BBB 20,715 7,465 28,180
BB or below 950 417 1,367
Other 10 15 25
Total 61,965 24,838 86,803
1. Where external ratings are not available an internal rating has been used
where practicable to do so.
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 95
7.03 Bond portfolio summary (continued)
(d) Sectors analysed by Direct investments and Traded securities
Direct Traded
investments securities Total
As at 30 June 2022 £m £m £m
Sovereigns, Supras and Sub-Sovereigns 747 10,473 11,220
Banks 742 4,117 4,859
Financial Services 507 875 1,382
Insurance 116 1,250 1,366
Consumer Services and Goods:
- Cyclical 579 2,859 3,438
- Non-cyclical 489 7,224 7,713
- Health care 283 1,898 2,181
Infrastructure:
- Social 2,953 2,743 5,696
- Economic 3,762 1,499 5,261
Technology and Telecoms 192 4,642 4,834
Industrials 99 1,254 1,353
Utilities 1,679 9,597 11,276
Energy 368 744 1,112
Commodities 70 1,081 1,151
Oil and Gas 61 1,883 1,944
Real estate 2,287 1,426 3,713
Structured Finance ABS / RMBS / CMBS / Other 1,081 1,417 2,498
Lifetime mortgage loans 5,758 - 5,758
CDOs - 59 59
Total 21,773 55,041 76,814
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 96
7.03 Bond portfolio summary (continued)
(d) Sectors analysed by Direct investments and Traded securities (continued)
Direct Traded
investments securities Total
As at 30 June 2021 £m £m £m
Sovereigns, Supras and Sub-Sovereigns 991 12,619 13,610
Banks 628 4,930 5,558
Financial Services 396 1,101 1,497
Insurance 162 1,355 1,517
Consumer Services and Goods:
- Cyclical 469 2,715 3,184
- Non-cyclical 386 7,942 8,328
- Health care 339 1,812 2,151
Infrastructure:
- Social 3,507 3,109 6,616
- Economic 3,696 1,668 5,364
Technology and Telecoms 129 4,824 4,953
Industrials 58 1,361 1,419
Utilities 1,656 10,068 11,724
Energy 331 742 1,073
Commodities 57 1,226 1,283
Oil and Gas 57 2,213 2,270
Real estate 2,109 1,398 3,507
Structured Finance ABS / RMBS / CMBS / Other 925 1,327 2,252
Lifetime mortgage loans 6,325 - 6,325
CDOs - 68 68
Total 22,221 60,478 82,699
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 97
7.03 Bond portfolio summary (continued)
(d) Sectors analysed by Direct investments and Traded securities (continued)
Direct Traded
investments securities Total
As at 31 December 2021 £m £m £m
Sovereigns, Supras and Sub-Sovereigns 1,037 12,990 14,027
Banks 665 6,258 6,923
Financial Services 432 1,029 1,461
Insurance 119 1,423 1,542
Consumer Services and Goods:
- Cyclical 498 2,900 3,398
- Non-cyclical 512 7,760 8,272
- Health care 357 2,064 2,421
Infrastructure:
- Social 3,699 3,276 6,975
- Economic 4,267 1,692 5,959
Technology and Telecoms 153 4,909 5,062
Industrials 60 1,247 1,307
Utilities 1,883 9,993 11,876
Energy 475 766 1,241
Commodities 55 1,207 1,262
Oil and Gas 56 2,119 2,175
Real estate 2,091 1,436 3,527
Structured Finance ABS / RMBS / CMBS / Other 1,021 1,430 2,451
Lifetime mortgage loans 6,857 - 6,857
CDOs - 67 67
Total 24,237 62,566 86,803
Legal & General Group Plc
Half Year Results 2022 Part 3
Investments
Page 98
7.04 Property analysis
Property exposure within Direct investments by status
Annuity(1) Shareholder(2) Total
As at 30 June 2022 £m £m £m %
Fully let 5,190 - 5,190 84
Development 442 403 845 14
Land - 121 121 2
Total 5,632 524 6,156 100
Annuity(1) Shareholder(2) Total
As at 30 June 2021 £m £m £m %
Fully let 4,035 - 4,035 79
Development 604 323 927 18
Land - 141 141 3
Total 4,639 464 5,103 100
Annuity(1) Shareholder(2) Total
As at 31 December 2021 £m £m £m %
Fully let 4,746 - 4,746 83
Development 540 293 833 15
Land - 131 131 2
Total 5,286 424 5,710 100
1. The fully let annuity property exposure includes £4.9bn (30 June 2021:
£4.0bn; 31 December 2021: £4.5bn) let to investment grade tenants.
2. The above analysis does not include assets related to the group's
investments in CALA Homes and other housing businesses, which are accounted
for as inventory within Receivables and other assets on the group's
Consolidated Balance Sheet and measured at the lower of cost and net
realisable value. At 30 June 2022 the group held a total of £2,072m (30 June
2021: £2,190m; 31 December 2021: £2,044m) of such assets.
Legal & General Group Plc
Half Year Results 2022 Part 3
Alternative Performance
Measures
Page 99
An alternative performance measure (APM) is a financial measure of historic or
future financial performance, financial position, or cash flows, other than a
financial measure defined under IFRS or the regulations of Solvency II. APMs
offer investors and stakeholders additional information on the company's
performance and the financial effect of 'one-off' events, and the group uses a
range of these metrics to enhance understanding of the group's performance.
However, APMs should be viewed as complementary to, rather than as a
substitute for, the figures determined according to other regulations. The
APMs used by the group are listed in this section, along with their
definition/explanation, their closest IFRS measure and reference to the
reconciliations to those IFRS measures.
The APMs used by the group may not be the same as, or comparable to, those
used by other companies, both in similar and different industries. The
calculation of APMs is consistent with previous periods, unless otherwise
stated.
Adjusted operating profit
Definition
Adjusted operating profit is an APM that supports the internal performance
management and decision making of the group's operating businesses, and
accordingly underpins the remuneration outcomes of the executive directors and
senior management. The group considers this measure meaningful to stakeholders
as it enhances the understanding of the group's operating performance over
time by separately identifying non-operating items.
Adjusted operating profit measures the pre-tax result excluding the impact of
investment volatility, economic assumption changes caused by changes in market
conditions or expectations and exceptional items. It therefore reflects
longer-term economic assumptions for the group's insurance businesses and
shareholder funds, including the traded portfolio in LGC. For direct
investments, operating profit reflects the expected long-term economic return
for those assets which are developed with the intention of sale, or the IFRS
profit before tax for the early stage and mature businesses. Variances between
actual and long-term expected investment return on traded and real assets
(including direct investments) are excluded from adjusted operating profit, as
well as economic assumption changes caused by changes in market conditions or
expectations (e.g. credit default and inflation) and any difference between
the actual allocated asset mix and the target long-term asset mix on new
pension risk transfer business. Adjusted operating profit also excludes the
yield associated with assets held for future new pension risk transfer
business from the valuation discount rate on insurance contract liabilities.
Exceptional income and expenses which arise outside the normal course of
business in the year, such as merger and acquisition and start-up costs, are
also excluded from adjusted operating profit.
In certain disclosures, the group may use the term 'operating profit' as a
substitute for adjusted operating profit, but in all circumstances it carries
the same definition and meaning.
Closest IFRS measure
Profit before tax attributable to equity holders.
Reconciliation
Note 2.01 Operating profit.
Return on Equity (ROE)
Definition
ROE measures the return earned by shareholders on shareholder capital retained
within the business.
ROE is calculated as IFRS profit after tax divided by average IFRS
shareholders' funds (by reference to opening and closing shareholders' funds
as provided in the IFRS consolidated statement of changes in equity for the
period).
Closest IFRS measure
Calculated using:
- Profit attributable to equity holders
- Equity attributable to owners of the parent
Reconciliation
Calculated using annualised profit attributable to equity holders for the
period of £2,306m (30 June 2021: £2,130m; 31 December 2021: £2,050m) and
average equity attributable to the owners of the parent of £10,835m (30 June
2021: £9,677m; 31 December 2021: £9,994m), based on an opening balance of
£10,486m and a closing balance of £11,184m (30 June 2021: based on an
opening balance of £9,502m and a closing balance of £9,852m; 31 December
2021: based on an opening balance of £9,502m and a closing balance of
£10,486m).
Assets under Management
Definition
Funds which are managed by our fund managers on behalf of investors. It
represents the total amount of money investors have trusted with our fund
managers to invest across our investment products.
Closest IFRS measures
- Financial investments
- Investment property
- Cash and cash equivalents
Reconciliation
Note 5.03 Reconciliation of assets under management to Consolidated Balance
Sheet financial investments, investment property and cash and cash
equivalents.
Legal & General Group Plc
Half Year Results 2022 Part 3
Alternative Performance
Measures
Page 100
Net release from operations
Definition
Release from operations plus new business surplus/(strain). Net release from
operations is also referred to as cash generation, and includes the release of
prudent margins from the back book, together with the premium received less
the setup of prudent reserves and associated acquisition costs for new
business. Net release from operations is a component of adjusted operating
profit (after tax), and excludes predominantly the impact of experience
variances and changes in valuation assumptions.
Closest IFRS measure
Profit before tax attributable to equity holders.
Reconciliation
Notes 2.01 Operating profit and 2.02 Reconciliation of release from operations
to operating profit before tax.
Adjusted profit before tax attributable to equity holders
Definition
The APM measures profit before tax attributable to shareholders incorporating
actual investment returns experienced during the year and the pre-tax results
of discontinued operations.
Closest IFRS measure
Profit before tax attributable to equity holders.
Reconciliation
Note 2.01 Operating profit.
Legal & General Group Plc
Half Year Results 2022 Part 3
Glossary
Page 101
* These items represent an alternative performance measure (APM)
Adjusted operating profit*
Refer to the alternative performance measures section.
Adjusted profit before tax attributable to equity holders*
Refer to the alternative performance measures section.
Alternative performance measures (APMs)
An alternative performance measure is a financial measure of historic or
future financial performance, financial position, or cash flows, other than a
financial measure defined under IFRS or the regulations of Solvency II.
Annual premium
Premiums that are paid regularly over the duration of the contract such as
protection policies.
Annuity
Regular payments from an insurance company made for an agreed period of time
(usually up to the death of the recipient) in return for either a cash lump
sum or a series of premiums which the policyholder has paid to the insurance
company during their working lifetime.
Assets under administration (AUA)
Assets administered by Legal & General which are beneficially owned by
clients and are therefore not reported on the Consolidated Balance Sheet.
Services provided in respect of assets under administration are of an
administrative nature, including safekeeping, collecting investment income,
settling purchase and sales transactions and record keeping.
Assets under management (AUM)*
Refer to the alternative performance measures section.
Assured Payment Policy (APP)
An Assured Payment Policy (APP) is a long-term contract under which the
policyholder (a registered UK pension scheme) pays a day-one premium and in
return receives a contractually fixed and/or inflation-linked set of payments
over time from the insurer.
Back book acquisition
New business transacted with an insurance company which allows the business to
continue to utilise Solvency II transitional measures associated with the
business.
CAGR
Compound annual growth rate.
Cash generation
Cash generation is an alternative term for net release from operations.
CCF - Common Contractual Fund
An Irish regulated asset pooling fund structure. It enables institutional
investors to pool assets into a single fund vehicle with the aim of achieving
cost savings, enhanced returns and operational efficiency through economies of
scale. A CCF is an unincorporated body established under a deed where
investors are "co-owners" of underlying assets which are held pro rata with
their investment. The CCF is authorised and regulated by the Central Bank of
Ireland.
Credit rating
A measure of the ability of an individual, organisation or country to repay
debt. The highest rating is usually AAA and the lowest Unrated. Ratings are
usually issued by a credit rating agency (e.g. Moody's or Standard &
Poor's) or a credit bureau.
Deduction and aggregation (D&A)
A method of calculating group solvency on a Solvency II basis, whereby the
assets and liabilities of certain entities are excluded from the group
consolidation. The net contribution from those entities to group Own Funds is
included as an asset on the group's Solvency II balance sheet. Regulatory
approval has been provided to recognise the (re)insurance subsidiaries in the
US and Bermuda on this basis.
Defined benefit pension scheme (DB scheme)
A type of pension plan in which an employer/sponsor promises a specified
monthly benefit on retirement that is predetermined by a formula based on the
employee's earnings history, tenure of service and age, rather than depending
directly on individual investment returns.
Defined contribution pension scheme (DC scheme)
A type of pension plan where the pension benefits at retirement are determined
by agreed levels of contributions paid into the fund by the member and
employer. They provide benefits based upon the money held in each individual's
plan specifically on behalf of each member. The amount in each plan at
retirement will depend upon the investment returns achieved and on the member
and employer contributions.
Derivatives
Derivatives are not a separate asset class but are contracts usually giving a
commitment or right to buy or sell assets on specified conditions, for example
on a set date in the future and at a set price. The value of a derivative
contract can vary. Derivatives can generally be used with the aim of enhancing
the overall investment returns of a fund by taking on an increased risk, or
they can be used with the aim of reducing the amount of risk to which a fund
is exposed.
Direct investments
Direct investments, which generally constitute an agreement with another
party, represent an exposure to untraded and often less volatile asset
classes. Direct investments also include physical assets, bilateral loans and
private equity, but exclude hedge funds.
Legal & General Group Plc
Half Year Results 2022 Part 3
Glossary
Page 102
Dividend cover
Dividend cover measures how many times over the net release from operations in
the year could have paid the full year dividend. For example, if the dividend
cover is 3, this means that the net release from operations was three times
the amount of dividend paid out.
Early stage business
A recently created company in the early stage of its life cycle (typically up
to 18 to 24 months since establishment), which has not broken even yet. This
usually means the entity is not fully operational yet, and the management team
is still being developed.
Earnings per share (EPS)
EPS is a common financial metric which can be used to measure the
profitability and strength of a company over time. It is the total
shareholder profit after tax divided by the number of shares outstanding. EPS
uses a weighted average number of shares outstanding during the year.
Eligible Own Funds
Eligible Own Funds represents the capital available to cover the group's
Solvency II Capital Requirement. Eligible Own Funds comprise the excess of the
value of assets over liabilities, as valued on a Solvency II basis, plus high
quality hybrid capital instruments, which are freely available (fungible and
transferable) to absorb losses wherever they occur across the group.
Employee satisfaction index
The Employee satisfaction index measures the extent to which employees report
that they are happy working at Legal & General. It is measured as part of
our Voice surveys, which also include questions on commitment to the goals of
Legal & General and the overall success of the company.
ETF
LGIM's European Exchange Traded Fund platform.
Euro Commercial paper
Short term borrowings with maturities of up to 1 year typically issued for
working capital purposes.
Full year dividend
Full year dividend is the total dividend per share declared for the year
(including interim dividend but excluding, where appropriate, any special
dividend).
FVTPL
Fair value through profit or loss. A financial asset or financial liability
that is measured at fair value in the Consolidated Balance Sheet reports gains
and losses arising from movements in fair value within the Consolidated Income
Statement as part of the profit or loss for the year.
Generally accepted accounting principles (GAAP)
These are a widely accepted collection of guidelines and principles,
established by accounting standard setters and used
by the accounting community to report financial information.
Gross written premiums (GWP)
GWP is an industry measure of the life insurance premiums due and the general
insurance premiums underwritten in the reporting period, before any deductions
for reinsurance.
ICAV - Irish Collective Asset-Management Vehicle
A legal structure investment fund, based in Ireland and aimed at European
investment funds looking for a simple, tax-efficient investment vehicle.
Insurance new business
New business arising from new policies written on retail protection products
and new deals and incremental business on group protection products.
International financial reporting standards (IFRS)
These are accounting guidelines and rules that companies and organisations
follow when completing financial statements. They are designed to enable
comparable reporting between companies, and they are the standards that all
publicly listed groups in the UK are required to use.
Key performance indicators (KPIs)
These are measures by which the development, performance or position of the
business can be measured effectively. The group Board reviews the KPIs
annually and updates them where appropriate.
LGA
Legal & General America.
LGAS
Legal and General Assurance Society Limited.
LGC
Legal & General Capital.
LGIM
Legal & General Investment Management.
LGRI
Legal & General Retirement Institutional.
LGRI new business
Single premiums arising from pension risk transfers and the notional size of
longevity insurance transactions, based on the present value of the fixed leg
cash flows discounted at the SONIA curve.
Liability driven investment (LDI)
A form of investing in which the main goal is to gain sufficient assets to
meet all liabilities, both current and future. This form of investing is most
prominent in final salary pension plans, whose liabilities can often reach
into billions of pounds for the largest of plans.
Legal & General Group Plc
Half Year Results 2022 Part 3
Glossary
Page 103
Lifetime mortgages
An equity release product aimed at people aged 55 years and over. It is a
mortgage loan secured against the customer's house. Customers do not make any
monthly payments and continue to own and live in their house until they move
into long-term care or on death. A no negative equity guarantee exists such
that if the house value on repayment is insufficient to cover the outstanding
loan, any shortfall is borne by the lender.
Longevity
Measure of how long policyholders will live, which affects the risk profile of
pension risk transfer, annuity and protection businesses.
Matching adjustment
An adjustment to the discount rate used for annuity liabilities in Solvency II
balance sheets. This adjustment reflects the fact that the profile of assets
held is sufficiently well-matched to the profile of the liabilities, that
those assets can be held to maturity, and that any excess return over
risk-free (that is not related to defaults) can be earned regardless of asset
value fluctuations after purchase.
Mature business
A company which has been operative for more than three to five years. It
generates regular revenue streams but the growth rate in its earnings is
expected to remain broadly flat in the future. At this point in its life
cycle, a complete and experienced management team is in place.
Morbidity rate
Rate of illness, influenced by age, gender and health, used in pricing and
calculating liabilities for policyholders of life products, which contain
morbidity risk.
Mortality rate
Rate of death, influenced by age, gender and health, used in pricing and
calculating liabilities for future policyholders of life and annuity products,
which contain mortality risks.
Net release from operations*
Refer to the alternative performance measures section.
Net zero carbon
Achieving an overall balance between anthropogenic carbon emissions produced
and carbon emissions removed from the atmosphere.
New business surplus/strain
The net impact of writing new business on the IFRS position, including the
benefit/cost of acquiring new business and the setting up of reserves, for UK
non profit annuities, workplace savings and protection, net of tax. This
metric provides an understanding of the impact of new contracts on the IFRS
profit for the year.
OEIC - Open Ended Investment Company
A type of investment fund domiciled in the United Kingdom that is structured
to invest in stocks and other securities, authorised and regulated by the
Financial Conduct Authority (FCA).
Overlay assets
Overlay assets are derivative assets that are managed alongside the physical
assets held by LGIM. These instruments include interest rate swaps, inflation
swaps, equity futures and options. These are typically used to hedge risks
associated with pension scheme assets during the derisking stage of the
pension life cycle.
Paris Agreement
The Paris Agreement is an agreement within the United Nations Framework
Convention on Climate Change effective 4 November 2016. The Agreement aims to
limit the increase in average global temperatures to well below 2°C,
preferably to 1.5°C, compared to pre-industrial levels.
Pension risk transfer (PRT)
PRT represents bulk annuities bought by entities that run final salary
pension schemes to reduce their responsibilities by closing the schemes to new
members and passing the assets and obligations to insurance providers.
Persistency
Persistency is a measure of LGIM client asset retention, calculated as a
function of net flows and closing AUM.
Platform
Online services used by intermediaries and consumers to view and administer
their investment portfolios. Platforms usually provide facilities for buying
and selling investments (including, in the UK products such as Individual
Savings Accounts (ISAs), Self-Invested Personal Pensions (SIPPs) and life
insurance) and for viewing an individual's entire portfolio to assess asset
allocation and risk exposure.
Present value of future new business premiums (PVNBP)
PVNBP is equivalent to total single premiums plus the discounted value of
annual premiums expected to be received over the term of the contracts using
the same economic and operating assumptions used for the new business value at
the end of the financial period. The discounted value of longevity insurance
regular premiums and quota share reinsurance single premiums are calculated on
a net of reinsurance basis to enable a more representative margin figure.
PVNBP therefore provides an estimate of the present value of the premiums
associated with new business written in the year.
Proprietary assets
Total investments to which shareholders are directly exposed, minus derivative
assets, loans, and cash and cash equivalents.
QIAIF - Qualifying Investor Alternative Investment Fund
An alternative investment fund regulated in Ireland targeted at sophisticated
and institutional investors, with minimum subscription and eligibility
requirements. Due to not being subject to many investment or borrowing
restrictions, QIAIFs present a high level of flexibility in their investment
strategy.
Legal & General Group Plc
Half Year Results 2022 Part 3
Glossary
Page 104
Real assets
Real assets encompass a wide variety of tangible debt and equity investments,
primarily real estate, infrastructure, and energy. They have the ability to
serve as stable sources of long-term income in weak markets, while also
providing capital appreciation opportunities in strong markets.
Release from operations
The expected IFRS surplus generated in the period from the difference between
IFRS prudent assumptions and our best estimate of future experience for
in-force LGRI, Retail Retirement and UK Insurance businesses, the post-tax
operating profit on other UK businesses, including the medium term expected
investment return on LGC invested assets, and dividends remitted from US
Insurance.
Retail Retirement new business
Single premiums arising from annuity sales and individual annuity back book
acquisitions and the volume of lifetime and retirement interest only mortgage
lending.
Retirement interest only mortgage (RIO)
A Retirement Interest Only (RIO) mortgage is a standard retirement mortgage
available for non-commercial borrowers above 55 years old. A RIO mortgage is
very similar to a standard interest-only mortgage, with two key differences:
- The loan is usually only paid off on death, move into long-term care or sale
of the house.
- The borrowers only have to prove they can afford the monthly interest
repayments and not the capital remaining at the end of the mortgage term.
No repayment solution is required as repayment defaults to sale of property.
Return on Equity (ROE)*
Refer to the alternative performance measures section.
Risk appetite
The aggregate level and types of risk a company is willing to assume in its
exposures and business activities in order
to achieve its business objectives.
SICAV - Société d'Investissement à Capital Variable
A publicly traded open-end investment fund structure offered in Europe and
regulated under European law.
SIF - Specialised Investment Fund
An investment vehicle regulated in Luxembourg targeted to well-informed
investors, providing a great degree of flexibility in organization, investment
policy and types of underlying assets in which it can invest.
Single premiums
Single premiums arise on the sale of new contracts where the terms of the
policy do not anticipate more than one premium being paid over its lifetime,
such as in individual and bulk annuity deals.
Solvency II
The Solvency II regulatory regime is a harmonised prudential framework for
insurance firms in the EEA. This single market approach is based on economic
principles that measure assets and liabilities to appropriately align
insurers' risk with the capital they hold to safeguard the policyholders'
interest.
Solvency II capital coverage ratio
The Eligible Own Funds on a regulatory basis divided by the group solvency
capital requirement. This represents the number of times the SCR is covered by
Eligible Own Funds.
The Solvency II coverage ratio incorporates the impacts of a recalculation of
the Transitional Measures for Technical Provisions and the contribution of our
defined benefit pension schemes in both Own Funds and the SCR.
Solvency II new business contribution
Reflects present value at the point of sale of expected future Solvency II
surplus emerging from new business written in the period using the risk
discount rate applicable at the end of the reporting period.
Solvency II Operational Surplus Generation
The expected surplus generated from the assets and liabilities in-force at the
start of the year. It is based on assumed real world returns and best estimate
non-market assumptions. It includes the impact of management actions to the
extent that, at the start of the year, these were reasonably expected to be
implemented over the year.
Solvency II risk margin
An additional liability required in the Solvency II balance sheet, to ensure
the total value of technical provisions is equal to the current amount a
(re)insurer would have to pay if it were to transfer its insurance and
reinsurance obligations immediately to another (re)insurer. The value of the
risk margin represents the cost of providing an amount of Eligible Own Funds
equal to the Solvency Capital Requirement (relating to non-market risks)
necessary to support the insurance and reinsurance obligations over the
lifetime thereof.
Solvency II surplus
The excess of Eligible Own Funds on a regulatory basis over the SCR. This
represents the amount of capital available to the company in excess of that
required to sustain it in a 1-in-200 year risk event.
Solvency Capital Requirement (SCR)
The amount of Solvency II capital required to cover the losses occurring in a
1-in-200 year risk event.
Total shareholder return (TSR)
TSR is a measure used to compare the performance of different companies'
stocks and shares over time. It combines the share price appreciation and
dividends paid to show the total return to the shareholder.
Legal & General Group Plc
Half Year Results 2022 Part 3
Glossary
Page 105
Transitional Measures on Technical Provisions (TMTP)
This is an adjustment to Solvency II technical provisions to bring them into
line with the pre-Solvency II equivalent as at 1 January 2016 when the
regulatory basis switched over, to smooth the introduction of the new regime.
This will decrease linearly over the 16 years following Solvency II
implementation but may be recalculated to allow for changes impacting the
relevant business, subject to agreement with the PRA.
Yield
A measure of the income received from an investment compared to the price paid
for the investment. It is usually expressed as a percentage.
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