REG - Legal & General Grp - L&G Q1 2015 IMS <Origin Href="QuoteRef">LGEN.L</Origin> - Part 2
15/07/2015 16:12
- Part 2: For the preceding part double click ID:nRSF2758Ma
(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 2014: £168.3bn; Q2 2014: £174.9bn; Q3 2014: £185.3bn) of derivative notionals associated with the Solutions business.
2. External net flows exclude movements in short term 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 is £46.5bn (Q1 2014: £33.8bn; Q2 2014: £33.3bn; Q3 2014: £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.
Legal & General investment management total assets quarterly progression (continued)
3 3 3 3
months months months months
to to to to
31.12.14 30.09.14 30.06.14 31.03.14
£bn £bn £bn £bn
Total assets attributable to:
External1 618.5 591.5 570.3 547.8
Internal 90.0 84.8 83.4 83.1
Total assets attributable to:
UK 579.7 589.8 570.8 564.9
International1 128.8 86.5 82.9 66.0
1. Total assets at 31 December 2014 include £14.8bn of advisory assets (Q1 2014: £nil; Q2 2014: £13.7bn; Q3 2014: £14.2bn).
Legal & General investment management total external Assets Under Management net flows
quarterly progression
3 3 3 3
months months months months
to to to to
31.12.14 30.09.14 30.06.14 31.03.14
£bn £bn £bn £bn
LGIM total external AUM net flows1 (0.8) (0.2) 1.9 6.6
Attributable to:
International 1.6 1.3 2.4 3.4
UK Institutional
-Defined contribution 0.9 0.7 0.5 0.6
-Defined benefit (3.6) (2.2) (1.2) 2.3
UK Retail 0.3 - 0.2 0.3
1. Extermal net flows exclude movements in short term overlay assets, with maturity as determined by client agreements and cash management movements.
Assets under administration
Digital LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nethe- Work- Invest-
For the three months Platforms1 Life Savings3,4 ment5 Savings rlands place ments6 Annuities
ended 31 March 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 inflows2 1.9 0.3 0.3 - 2.5 0.1 0.6 1.5 0.7
Gross outflows (1.2) (0.1) (0.9) 0.2 (2.0) (0.1) (0.1) (1.6) -
Payments to pensioners - - - - - - - - (0.5)
Net flows 0.7 0.2 (0.6) 0.2 0.5 - 0.5 (0.1) 0.2
Market and other
movements 3.4 0.3 0.7 (0.4) 4.0 (0.1) 1.4 1.2 1.2
At 31 March 2015 76.0 8.2 36.1 (7.1) 113.2 4.3 13.0 22.4 45.6
1. Platforms include Investor Portfolio Services (IPS) and Cofunds.
2. Platforms gross inflows include Cofunds institutional net flows. Total Q1 2015 Platforms comprise £38.8bn (Q1 2014: £36.6bn) of retail assets and £37.2bn (Q1 2014: £29.0bn) of assets held on behalf of institutional clients.
3. Mature Retail Savings products include with-profits products, bonds and retail pensions.
4. Total AUA at 31 March 2015 include £2.7bn of assets relating to Legal & General International (Ireland) Limited, which is contracted for sale to Canada Life Group during the second quarter of 2015, subject to regulatory approval.
5. Consolidation adjustment represents Suffolk Life and Retail Savings assets included in the Platforms column.
6. Q1 2015 Retail Investments include £1.8bn (Q1 2014: £1.6bn) of LGIM unit trust assets held on our Cofunds platform and £3.4bn (Q1 2014: £3.2bn) of LGIM unit trust assets held on our IPS platform.
Assets under administration quarterly progression
Digital LGIM
Consol- France
Mature idation and Retail
Suffolk Retail adjust- Total Nether- Work- Invest-
For the year ended Platforms1 Life Savings3 ment4 Savings lands place ments5 Annuities
31 December 2014 £bn £bn £bn £bn £bn £bn £bn £bn £bn
At 1 January 2014 64.1 6.6 36.3 (6.8) 100.2 4.5 8.7 20.5 34.4
Gross inflows 2.6 0.3 0.4 (0.1) 3.2 0.1 0.7 1.0 3.3
Gross outflows (1.1) (0.1) (1.1) 0.2 (2.1) (0.1) (0.2) (0.9) -
Payments to pensioners - - - - - - - - (0.5)
Net flows 1.5 0.2 (0.7) 0.1 1.1 - 0.5 0.1 2.8
Market and other
movements - 0.1 0.5 (0.1) 0.5 (0.1) (0.1) 0.2 1.1
At 31 March 2014 65.6 6.9 36.1 (6.8) 101.8 4.4 9.1 20.8 38.3
Gross inflows2 2.2 0.3 0.3 (0.1) 2.7 0.1 0.6 0.9 0.2
Gross outflows (1.2) (0.1) (1.1) 0.2 (2.2) (0.1) (0.1) (1.5) -
Payments to pensioners - - - - - - - - (0.5)
Net flows 1.0 0.2 (0.8) 0.1 0.5 - 0.5 (0.6) (0.3)
Market and other
movements 0.8 0.1 0.6 - 1.5 0.1 (0.1) 0.4 0.5
At 30 June 2014 67.4 7.2 35.9 (6.7) 103.8 4.5 9.5 20.6 38.5
Gross inflows2 2.8 0.4 0.4 (0.2) 3.4 0.1 0.7 1.2 0.4
Gross outflows (1.3) (0.2) (1.2) 0.2 (2.5) (0.1) (0.2) (1.3) -
Payments to pensioners - - - - - - - - (0.6)
Net flows 1.5 0.2 (0.8) - 0.9 - 0.5 (0.1) (0.2)
Market and other
movements 0.1 0.1 0.4 (0.1) 0.5 (0.1) 0.1 0.2 1.6
At 30 September 2014 69.0 7.5 35.5 (6.8) 105.2 4.4 10.1 20.7 39.9
Gross inflows2 2.5 0.3 0.3 (0.1) 3.0 0.1 0.8 1.3 2.6
Gross outflows (1.1) (0.1) (1.0) 0.1 (2.1) (0.1) (0.1) (1.1) -
Payments to pensioners - - - - - - - - (0.5)
Net flows 1.4 0.2 (0.7) - 0.9 - 0.7 0.2 2.1
Market and other
movements 1.5 - 1.2 (0.1) 2.6 - 0.3 0.4 2.2
At 31 December 2014 71.9 7.7 36.0 (6.9) 108.7 4.4 11.1 21.3 44.2
1. Platforms include Investor Portfolio Services (IPS) and Cofunds.
2. Platforms gross inflows include Cofunds institutional net flows. Total 2014 Platforms comprise £38.3bn (Q1 2014 £36.6bn; Q2 2014: £37.3bn; Q3 2014: £37.4bn) of retail assets and £33.6bn (Q1 2014: £29.0bn; Q2 2014: £30.1bn; Q3 2014: £31.6bn) of assets held on behalf of institutional clients.
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. 2014 Retail Investments include £1.7bn (Q1 2014: £1.6bn; Q2 2014: £1.5bn; Q3 2014: £1.6bn) of LGIM unit trust assets held on our Cofunds platform and £3.2bn (Q1 2014: £3.2bn; Q2 2014: £3.2bn; Q3 2014: £3.2bn) of LGIM unit trust assets held on our IPS platform.
LGR new business
3 3 3 3 3
months months months months months
to to to to to
31.03.15 31.12.14 30.09.14 30.06.14 31.03.14
£m £m £m £m £m
Individual Annuities 99 83 125 139 244
Bulk Purchase Annuities 655 2,619 233 90 3,045
Total LGR new business 754 2,702 358 229 3,289
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