Positive Points: The insurer reported growth in all of its principal business areas. In total, LGIM achieved net inflows of £3.1 billion in the quarter helping to increase LGIM assets under management to £443 billion. The insurer has pursued a strategy of bolt on acquisitions, the most recent of which was the £151 million purchase of annuity firm Lucida. Other acquisitions in the year to date include Cofunds, an online investment platform, and a stake in Cala homes. Cofunds achieved net inflows of £3.3 billion in Q3, and as a result, assets under management on the platform increased to £58.3 billion. Gross inflows from International clients were £6.9 billion and helped to advance international assets to £57 billion.
6 Nov '13
Negative Points: The group lacks the scale of Asian geographical exposure currently enjoyed by rival Prudential. Asian and Emerging Market economies have been growing faster than Western counterparts. Changes in regulation or legislation may have a detrimental effect on the group's strategy or profitability. In line with the broader industry, there are risks arising from exposure to bond markets, movements in interest rates, along with foreign currency exchange rate fluctuation.
6 Nov '13
Financial Highlights: Total gross inflows in the quarter were up 71% to £15.4 billion (Q3 2012 - £9 billion). Legal & General said operational cash generation was up 11% to £780 million in the first nine months of the year. Year-to-date annuity premiums were up 174% to £3.7 billion. Overall, assets under management rose 2.3% to £443 billion.
6 Nov '13
Third quarter interim management statement: Legal & General reported another strong quarter with all divisions contributing to growth. Within its investment arm LGIM, gross inflows swelled to £15.4 billion in the quarter, a 71% increase year-on-year. Year to date gross LGIM inflows were up 65% to £42.1 billion, putting total assets under management at £443 billion. Gross inflows from International clients were £6.9 billion with strong inflows seen from the Gulf, US and Europe, including adding £2.9 billion of assets from Legal & General France (LGF). International assets now total £57 billion. The insurer's retail business continued to benefit from the growth in retail passive funds, due to greater pricing transparency following the implementation of the Retail Distribution Review (RDR) and pricing action taken earlier in the year, it added in a statement. Elsewhere, Legal & General Retirement segment (LGR) said year-to-date annuity premiums rose to £3.7 billion from £1.3 billion last year. Nigel Wilson, Group CEO, said: "Another strong quarter for Legal & General with gross inflows and premiums well ahead of 2012. All divisions contributed to our broad-based growth. We are executing well and at pace; four acquisitions have been successfully completed and net cash is up 20%"
5 Nov '13
Looks like jockey has been romancing the results at a foam party. Will bounce so good time to buy. Expect 250 early q1 14
23 Oct '13
i bought here in 2008 after a few weeks and sold my mistake , enjoy your returns qpp next
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