LONDON (Alliance News) - Legal & General Group PLC on Wednesday said external net flows into its Legal & General Investment Management business surged in the third quarter and said its assets under management rose, while trading across the rest of the business also proved positive.
The FTSE 100-listed life insurer and investment manager said the LGIM business saw external net inflows rise to GBP21.7 billion in the quarter to the end of September, sharply higher than the GBP8.3 billion in flows it reported a year earlier.
Total assets under management for LGIM increased to GBP717.0 billion at the end of September, from GBP662.1 billion a year earlier.
Elsewhere, annuity assets for the group rose by 8.0% to GBP43.1 billion from GBP39.9 billion a year earlier, while UK protection premiums increased 3.0% to GBP1.11 billion from GBP1.08 billion.
Savings assets under administration rose to GBP104.9 billion in total, up from GBP102.7 billion.
The strong performance meant the group net cash generation in the quarter rose 14% to GBP943.0 million from GBP827.0 million a year earlier, while its operational cash generation increased to GBP936.0 million from GBP844.0 million.
"Legal & General's scale and growing international business, coupled with strategic clarity and financial discipline, has driven a strong performance, particularly in our asset management businesses, resulting in net cash up 14% at GBP943 million," said Chief Executive Nigel Wilson.
"External political and regulatory uncertainties remain, but we believe that by aligning our strategy to macro trends we have created a high degree of resilience in our business model and are well positioned for further growth," Wilson added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Legal & General (LGEN)
