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Legal & General builds further scale in key markets

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Legal & General’s Q1 interim management statement shows the company is in a ‘strong position’ in its chosen markets, according to Group Chief executive, Tim Breedon.

L&G has reported operational cash generation of GBP249m (GBP245m, Q1, 2011), net cash generation of GBP210m (£209m, 2011). LGIM’s assets meanwhile, are up to GBP383 billion from GBP371 billion in Q1 2011, and risk sales are up eight per cent to GBP78 million.

“Despite the challenging economic backdrop LGIM delivered positive net flows of £2.6bn, up 29% on Q1 2011, and now has assets under management of £383bn,” says Breedon. “Risk has achieved sales growth of 8% as consumers seek to protect their families and to secure their retirement incomes. Our International operation had a strong quarter with sales of £56m, 37% above Q1 2011. However, Savings has been affected by lower consumer confidence and disposable income, and as a result APE is down 6% to £300m.

“Our workplace savings model is proving attractive to employers. In the first quarter, we secured 31 new scheme mandates, three of which have potential members of 15,000 each. Total new mandates provide us with a potential 415,000 scheme members after auto enrolment.

“We continue to evolve our model both in the UK and in International markets and our diverse product range and broad distribution position us to respond well to regulatory changes. Although we expect market conditions to remain challenging, we remain confident in our ability to continue delivering growth in scale together with substantial cash generation in 2012 and beyond.”
 

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