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Legal & General sees growth in all divisions

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Legal & General has seen growth in all divisions of its business in quarter three 2014, according to the firm’s latest interim management statement.

Operational cash is up eight per cent to GBP844 million (Q3 YTD 2013: GBP780m), while net cash is up 12 per cent to GBP827 million (Q3 YTD 2013: GBP740m).
 
Nigel Wilson, group chief executive, says: "We are growing our revenues, operating profit, customers and net cash and are continuing to deliver strong ROE.
 
"LGR completed a record GBP3.9 billion of annuity sales in the nine months to September, which coupled with an internal transfer in Q3, increased total annuity transactions to GBP5.8 billion. Of this, only around GBP0.5 billion was from the individual annuity market. To date in Q4, LGR has secured a further GBP0.8 billion of bulk premium and our immediate pipeline gives us high confidence in writing around GBP8 billion in total annuity transactions for the full year, double our total annuity premium for 2013.
 
"Over the last year LGIM's total assets increased by GBP82 billion from GBP594 billion to GBP676 billion. International assets now exceed GBP86 billion, and have trebled in the last four years. We experienced net outflows in our UK index business, these were more than offset by strong demand for our market leading LDI strategies.
 
"Our UK Insurance businesses delivered another strong performance, with Retail Protection growing its sales by 18 per cent. Workplace Savings passed the GBP10 billion AUA milestone and Cofunds AUA in the last year increased by GBP11 billion to GBP69 billion.
 
"Direct investments total GBP4.6 billion and we are committed to our GBP15 billion target over the medium term. CALA, LGC's principal investment in UK house building, achieved record profits and is on track to treble its sales to GBP800 million by 2016.
 
"We remain confident in our ability to deliver economically and socially useful products for our customers and strong and sustainable growth for our shareholders. Recent market volatility is a reminder of the on-going market uncertainty that still exists and whilst no model can be completely immunised, we believe our strategy creates a high degree of resilience."

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