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Legal & General sees growth in savings and investment management businesses

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Legal & General’s UK savings division added GBP879m of new business in 2008, down two per cent on 2007, while its investment management business added GBP33.1bn of gross new funds c

Legal & General’s UK savings division added GBP879m of new business in 2008, down two per cent on 2007, while its investment management business added GBP33.1bn of gross new funds compared with GBP54.4bn in 2007.

Unit trust and ISA sales were up 42 per cent, while unit linked bond sales were down 48 per cent.

Tim Breedon, group chief executive (photo), says: ‘Our sales performance has been good in a tough environment. In quarter four we have increased risk and savings sales compared to quarter three, and attracted GBP5bn of gross inflows into investment management.

 ‘Legal & General’s capital and cashflow position remains robust, and our significant surplus gives confidence to our customers, underpins returns to investors, and enables us to build the business even through volatile markets.

‘The challenges of recent months look set to continue in 2009 – but there will be opportunities for growth. We have the confidence to continue to grow and develop our business profitably and invest for the future.’

Legal & General’s UK risk and savings businesses generated combined APE new business of GBP1,367m, an increase of three per cent on 2007. Worldwide APE new business was GBP1,486m, also up three per cent.

Its institutional investment management business added GBP33.1bn of gross new funds during 2008 (GBP54.4bn in 2007 including one off transfers of GBP20.3bn from clients of Hermes). L&G says gross sales were significantly ahead of its long-term average of GBP18bn per annum over the last ten years.

Retail investments were up 42 per cent to £229m (GBP161m in 2007).

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