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LGIM assets up 8% to GBP356bn in Q1

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Legal & General Investment Management (LGIM) has seen assets increase 8 per cent to GBP356bn in Q1 2011, according to figures released by the company.

LGIM wrote GBP10.5bn of gross new business over the first three months of the year, broadly in line with the corresponding period last year. Within this total, LGIM’s Liability Driven Investments (LDI) continued to grow with GBP2.0bn of gross inflows, up from GBP0.2bn in Q1 2010.

The Savings business was also successful in generating positive net inflows of £0.6bn in Q1 2011 (Q1 2010: £0.6bn), increasing assets under administration to £65bn.

In Risk, protection premiums were up 7% to £300m benefiting from growth in new business and management of persistency. Despite slower annuity new business, annuity assets were up 9% to £25bn.

The company says that an increasing proportion of new business is now derived from overseas clients. In Q1 2011 gross fund flows of £2.4bn, representing 22% of total gross inflows (FY 2010: £6.1bn representing 18% of total gross inflows) were from outside of the UK.

Tim Breedon (pictured), Legal & General Group Chief Executive, says: “LGIM delivered nearly GBP11bn of gross new business and positive net flows of GBP2.0bn. Momentum in Savings continued with 20% growth in sales and positive net flows of GBP0.6bn. As expected, growth returned to the protection business with sales up 14% and in-force premiums up 7%. Annuity sales were down in the face of weaker market volumes.
“Elsewhere, we are continuing to make good progress on a number of key projects. The US capital management programme is proceeding to plan and international new business in LGIM is ahead of our plans. Roll out of our workplace savings platform continues with a number of large UK companies deciding to move their pension arrangements to Legal & General. Our Retail Distribution Review project is entering its implementation phase with a number of business partners signed up for post-RDR distribution agreements.
“We are very confident about the Group’s prospects for 2011 and beyond.”

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