Legal & General set to beat annual cash targets: sales resilient; positive net fund flows in savings and investment management; balance sheet strong; outlook "confident".
01 November 2011
- OPERATIONAL CASH: UP 17% TO £736M (Q3 YTD 2010: £628M)
- NET CASH: UP 15% TO £631M (Q3 YTD 2010: £549M)
- LGIM ASSETS: £347BN (Q3 YTD 2010: £342BN)
- WORLDWIDE SALES: £1,338M (Q3 YTD 2010: £1,347M)
- £1.1BN BULK ANNUITIES DEAL COMPLETED DURING Q4
Tim Breedon, Group Chief Executive, said:
"This was another successful quarter from Legal & General, demonstrating that even in difficult markets our product mix, diversified distribution and operational strength enables us to deliver strong sales, expand our distribution, and beat our cash targets.
"Sales are up in Protection, Savings and International, and our Annuities business has just announced the market’s largest BPA deal at £1.1bn which will be reported in next quarter’s numbers. LGIM attracted £25bn in gross new funds, and its product mix, with growth in Liability Driven Investment and Internationally-sourced funds, continues to strengthen and to diversify - we are reaping the benefits of rising individual and corporate prudence in the UK as the move from indebtedness to saving continues.
"Our strong cash generation means we can fund new business growth whilst increasing our balance sheet strength and at the same time supporting a growing dividend. We are therefore confident we can continue to grow from a position of strength, capitalising on new opportunities despite volatile markets and challenging economic conditions."
For the full, 10-page report, please click here. (PDF: 134K)
Notes to editors
Wadham Downing Group Financial Controller 020 3124 2120
Andrew Jones Head of Group Financial Reporting 020 3124 2054
John Godfrey Group Communications Director 020 3124 2090
Richard King Head of Media Relations 020 3124 2095
Mal Patel Tulchan Communications 020 7353 4200
A copy of this announcement can be found in “Results”, under the “Financial information” section of our shareholder website at http://www.legalandgeneralgroup.com/investors/results.cfm.
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FINANCIAL CALENDAR 2011
Preliminary Results 2011: 7 March 2012
Q1 Interim Management Statement: 3 May 2012
FORWARD LOOKING STATEMENTS
This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal &
General’s control, including, among others, UK domestic and global economic and business conditions, market related
risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental
authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or
combinations within relevant industries. As a result, Legal & General Group’s actual future condition, performance and
results may differ materially from the plans, goals and expectations set out in these forward-looking statements and
persons reading this announcement should not place reliance on forward-looking statements. These forward-looking
statements are made only as at the date on which such statements are made and Legal & General Group Plc does not
undertake to update forward-looking statements contained in this document or any other forward-looking statement it
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t: 020 7353 4200
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About Legal & General
Legal & General Group Plc. Registered in England. Registered Number: 1417162. Registered Office: One Coleman Street, London EC2R 5AA.
Legal & General Group Plc is a holding company, subsidiary undertakings of which are fully authorised as appropriate under the Financial Services and Markets Act in respect of their investment activities in the UK.
© Legal & General Group Plc 2011