Legal & General delivers 18% growth in net cash generation and 12% growth in new business volumes.
04 May 2011
- Operational cash generation up 25% to £248M (Q1 2010: £198M)
- Net cash generation up 18% to £212M (Q1 2010: £179M)
- Worldwide sales up 12% to £433M (Q1 2010: £388M)
- LGIM assets up 8% to £356BN, savings assets up 12% to£65BN
Tim Breedon, Group Chief Executive, said:
“At our preliminary results presentation in March, we commented that, for Legal & General, increasing net cash generation and growth in the business are not mutually exclusive. Today’s results further demonstrate that point with 18% growth in net cash generation and 12% growth in worldwide sales. We are ahead of our plans to generate £700m of net cash in 2011.
“LGIM delivered nearly £11bn of gross new business and positive net flows of £2.0bn. Momentum in Savings continued with 20% growth in sales and positive net flows of £0.6bn. 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.”
Notes to editors
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.
There will be a teleconference at 10.00 BST (05.00 EST). Investors should dial + 44 (0)20 3140 0722. No passcode is required.
|Financial calendar 2011||Date|
|Annual General Meeting||25 May 2011|
|Payment of 2010 final dividend||1 June 2011|
|Half Year Results 2011||3 August 2011|
Forward looking statements
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About Legal & General
Legal & General Group Plc.
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Registered in England. Registered Number: 1417162.
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