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LGIM assets under management rise by ten per cent

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Legal & General Investment Management’s assets under management rose by ten per cent to GBP342bn during the first nine months of 2010.



In the first nine months, 18 per cent of LGIM gross sales were to non pension clients and 13 per cent of gross sales were to international clients.

LGIM new business volumes of GBP26.5bn in the nine months to September were up 15 per cent on the same period last year. Net new business in the period was GBP8.2bn. Revenue for the period was up 24 per cent. Funds under management at the end of September were GBP342bn up from GBP320bn at the end of June.

The group generated GBP526m of net cash in the first nine months and it is ahead of its plans to deliver GBP600m of net cash in 2010. Worldwide sales of GBP1.3bn in the first nine months of 2010 are nearly as much as in the whole of 2009.

Tim Breedon, group chief executive, says: “We are optimistic about the group’s medium term growth prospects. We see strong organic growth opportunities across our risk, savings and investment management franchises where we have built market leading positions. This, coupled with the opportunities to export our investment management and bancassurance models into new markets, puts the group in an excellent position for the future.”

During the third quarter Legal & General generated GBP168m of cash, the sixth consecutive quarter the group has delivered in excess of GBP150m, demonstrating. At the end of September the group has delivered GBP526m of cash and, consequently, it is ahead of its full year plan to deliver GBP600m of cash this year.

Total APE sales of GBP1,347m were 27 per cent higher than sales in the first nine months of 2009. Investment management continues to deliver strong new business results with GBP27.6bn of gross new business in the first nine months and GBP8.2bn of net new business. Savings growth continues with a 43 per cent increase in APE sales to GBP961m, more than in the whole of 2009. Individual annuities sales of GBP91m are 12 per cent higher than the corresponding period last year, bulk annuity sales are in line with recent trends.

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