Legal & General Group Plc L&G FY 2014 results -11-
04 März 2015 - 8:02AM
UK Regulatory
1. Solutions includes liability driven investments and multi-asset funds.
2. Overlay assets comprise derivative notionals associated with Solutions
business.
3. External net flows exclude movements in overlay assets which have
a short maturity period as determined by client agreements and are subject
to a higher degree
of variability. The total value of these assets at 31 December 2014
is GBP46.5bn and the movement in these assets is included in market
and other movements for
overlay assets.
4. Cash management movements include external holdings in money market
funds and other cash mandates held for clients' liquidity management
purposes.
5. International assets include GBP37.5bn of assets transferred from
our London office to our Chicago office.
Active
Index fixed Solu- Active Total Overlay Total
For the year ended funds income tions(1) Property equities AUM assets(2) assets
31 December 2013 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
As at 1 January
2013 243.2 82.2 64.0 8.9 7.7 406.0 136.7 542.7
External inflows 31.3 8.7 8.6 1.0 0.1 49.7 49.7
---------
External outflows (31.8) (2.7) (5.2) (0.3) (0.4) (40.4) (40.4)
Overlay net flows - - - - - - 11.2 11.2
External net flows(3) (0.5) 6.0 3.4 0.7 (0.3) 9.3 11.2 20.5
Internal net flows 0.7 (1.7) 0.8 0.2 (0.2) (0.2) - (0.2)
Total net flows 0.2 4.3 4.2 0.9 (0.5) 9.1 11.2 20.3
Cash management - - - - - - - -
movements(4)
Market and other
movements(3) 26.4 2.9 2.2 1.5 1.4 34.4 14.2 48.6
As at 31 December
2013 269.8 89.4 70.4 11.3 8.6 449.5 162.1 611.6
Assets attributable
to:
External 370.2 162.1 532.3
Internal 79.3 - 79.3
Assets attributable
to:
UK 390.3 160.1 550.4
International 59.2 2.0 61.2
1. Solutions includes liability driven investments
and multi-asset funds.
2. Overlay assets comprise derivative notionals associated with Solutions
business.
3. External net flows exclude movements in overlay assets which have
a short maturity period as determined by client agreements and are subject
to a higher degree
of variability. The total value of these assets at 31 December 2013
is GBP32.8bn and the movement in these assets is included in market
and other movements for
overlay assets.
4.Cash management movements include external holdings in money market
funds and other cash mandates held for clients' liquidity management
purposes.
Assets and premium flows 56
3.01 Legal & General investment management assets (continued)
12 12
months months
to to
31.12.14 31.12.13
GBPbn GBPbn
LGIM total assets net
flows 7.6 20.3
Attributable to:
International(1) 8.5 15.8
UK Institutional (1.5) 5.8
UK Retail(2) 0.8 0.4
Annuities(3) 2.5 1.4
Mature Businesses (2.7) (3.1)
1. 2013 International net flows includes GBP2.9bn of Legal & General
France assets.
2. 2014 UK Retail net flows include GBP0.7bn of assets previously managed
externally.
3. Pension funds already managed by LGIM that switch into LGR annuities
are excluded.
Assets and premium flows 57
3.02 Legal & General investment management assets quarterly progression
Active
Index fixed Solu- Active Total Overlay Advisory Total
For the year ended funds income tions(1) Property equities AUM assets(2) assets assets
31 December 2014 GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
At 1 January 2014 269.8 89.4 70.4 11.3 8.6 449.5 162.1 - 611.6
External inflows 4.7 1.4 2.1 0.3 - 8.5 8.5
--------- --------
External outflows (5.7) (0.5) (1.2) (0.1) - (7.5) (7.5)
Overlay net flows - - - - - - 5.2 - 5.2
External net flows(3) (1.0) 0.9 0.9 0.2 - 1.0 5.2 - 6.2
Internal net flows 0.1 2.0 0.3 0.5 (0.1) 2.8 - - 2.8
Total net flows (0.9) 2.9 1.2 0.7 (0.1) 3.8 5.2 - 9.0
Cash management - - - - - - - - -
movements(4)
Market and other
movements(3) 1.5 2.9 4.9 (0.1) 0.1 9.3 1.0 - 10.3
At 31 March 2014 270.4 95.2 76.5 11.9 8.6 462.6 168.3 - 630.9
External inflows 5.8 1.5 2.6 0.3 0.1 10.3 10.3
--------- --------
External outflows (13.4) (1.4) (0.9) (0.1) (0.1) (15.9) (15.9)
Overlay / advisory
net flows - - - - - - 7.1 0.1 7.2
External net flows(3) (7.6) 0.1 1.7 0.2 - (5.6) 7.1 0.1 1.6
Internal net flows 0.1 (1.3) 0.7 0.2 (0.1) (0.4) - - (0.4)
Total net flows (7.5) (1.2) 2.4 0.4 (0.1) (6.0) 7.1 0.1 1.2
Acquisition of GIA
assets - - - - - - - 13.4 13.4
Cash management
movements(4) - 0.2 - - - 0.2 - - 0.2
Market and other
movements(3) 5.8 3.0 (0.7) 0.5 (0.3) 8.3 (0.5) 0.2 8.0
At 30 June 2014 268.7 97.2 78.2 12.8 8.2 465.1 174.9 13.7 653.7
External inflows 5.4 1.0 1.3 0.3 - 8.0 8.0
--------- --------
External outflows (8.6) (0.8) (1.4) (0.2) - (11.0) (11.0)
Overlay / advisory
net flows - - - - - - 2.5 - 2.5
External net flows(3) (3.2) 0.2 (0.1) 0.1 - (3.0) 2.5 - (0.5)
Internal net flows (0.2) (0.9) 0.1 (0.1) (0.1) (1.2) - - (1.2)
Total net flows (3.4) (0.7) - - (0.1) (4.2) 2.5 - (1.7)
Cash management
movements(4) - (0.7) - - - (0.7) - - (0.7)
Market and other
movements(3) 5.2 1.7 9.5 0.4 (0.2) 16.6 7.9 0.5 25.0
At 30 September
2014 270.5 97.5 87.7 13.2 7.9 476.8 185.3 14.2 676.3
External inflows 6.9 1.6 1.6 0.5 - 10.6 10.6
--------- --------
External outflows (11.4) (1.1) (3.1) (0.1) - (15.7) (15.7)
Overlay / advisory
net flows - - - - - - 4.0 (0.3) 3.7
External net flows(3) (4.5) 0.5 (1.5) 0.4 - (5.1) 4.0 (0.3) (1.4)
Internal net flows 0.3 (0.3) 0.2 0.1 0.2 0.5 - - 0.5
Total net flows (4.2) 0.2 (1.3) 0.5 0.2 (4.6) 4.0 (0.3) (0.9)
Cash management
movements(4) - (1.1) - - - (1.1) - - (1.1)
Market and other
movements(3) 8.5 7.2 12.3 (0.1) 0.1 28.0 5.3 0.9 34.2
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