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L&G on track for record year

Legal & General Group continues to see great momentum in all its businesses and is on track for a record year for earnings and profits.

The group said it had experienced particularly strong growth in recent weeks and it remained strategically well placed to deliver strong, attractive growth and returns in its core markets.

In a trading update, the group said Legal & General Retirement had delivered total sales for 2017 to date of £6.2bn, with the business showing strong momentum in the UK and US institutional pension risk transfer markets, as well as in individual annuities and lifetime mortgages.

It said Legal & General Investment Management achieved total external net inflows of £38.1bn to the end of October.

Inflows were well-diversified by product line and geography.

It added: 'Our liability driven investments, active fixed and property funds delivered strong performances, and LGIM continues to be the market leader in defined benefit and defined contribution solutions in the UK, and a global market leader in LDI.'

It said Legal & General Capital had generated £256m of gross proceeds from transactions with a gross value of £821m to the end of October and had committed and invested £319m to new investments as it continued to recycle investments into new strategic UK real asset opportunities.

And it said Legal & General Insurance continued to benefit from its strong market shares in UK retail protection and US term assurance with total gross written premiums to the end of October up 6% to £2.1bn.

Chief executive Nigel Wilson said: "L&G is on track for a record year for earnings and profits.

'Our core business divisions are generating formidable momentum. With yesterday's announcement of the sale of our closed book, in run-off Mature Savings business for £650m, our business is now well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment.

'Our market leading positions and strong balance sheet, coupled with our management capability is allowing us to benefit from global growth opportunities.'

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