L&G deliver record figures as protection sales up 30% in Q3

It reported its total operational cash at £702m and assets under management at £91bn, up 5% on last year's figure.

Other highlights:

- Individual annuity sales up 10% to £350m (Q3 2011: £319m)

- Auto enrolment accelerating flows to pensions, Q3 net inflows £429m

- LGIM International net inflows £5.6bn (Q3 ytd 2011: £1.9bn)

- Total operational cash £702m, operational cash from divisions up £25m to £686m (Q3 ytd 2011: £661m)

- Net cash generation up £15m to £616m (Q3 ytd 2011: £601m)

Nigel Wilson, Group Chief Executive, said:

"Legal & General delivered record sales in Q3 and YTD, as we continue to see attractive opportunities for growth in each of our markets.  Our UK and US Protection franchises increased sales by 30% over the same quarter last year.  Success with Auto-enrolment has led to transfers of related schemes, and net pension inflows of £0.4bn in Q3. The international expansion of LGIM is accelerating, with £5.6bn net inflows YTD from international clients.  We have invested £900m to date in socially and economically beneficial infrastructure projects in the UK.

"Legal & General has delivered sustainable growth in cash and dividends.  We are starting to accelerate the evolution of our business; our aim now is to translate strong operating performance into strong earnings growth.

"Global economies are undergoing profound structural changes.  We have the solutions to meet gaps emerging from public and private deleveraging and the ambition to strengthen further our reach in protection, retirement solutions, fund management and infrastructure finance. Our businesses can grow, delivering more value for society, customers and shareholders."