L&G firms up Q3 results

9th Nov 2010 08:06

Legal & General has confirmed a 27% hike in worldwide sales for the first nine months of the year and says it's set to beat its full-year net cash target.Most of the numbers, including total worldwide new business of £466m in the three months to 30 September, were published last month, more than two weeks early after it sent them to analysts by mistake.The country's fourth-largest life insurer said today it had grown Annual Premium Equivalent (APE) sales for the year-to-date to £1.35bn. The investment management business reported net new business of £8.2bn, lifting funds under management by 10% to £342bn. Savings are up 43% to a record £961m and assets under administration are up 17% to £61bn.L&G generated net cash of £168m in the third quarter, making £526m for 2010 so far, which puts it on course to top its £600m target for the full-year."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," said chief executive Tim Breedon."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."