Thursday, 01 November 2012 10:25
Auto-enrolment helps L&G see strong Q3 results
Legal & General has seen its workplace pension sales grow by 189 per cent to £159m year-on-year, according to its third quarter results today.
This is up from £55m in the third quarter of 2012 and the firm said it was due to schemes won during previous periods being transferred onto the Worksave platform.
This platform has 248,000 customers and net inflows of 0.4bn which saw assets under administration reach £5.3bn.
The firm's auto-enrolment solution has been selected by firms such as Alliance Boots, Marks and Spencer and Sainsburys.
UK protection sales rose by 30 per cent from £43m to £56m while annuities have risen by 117 per cent from £35m to £76m.
Legal & General Investment Management, a sponsor of the Institute of Financial Planning, saw net inflows rise from £3.6bn to £4.6bn, a 28 per cent rise. LGIM assets under management were up five per cent from £371bn to £391bn.
Nigel Wilson, group chief executive, said: "Legal & General delivered record sales in Q3 and year to date, as we continue to see attractive opportunities for growth in each of our markets.
"Successs with auto-enrolment has led to transfers of related schemes and net pension inflows of £0.4bn in Q3.
"We have 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."
This is up from £55m in the third quarter of 2012 and the firm said it was due to schemes won during previous periods being transferred onto the Worksave platform.
This platform has 248,000 customers and net inflows of 0.4bn which saw assets under administration reach £5.3bn.
The firm's auto-enrolment solution has been selected by firms such as Alliance Boots, Marks and Spencer and Sainsburys.
UK protection sales rose by 30 per cent from £43m to £56m while annuities have risen by 117 per cent from £35m to £76m.
Legal & General Investment Management, a sponsor of the Institute of Financial Planning, saw net inflows rise from £3.6bn to £4.6bn, a 28 per cent rise. LGIM assets under management were up five per cent from £371bn to £391bn.
Nigel Wilson, group chief executive, said: "Legal & General delivered record sales in Q3 and year to date, as we continue to see attractive opportunities for growth in each of our markets.
"Successs with auto-enrolment has led to transfers of related schemes and net pension inflows of £0.4bn in Q3.
"We have 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."
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