Business
L&G on track for a record year in 2017
L&G on track for a record year in 2017.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n \nRNS Number : 6258Y Legal & General Group Plc 07 December 2017 \n\nLegal & General Group plc\n7 December 2017\nLegal & General on track for a record year in 2017 \n \nLegal & General Group Plc (\"L&G\") today updates on its trading performance.\n \nL&G continues to see great momentum in all its businesses in the year to date and has experienced particularly strong growth in recent weeks. We remain strategically well placed to deliver strong, attractive growth and returns in our core markets.\n \nLegal & General Retirement (\"LGR\") has delivered total sales for 2017 to date1 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. \n \nAnnuity sales generated £4.5bn of annuity premium, consisting of: £3.3bn of UK institutional pension risk transfer business, $0.7bn of US institutional pension risk transfer business and £0.6bn of UK retail annuities. We have doubled our institutional pension risk transfer business in the US versus 2016 and have now written over $1.6bn of US business since entering the market. LGR sales for 2017 to date also include £0.8bn of longevity insurance.\n \nWe have significantly outperformed the market in the retail space, with UK individual annuity premiums up 93%, equivalent to a 14% market share. We have written over £0.9bn of lifetime mortgage advances, an increase of 71%, and our innovative, digital lifetime mortgage business now has a leading 35% market share. \n \nOur UK and US pipeline for pension risk transfer is the largest it has ever been. Additionally we expect the UK's ageing demographic and extensive use of cash drawdowns to make the lifetime mortgage market increasingly attractive.\n \nLegal & General Investment Management (\"LGIM\") achieved total external net inflows of £38.1bn to the end of October. Inflows were well-diversified by product line and geography. Our liability driven investments (\"LDI\"), 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.\n \nBy the end of October, International net inflows were £26.1bn, wi...