(LGEN.L) Legal & General Group PLC Buy/Sell

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Author	Garbled View Profile \| Add to favourites \| Ignore
Date posted	2009-11-03 07:29
Subject	L&G ahead of target
Opinion	Strong BUY
Votes for this Posting	Voted 5 times. Voted 1 time.
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Insurer Legal & General said today it achieved its 2009 net cash target three months early. £461m net cash was generated in 9 months to end-September, ahead of the £450m net cash generation target for the full-year. The group reported its £50m annualised cost reduction target for 2009 was achieved within 9 months. Worldwide new business was down 7% to £1.058bn (2008: £1.137bn). Investment management saw gross new funds of £24.3bn, while LGIM assets under management was £311bn, with net inflows of £12.2bn so far. UK Risk new business APE was down 23% to £293m and non-profit annuity assets under management was £21bn, with net inflows of £0.7bn. UK Savings new business APE was up 1% to £673m and savings assets under administration was £52bn, with net inflows of £1.4bn. International new business was up 2% to £92m. L&G had an estimated IGD surplus £2.5bn (coverage ratio 196%) at end-September. Tim Breedon, Group CEO, said: 'In March I set out our intention to accelerate the net cash generation of the Group. We set targets to deliver £450m of net cash and £50m of annualised cost savings in 2009. We have already exceeded both these targets. 'In the first nine months of 2009, new business sales were good. LGIM continues to receive strong new business flows and has £311bn of funds under management. Protection sales, down 16%, have proved resilient to a weakened UK housing market. Reduced pensions buyout scheme tenders and increased competition in recent months have limited attractive pensions buyout opportunities, although individual annuity sales are up 35%. In Savings we have continued our move towards SIPPs and Unit Trusts. Total savings sales are up 1% year on year. International sales are 2% ahead with trading in India on schedule to commence in November. 'Confidence is slowly returning to the economy. We see modest recovery in the UK going forward. The actions we have taken this year mean that our businesses are well placed to capitalise on future market growth and continue to deliver strong net cash generation
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