Legal & General IM reports £21.7bn in H1 inflows

Legal & General Investment Management experienced net inflows of £21.7 billion (€24 billion) in the first half of this year, more than double that of the first half of 2016.

The strong inflows helped drive a 31% increase in international assets under management to £198.3 billion and a 13% increase in total assets under management to £951.1 billion.

Operating profit for the investment arm of Legal & General rose 13% to £194 million.

The London-headquarters reported a group-wide 27% rise in operating profit, ahead of expectations, to £988 million for the first half.

The rise in group profits was helped by a drop in life expectancy, which has allowed the firm to release reserves against mortality risk.

Profit from the general insurance arm of the business fell, however, 52% from £31 million to £15 million.

Mark Zinkula, chief executive at LGIM, said: “We once again experienced positive asset flows across almost all channels, regions and investment areas in the first six months of 2017, which illustrates the breadth of LGIM’s business model.

“In addition to being the largest manager of defined benefit and defined contribution assets in the UK, our retail business continues to gain market share, ranking first in net sales during the second quarter.”

©2017 funds europe

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