Legal & General generates 'record' cash as pension freedom strategy pays off

Carmen Reichman
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Legal & General (L&G) has generated a 'record' £330m in cash in the first quarter of the year as changes to its business following the pension reforms paid off.

The group's operational cash income, driven by its assets under management and its premiums, was up 11% year on year in the first three months of 2015. The firm's investment management arm saw a 17% growth in assets, from £630.9bn in Q1 2014 to £736.8bn in the first quarter of this year, with revenues up 13% to £170m. Net inflows onto adviser platform Cofunds were down by a half to £0.7bn (Q1 2014: £1.5bn) but assets were up 16% year on year at £76.0bn. Individual annuity sales were down 60%, from £244m to £99m, following the Budget changes, which allowed savers unfettered access t...

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