Legal & General (L&G) has reported a jump in pre-tax profits as it eyes the acquisition trail following its purchase of Cofunds last year.
L&G's net cash pile has tripled since the financial crisis, growing from £320m in 2008 to £1bn in 2013.
It used some of that war chest to purchase platform Cofunds last year, and has already snapped up a US investment adviser so far this year.
Pre-tax profits at the group rose 10% last year to £1.13bn, helped by net inflows of £17bn including £9bn in LGIM and £8bn into Cofunds.
LGIM now has £450bn of AUM, up 11% from £406bn in 2012, lifted partly by rising equity markets. Operating profit for this side of the business rose 12% o £304m in 2013, up from £272m the year before.
Cofunds' - which L&G acquired last May - assets increased to £64bn with net inflows of £7.9bn, making it the UK's largest savings platform.
L&G said it is investing in the Cofunds platform to enhance its capabilities to take advantage of the significant growth it expects in this market over the coming years.
"The market is increasingly moving to digital tools to engage and attract customers and Cofunds will play an important role in offering the group this capability, in savings and other products," it said.
Annuity premiums grew by 78% to over £4bn,and L&G said it expects growth in 2014 to be driven by its bulk annuity and longevity insurance pension scheme de-risking solutions.
It expects the individual annuity market to remain subdued for at least the first half of 2014 and sees continued regulatory focus on this market.
Protection gross premiums were over £1.3bn.
Nigel Wilson, group chief executive, said: "Legal & General moved up another gear in 2013, delivering record financial results and accelerating growth across all areas.
"We have delivered significant outperformance during lean economic times and are building momentum as the economy recovers. "
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