L&G savings arm powers sales up 12%

Worldwide new business APE in Q1 was £433m, up from £388m in Q1 2010, with the savings part of the business reporting a 20% increase to £320m. Overall, the company also reported 18% growth in net cash generation to £212m and it is on target to deliver its £700m net cash target set in March. Meanwhile, total LGIM assets were up 8% to £356bn, with savings assets up 12% to £65bn. Although UK new business APE through IFAs was up from £156m to £166m, it was down as a percentage from 44% to 42%, with bancassurance and employee benefit consultants increasing their shares. Within savings, ...