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