Legal & General Group Plc CEO Nigel Wilson said the company is on track for a "record year for earnings and profits," citing strong momentum in all its businesses year-to-date.
Unit Legal & General Retirement recorded total sales of £6.2 billion as of Dec. 6, driven by its strong performance in the U.K. and U.S. institutional pension risk transfer markets as well as in individual annuities and lifetime mortgages.
Legal & General Investment Management achieved total external net inflows of £38.1 billion in the year to October-end. International net inflows amounted to £26.1 billion, of which £11.3 billion were from the U.S. and £10.9 billion from Europe.
Legal & General Capital, meanwhile, generated £256 million of gross proceeds from transactions with a gross value of £821 million at the end of October. The division has invested £319 million in new investments as it continues to recycle investments into new strategic U.K. real asset opportunities, the group said.
Total gross premiums at its Legal & General Insurance division rose 6% year over year to £2.1 billion at October-end, benefiting from the group's strong market shares in U.K. retail protection and U.S. term assurance. L&G said measures taken to address the adverse claims experience reported in the group protection business in the first half are bearing fruit and experience is improving in line with management expectation, and first-half losses have been completely reversed in the second half.
Gross written premiums at the general insurance division rose 13% to £305 million at the end of October. L&G said management action taken has mitigated the ongoing impact of claims on the division's result.
At October-end, the group's Solvency II surplus amounted to approximately £6.9 billion, and its shareholder coverage ratio stood at 190%.
Wilson said the company is now "well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment" following the sale of its mature savings business to Swiss Re AG.
"Our market-leading positions and strong balance sheet, coupled with our management capability, is allowing us to benefit from global growth opportunities," the CEO added.