Uk-based insurance firm Legal & General Group Plc (LGEN.L), said Tuesday its nine-month worldwide sales jumped 27% from the previous year, driven by strong performance across almost all its segments. The company also noted that it is ahead of its plans to deliver GBP 600 million of net cash in 2010.
For the nine-month period, worldwide sales increased to GBP 1.35 billion from GBP 1.06 billion last year, driven mainly by a 43% increase in savings products sales. Worldwide sales were also boosted by higher annuity sales and total protection sales.
The group generated GBP 526 million of net cash, up 14% from GBP 461 million last year. Year-to-date revenues grew 24% from the comparable period last year.
Worldwide new business annual premiums rose to GBP 536 million from GBP 419 million a year ago. Single premiums increased sharply to GBP 8.12 billion from GBP 6.40 billion in the preceding year.
Legal & General Investment Management or LGIM assets under management were GBP 342 billion, up 10% from last year. Annuity assets under management and savings assets under management increased 10% and 17% respectively from the prior-year period.
Total annuity APE or Annual Premium Equivalent sales were GBP 145 million, 9% lower than GBP 160 million a year ago, helped by strong performance from the individual annuity market
Year-to-date, total protection APE sales were GBP 130 million, down 2% from the same period last year, hurt by lower in individual protection, resulting from the weak housing market.
Savings APE sales for the period jumped 43% to GBP 961 million from the year-ago period, driven by a 67% growth in investment sales as well as higher non profit bond sales. International APE sales were GBP 111 million, up 21% from the preceding year, as new business in Europe grew 14%, driven by a recovery in the level of new group business in France.
Looking ahead the company said, "We are ahead of our plan to deliver GBP 600 million of cash in 2010."
The company also seemed optimistic about its medium term growth prospects. The insurer sees strong organic growth opportunities across its risk, savings and investment management franchises, indicating that it continues to benefit from consolidation in the sector. Legal & General added, "This, coupled with the opportunities to export our investment management and bancassurance models into new territories, leaves the group in an excellent position."
LGEN.L closed Tuesday's regular trading at 102.50 pence, down 2.75 pence or 2.76%, on a volume of 10.59 million shares on the London Stock Exchange.
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