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mighty economic efficiency, now well above pre-COVID 2019 levels
· operating income of £1,079m, up 14% (H1 2020: £946m), with double-digit growth or larger in LGC, LGI and LGRR
· salary per share of 17.78p, up 21% on H1 2019 (14.74p) and up vastly on H1 2020 (four.89p)
· income after tax of £1,065m (H1 2020: £290m) and Return on fairness of twenty-two.0% (H1 2020: 6.3%)
· Solvency II insurance ratio of 183% (H1 2020: 173%)
· meantime dividend of 5.18p, up 5% (H1 2020: four.93p), in line with our mentioned ambition
starting to be contribution to our five-year (2020-2024) ambitions
· money generation of £0.9bn, up 14% 12 months on yr. Capital generation of £0.8bn, up 9% 12 months on 12 months
· Cumulative money and capital generation of £2.4bn and £2.3bn respectively, in opposition t our ambition of £8.0-9.0bn by 2024
· Cumulative dividends declared £1.4bn (H1 2021: £309m, 2020: £1,048m) in opposition t our ambition of £5.6-5.9bn by means of 2024
first rate PRT new business volumes and strong net flows
· international PRT new enterprise premiums of £three.1bn (H1 2020: £3.4bn) with £2bn already gained/in unique negotiations for H2
· LGIM external internet flows of £27.4bn (H1 2020: £6.2bn), with AUM up 7% to £1.3tn
· particular person annuity premiums up 15% and LGI new company annual premiums up 6%
enjoyable and transforming into option asset origination capabilities
· criminal & prevalent Capital (LGC) working profit doubled to £250m (H1 2020: £123m)
· ESG-aligned asset origination abilities in clear power, residential property, digital infrastructure and SME finance
· Third celebration capital AUM of £6.8bn towards our ambition of £14bn by way of 2025
long-time period, boom-oriented and incredibly synergistic company mannequin
· an established track list: HY11 to HY21 CAGR of 11% in EPS, 12% in DPS and seven% in e-book cost per share
· extremely synergistic: five focused divisions that create a virtuous circle of inside demand and provide, assisting c20% ROE
· long-time period and predictable value advent: forty+ year period enterprise with income driven by using a turning out to be inventory of property
· fascinating global boom markets: retirement solutions ($53tn), asset management ($136tn), climate exchange ($20tn)
· A longstanding commitment to Inclusive Capitalism and a frontrunner in ESG: rated #1 lifestyles & health insurer through ShareAction
"because of the challenging work and dedication of my colleagues across criminal & typical, we've delivered a powerful set of monetary consequences, with EPS up 21% because H1 2019. And we are expecting to deliver double digit increase in operating earnings at the full 12 months.
We're continuing to make investments that are economically, environmentally and socially useful, in line with our lengthy-time period commitment to supplying Inclusive Capitalism and assisting the constructing again improved and Levelling Up agenda.
we are already a number one asset supervisor and we remain focused on carrying on with to scale-up our asset origination capabilities which might be a unique and important component of our synergistic enterprise mannequin which has pushed our 22% ROE."
Nigel Wilson, group Chief executive
analysis of operating profit
legal & normal Retirement (LGR)
- LGR - Institutional (LGRI)
- LGR - Retail (LGRR)6
a hundred thirty five
prison & universal funding administration (LGIM)6
criminal & regularly occurring Capital (LGC)
criminal & well-known assurance (LGI)
operating benefit from carrying on with divisions6,
operating benefit from divisions
neighborhood debt prices
group funding initiatives and charges
notable COVID-19 related prices
funding and different variances (incl. minority hobbies), with the exception of LGI
LGI funding variance
earnings earlier than tax attributable to equity holders
earnings after tax brought on by equity holders
earnings per share (p)
booklet price per share (p)
intervening time dividend per share (p)
web release from carrying on with operations7
internet free up from discontinued operations
H1 2021 financial efficiency
felony & general has made a powerful beginning to the 12 months, with H1 2021 operating earnings up 14% to £1,079m (H1 2020: £946m). The electricity of our assorted company model supposed we have been able to climate the volatility of 2020 and were well located to deliver profitable growth once more in the first half of 2021. LGC, LGI and LGRR delivered at least double-digit boom, with amazing contributions from LGRI and LGIM. All five agencies are well placed to execute on compelling structural market opportunities to bring additional profitable boom.
LGRI delivered operating earnings of £525m (H1 2020: £585m), underpinned with the aid of the efficiency of our turning out to be annuity portfolio. In what became a just a little quieter first half for the PRT market, we performed smartly, writing £3,072m of global PRT at appealing Solvency II new company margins of eight.4%.
LGRR working earnings multiplied 17% to £158m (H1 2020: £135m), supported by the continuing unlock from the retail annuity portfolio. individual annuities delivered 15% increase in new enterprise towards H1 2020, and retirement lending volumes 14% growth, as these markets begun to recover following the affect of the COVID pandemic last yr.
LGIM delivered operating earnings increase of 4% to £204m (H1 2020: £197m), reflecting elevated revenues from amazing external internet flows of £27.4bn (H1 2020: £6.2bn), and an elevated center of attention on better margin areas comparable to thematic ETFs and multi-asset. property beneath administration improved by means of 7% to £1,326.8bn (H1 2020: £1,240.6bn), of which 33% is overseas AUM. The can charge salary ratio (fifty eight%) reflects our persisted investment in the company, balanced with careful can charge handle (H1 2020: 58%).
LGC operating profit doubled to £250m (H1 2020: £123m) and is up forty five% on pre-COVID degrees (H1 2019: £173m). This growth is driven by using strong efficiency in our alternative asset portfolio, the place operating earnings multiplied to £195m (H1 2020: £36m) predominantly on account of a bounce-again within the housebuilding market. The portfolio has additionally seen valuation increases over H1 2021, particularly within the assignment Capital portfolio and Pod aspect (electric car charging) in awareness of sturdy efficiency and extending revenues.
LGI working earnings improved fifty two% to £134m (H1 2020: £88m), reflecting strong new business increase in UK retail insurance plan, and the undeniable fact that adversarial COVID-19 linked claims all over the period were provided for in the 2020 results. We in the past provisioned for £110m of future COVID-19 related claims, c£30m of which continues to be unutilised as at the end of June, highlighting the large have an impact on of the 2d wave in both the uk and US over Q1 2021.
profit earlier than tax because of fairness holders was £1,320m (H1 2020: £285m), reflecting advantageous funding variance of £241m (H1 2020: £(661)m). the key drivers of this tremendous investment variance are from the formulaic influence of rising pastime charges on LGI reserves, which has a £230m affect (compared to a £(483)m have an effect on in H1 2020), and powerful portfolio performance in both LGR and LGC.
stability sheet and asset portfolio
The group's Solvency II operational surplus era from continuing operations changed into up 9% at £0.8bn (H1 2020: £0.8bn). New enterprise pressure became £(0.2)bn (H1 2020: £(0.1)bn) reflecting UK annuity new company written at a capital stress commonly in line with that of 2019, resulting in web surplus technology of £0.6bn (H1 2020: £0.7bn).
The community pronounced a Solvency II insurance ratio of 183% on the end of H1 2021 (FY 2020: 177%; H1 2020: 173%), basically reflecting the non-financial have an effect on of better pastime rates on the valuation of our balance sheet, partly offset by fee of the 2020 final dividend and the provisioned redemption of £0.3bn of subordinated debt.
On a proforma calculation basis, our Solvency II coverage ratio was 182% on the conclusion of June (FY 2020: 175%; H1 2020: 169%).
Our IFRS return on equity of twenty-two.0% displays the have an effect on of operating income increase and unrealised high-quality investment variances (H1 2020: 6.three%).
Our diverse stability sheet, and actively-managed asset portfolio, has continued to perform resiliently with out a defaults. The annuity portfolio's direct investments continue to operate strongly, with ninety nine.7% of scheduled money-flows paid 12 months to this point, reflecting the excessive nice of our counterparty exposure.
whilst we remain assured in our collective and a success emergence from the pandemic, COVID-19 is continuing to have a big have an impact on on our customers and our people, and on society at massive. The group has continued to support all our stakeholders, devoid of counting on direct govt funding. Our priorities remain to look after our consumers, to look after the well being of our individuals and to help the building of the broader neighborhood through Inclusive Capitalism and by means of investing within the real economic climate.
Our goal is to provide financial steadiness to our purchasers and their dependants in good instances and in unhealthy: it's "what we do". all through H1 2021 we paid £1bn in gross protection claims and persisted to supply monetary steadiness via general payments to over 1 million pensioners.
We continue to assist our personnel' mental and physical well-being through more than a few substances including knowledgeable intellectual fitness First Aiders, a personal employee suggestions helpline, access to "Unmind" (a office intellectual fitness platform) and a committed COVID-19 intranet hub.
To assist the communities round us, we've, amongst other initiatives, funded the enlargement of the Samaritan's current training programmes, because the charity looks at new volunteering models to enhance their ability to support these struggling to contend with mental health issues. We proceed to assist the elderly in isolation via our befriending scheme with independent Age, the Royal Voluntary carrier and Carers First. we've also labored closely with Let's Localise, which has seen hundreds of our recycled laptops donated to schools in need.
legal & well-known skilled £79m of COVID-19-connected claims in LGI in H1 2021, which have been absorbed through the £110m provision raised at FY 2020. Our reinsurance method, which reinsures virtually all LGI's UK retail insurance plan company, has radically reduced the have an effect on on LGI of larger claims, youngsters we maintain the majority of our publicity within the US and in UK community protection. throughout H1, LGR recognised a £49m reserve release in easy of 2021 COVID-19 mortality experience.
legal & regular is essentially a worldwide provider of retirement solutions to corporates and individuals, with core capabilities in asset administration and origination, toughness chance and technological innovation. We function at scale and are strongly placed to capitalise on giant growth opportunities throughout our chosen markets via our five companies:
1. felony & universal Retirement - Institutional (LGRI) presents pension chance switch (PRT) to institutional customers globally.
2. felony & general Retirement - Retail (LGRR) is a waterfront company of UK retail retirement solutions, including particular person annuities, lifetime mortgages (LTMs) and workplace reductions.
three. prison & usual investment administration (LGIM) is the 11th biggest international asset supervisor with the aid of AUM, essentially serving institutional pension shoppers.
four. felony & regularly occurring Capital (LGC) invests shareholder capital and originates option assets.
5. felony & widespread coverage (LGI) sells retail and community coverage in the UK and retail coverage in the US.
a different, synergistic and lengthy-period business mannequin
Our method has located us to be a pacesetter within the international retirement solutions and coverage markets, benefitting from a mutually reinforcing business model with unique synergies in pension de-risking and asset manufacturing & management:
· LGRI, a market leader in UK PRT, and LGRR, a number one issuer of UK individual annuities, have £eighty five.8bn of annuity property, providing long-time period, captive AUM to LGIM. This portfolio is continually being more suitable with choice assets originated by means of LGC.
· LGIM is a number one player in providing UK and US DB de-risking solutions and is uniquely located to help DB clients journeying to the whole range of pension endgame destinations, together with PRT and guaranteed fee policy with LGRI. 69% of LGRI's PRT transactions during the last three years were from existing LGIM purchasers. moreover, when DB customers de-risk belongings and liabilities via PRT with LGRI, LGIM then manages the linked assets. LGIM is additionally the market chief in UK DC pension scheme clients - a market with big boom knowledge. total UK DC belongings are expected to more than double with the aid of 2028 to £955bn.
· LGC invests shareholders' capital for society's advantage. As a core element of our retirement options business, LGC creates property to lower back pensions (above all in LGRI and LGRR) and invests our shareholder dollars to obtain greater attractive possibility adjusted returns. LGC is constructing choice asset introduction platforms, benefitting LGIM consumers, and increasingly attracting third birthday party capital investment.
· LGI is a market chief in UK protection and US brokerage term existence coverage and gives tremendous Solvency II merits to the group through in part offsetting new company stress in LGRI and LGRR. LGI is a centre of excellence in expertise, especially in retail, and is working closely with other divisions to power extra tech synergies. extra, LGI's US company facilitates LGRI's US PRT transactions, which are written onto the existing US balance sheet.
The synergies within and throughout our companies power earnings and gasoline future growth.
The integrated nature of our enterprise model potential that we've relationships with purchasers and shoppers that may and do closing for decades. as an instance, an Index or liability driven Investing DB corporate client in LGIM customarily turns into a PRT customer after 14 years. LGRI will then typically have a relationship with that customer for yet another 30-40 years. Equally, LGRR and LGIM may have a 30-40 12 months relationship with a customer all the way through the DC accumulation phase, after which extend that relationship for an additional 15-30 years right through the decumulation phase across a suite of decumulation items together with individual annuities, lifetime mortgages and drawdown.
The group continues to build out, in a measured fashion, its overseas retirement solutions franchise. we have made large development in the US over the closing decade and will continue to build out our centered companies (LGRI, LGIM, LGI) in that market. LGIM is also making decent progress towards its international enlargement plans in Europe. Kerrigan Procter has now moved to Hong Kong to co-ordinate the community's growth plans in Asia.
a long-term dedication to Sustainability, ESG and Inclusive Capitalism
Our aim is to enhance the lives of customers, construct a higher society for the long run and create price for our shareholders. This inspires us to make use of our assets in an economically, environmentally and socially valuable technique to benefit society - what we name Inclusive Capitalism.
This philosophy underpins our strategy to Sustainability and to ESG (Environmental, Social, and Governance components). We suppose about Sustainability, and the long-time period ESG have an impact on of our business, in terms of:
1. How we make investments our £93bn of proprietary belongings. Our ambition is to in the reduction of our portfolio carbon emission depth by using half with the aid of 2030 and to net zero through 2050. In 2020 we reduced the carbon intensity of the neighborhood's stability sheet by 2% versus 2019. We proceed to make environmentally and socially positive investments. As at H1 2021, we now have invested £1.4bn in clear power and £7.8bn in social infrastructure. For greater assistance, please see our latest project force on local weather-related monetary Disclosures (TCFD) document.
2. How we influence as some of the world's largest asset managers with £1.3 trillion AUM. we now have £252.3bn AUM in ESG techniques and during H1 2021 we cast over 50,000 stewardship votes as we persisted to inspire investee agencies to behave responsibly. LGIM is rated A+ for dependable investment strategy and lively possession from the UN concepts for accountable investment, and ranked #1 amongst asset managers for its strategy to climate change by way of each ShareAction and InfluenceMap.
three. How our groups operate. we're dedicated to supporting our customers, employees, suppliers, shareholders and society at tremendous. For information on what we are doing to aid our key stakeholders, see pages 15-17 of our Sustainability file. we've committed to cutting back the carbon emission intensity of our working corporations. Our ambition is to operate our places of work and enterprise go back and forth with internet zero emissions from 2030, and for all our new homes to be internet zero operational carbon from 2030. From 2021, ESG criteria have been included in executives' objectives and remuneration targets.
climate and COP26
Addressing climate alternate is certainly one of criminal & ordinary's six strategic growth drivers and is increasingly embedded during the neighborhood, supported by a rigorous governance framework and transparent metrics.
climate exchange is not only the largest problem, however additionally the greatest investment probability, of our lifetimes, and we're dedicated to attaining internet zero by means of 2050. or not it's a problem and an opportunity that starts now. For context, it's estimated that $20 trillion of funding is needed via 2025 by myself to place us on the course to achieving global internet zero emissions via 2050.
Our commitment to addressing local weather trade is more and more reflected in our own asset allocation and risk management frameworks, in our stability sheet investments, in how we manage and steward money for external consumers, in our precise asset, housing, regeneration and VC portfolios, and in our direct operational emissions. Our strategy is decided out in additional aspect in our TCFD record which describes how we make investments, impact and function. This additionally covers development made thus far and units out the staging-posts we have set ourselves on the experience to our goal of internet zero by means of 2050, including the adoption of science-based pursuits.
COP26, for you to take vicinity in November this 12 months, should be an immense milestone in the global experience to net zero. we are concerned in a couple of approaches, in particular through Michelle Scrimgeour's role as co-chair of the COP26 company Leaders neighborhood alongside the President for COP26, Rt Hon Alok Sharma MP, and through LGIM's participation in the Glasgow fiscal Alliance for web Zero (GFANZ). The main problem for governments, company and finance, besides the fact that children, is still not simply agreeing the subsequent global priorities and objectives for local weather, but implementing them. right here, criminal & usual has a few crucial technical roles. Nigel Wilson leads the Innovation Workstream for the financial institution of England/FCA's local weather financial possibility discussion board and the Workstream on funding for the assurance Sustainable Market Initiative, each of in order to contribute to the work of COP26 and beyond. Many prison & conventional personnel give potential in specialist areas including, as an instance, via HM Treasury and the bank of England's Productive Finance Committee, the green Finance Institute and the green buildings Council.
Medium term boom: bold and deliverable
Our method has delivered powerful returns for our shareholders over time and has demonstrated resilience throughout the pandemic. we are confident we are able to continue to carry profitable boom as we execute on our approach.
We set out our five-12 months ambitions at our Capital Markets event final November. Cumulatively, over the length 2020-2024, our fiscal ambitions are for:
1. money and capital technology vastly to exceed dividends (we intend to generate £8.0bn - £9.0bn of each money and capital, and to pay dividends of £5.6bn - £5.9bn).
2. salary per Share to grow sooner than dividends, with the dividend starting to be at low to mid-single digits from 2021.
3. net capital surplus technology (i.e. including new company strain) to exceed dividends.
We intention to carry long-term, profitable increase throughout the community. LGRI and LGRR deliver highly predictable, good money flows from their growing to be returned-books. the united kingdom annuity portfolio will be completely self-financing at c£100bn of AUM (H1 2021: £eighty one.8bn) which we expect to achieve in the next three to 5 years. Our asset administration and origination groups, LGIM and LGC, operate in eye-catching and ecocnomic markets, and hold a robust commitment to ESG-aligned investing. With confirmed asset advantage in clean power, residential property, digital infrastructure and SME finance, LGC gives unique asset origination capabilities in sectors which have significant boom skills, which produce yield-creating assets that drive our LGR business, and appeal to third birthday party traders. LGI is making use of technological innovation to maintain its UK leadership, to grow within the US and to proceed to extend into adjacent markets.
We remain assured in our approach and in our ability to convey resilient, organic increase, supported by way of our mighty aggressive positioning in attractive and transforming into markets. Our self assurance and our dividend paying capability are underpinned by way of the community's amazing stability sheet, which has a £3.4bn IFRS credit score default reserve and, for Solvency II, £7.5bn in surplus regulatory capital, besides large buffers to absorb a market downturn. we have a confirmed operating mannequin which is strengthened with the aid of potent chance management practices.
confident in reaching our ambitions
We remain confident in attaining our five-12 months cumulative economic ambitions. in the first half of 2021, we persevered to build on the respectable delivery we made in 2020. We are expecting to convey double digit boom in working earnings at the full year.
while PRT markets were relatively subdued within the first half of 2021, we performed neatly in the UK at strong margins, and predict a more robust market in the 2d half of the yr. on the UK market level, we are expecting around £20-£25bn to transact in 2021 for the year as a whole. we've already gained or are in unique negotiations on £2bn of UK PRT enterprise within the 2nd half. We proceed to anticipate lengthy-term institutional demand to de-chance DB pension portfolios and continue to be confident in achieving our five-12 months ambition of writing £40-50bn of UK PRT and $10bn of international PRT.
LGIM continues to focus on attracting greater margin net flows and on diversifying and extra internationalising its enterprise. The business remains confident of achieving its ambition of transforming into cumulative earnings in the range of 3-6%. LGC continues to grow choice AUM towards £5bn, with a blended portfolio return of 8-10%, creating property for LGR and attracting third party capital. LGIM and LGC have benefited from rising fairness markets and valuations and, within the case of LGC, a continuation of the rebound in the UK residential property market, which has also expanded demand for UK retail insurance policy from LGI, which we expect to persist.
In LGI, we continue to target mid-single digit growth in revenues throughout our UK insurance policy businesses, and to achieve double digit increase in US new enterprise revenue. according to previous years, we predict LGI's H2 to convey improved working profits than H1.
In LGRR, the markets for individual annuities and lifelong mortgages started to Strengthen in H1 2021, following the affect of the pandemic remaining year. The longer-time period outlook for each these markets is still appealing, driven respectively by ongoing boom within the DC market and through an expanding purchaser requirement to seem to distinctive sources of wealth to fund retirement. however, the lifetime loan market is fitting extra competitive and we will preserve pricing self-discipline at the fee of volumes if required.
we are pleased with the development we now have made 12 months up to now and are assured in our capability to convey further ecocnomic boom in the 2d half of the year. The instant outlook for the broader economic system is high quality and we're neatly-placed to aid the united kingdom government's three flagship guidelines of "build back more desirable", "Levelling Up" and "address local weather exchange".
we can continue to retain a shielding asset portfolio and an extended-time period funding horizon, aiding all our stakeholders by means of offering Inclusive Capitalism through investments in infrastructure, clean power and low-priced housing, and by featuring items to guide people' financial resilience.
company section outlook
LGR Institutional (LGRI)
LGRI participates in the unexpectedly starting to be world PRT market, focusing on company defined DB pension plans within the UK, the united states, the Netherlands, eire, and Canada, which together have essentially £7 trillion of pension liabilities because of growing older demographics.
we are the most effective international player in PRT, writing direct business in the UK and US, and are market leaders in the UK. we are supported by LGIM's lengthy-standing customer relationships and LGC's asset manufacturing capabilities, as well as large-ranging potential across the group which increase our asset approach and product innovation. all over H1 2021, 53% of our UK transactions have been with LGIM purchasers, demonstrating the strength of our customer relationships and the resilience provided by using our pleasing position because the simplest enterprise working across the total pension de-risking event.
the uk is our simple market and it's the most mature PRT market globally with £2.3 trillion of UK DB pension liabilities, of which most effective c12% were transferred to coverage groups to date. This leaves a great probability for future increase in this market. Demand from companies and pension plans for coverage remains powerful: we predict the full UK PRT market to be around £20-£25bn in 2021 regardless of the exceedingly subdued first half of the 12 months. Market commentators assume between £150bn-£250bn of UK PRT demand over the subsequent five years. Our ambition is to put in writing £40bn to £50bn of exact UK PRT over the subsequent five years, at the same time as final disciplined in our pricing and deployment of capital.
the U.S. represents an extra, massive market probability, with $3.4 (£2.5) trillion of DB liabilities, of which best c7% have transacted so far. given that our market entry in 2015, our US business has written greater than $5bn of PRT with 70 customers. we're the best insurer proposing PRT directly to pension plans globally. here is predicted by using market commentators to be "one of the vital key levers that sponsors with UK and US obligations seem to be to utilise going forwards". Our ambition is to jot down greater than $10bn of international PRT over the next 5 years.
even as new PRT business requires solvency capital on day one, this capital dedication will pay lower back at once, producing a stunning and long-term movement of operating surplus, which provides balance to the division's operating performance and ability that LGRI isn't solely dependent on new business to bring profits. Our UK annuity portfolio (together with LGRR individual annuities) is anticipated to be self-sustaining within 3-5 years as it reaches c£100bn AUM (H1 2021: £81.8bn). At that element, it can be in a position to fund new business, whereas both (a) paying its share of a revolutionary group dividend and (b) contributing to a rise within the neighborhood solvency insurance ratio over time.
LGR Retail (LGRR)
LGRR is a growth enviornment for the community and we predict its target market to proceed to expand, driven by using growing older demographics and welfare reforms. LGRR is a waterfront issuer of UK retail retirement options, offering annuities, salary drawdown, pension pot consolidation, lifetime mortgages (LTM) and LTM guidance. To additional complement LGRR's customer retirement and mark downs proposition, the place of work savings administration company become transferred from LGIM to LGRR originally of the year. This permits us to enhanced help the four.2 million place of work customers in planning their retirement even as they're saving with us, rather than when they come to retirement. this may supply more advantageous client outcomes and, on the equal time, support us to continue extra of our customers and allow us to extra with ease present them a much wider range of L&G products. Our ambition is to be the uk's main retirement brand, enabling all our customers to have a relaxed retirement at the same time as producing long period belongings and earnings for the neighborhood and, over time, to expand internationally.
Our simple market is the united kingdom the place currently, each and every yr, there are £40bn of non-public pension property coming to maturity. this is anticipated to grow to £50bn by way of 2024. The particular person annuity market at the moment money owed for just £four.2bn of total maturing property, i.e. a bit over 10%.26 youngsters, we are expecting the particular person annuity market to develop in absolute and relative terms, because the DC market continues to develop, and as fewer americans attain retirement with described advantage pensions and so are seeking for the longevity insurance plan that an annuity offers. LGRR has a powerful and starting to be market share in individual annuities. As at Q1 2021, we now have a 22.6% market share in particular person annuities. we're constructing on the strength of that position via proposing different retirement salary items and features, recognising that each consumer will have distinct needs and necessities.
the united kingdom lifetime mortgages (LTM) market continues to symbolize a big opportunity for LGRR, with UK housing fairness in over 55s at £1.7 trillion across approximately 5.5m houses. At current handiest c£4bn per year is being released during the LTM market. whereas we keep our center of attention on the common LTM market, we proceed to look pastime from the "wealth" sector as these with greater price properties more and more see the advantage in lifetime mortgages when planning the distribution of their estate to future generations.
There are currently £400bn in UK DC accumulation property and here's expected to more than double to £955bn with the aid of 2028. As a market leading provider in place of work savings, we're smartly placed to advantage from this anticipated enhance in DC pension property, to develop administration revenues for LGRR, and fund management revenues for LGIM.
felony & frequent investment administration (LGIM)
LGIM benefits from a mixture of scale agencies and a diverse asset base, underpinned by means of structural demand for our items and funding capabilities. Our intention is to create a more robust future through accountable investing, and we're recognized as a worldwide chief in ESG. Our 5-yr boom ambition is pushed through the three pillars of our strategy to modernise, diversify and internationalise the company. We are searching for (i) to develop cumulative earnings in the range of 3% to six%, absent market shocks, (ii) to enhance AUM in international and better margin areas, and (iii) to proceed to diversify AUM by using client, channel and geography. We predict to retain a cost profits ratio in the excessive 50 p.c latitude over the subsequent two to three years as we make investments for increase, after which we are expecting it to trend downwards.
LGIM performs a vital position in prison & regular's place as a number one, international pension options provider, as well as a major UK leader in retail investment management. As such, LGIM intends to preserve its effective place in the UK, which has been the bedrock of its success up to now, while continuing to diversify its capabilities and expand its attain internationally.
Modernise: LGIM continues to make investments in the business to obtain the resilience and global scalability vital to its future success. we are laying the foundations for persevered global boom with the aid of investing in our individuals and our working platform, and by means of refining our organisational constitution. Our recently announced technology and center office partnership with State street further supports our strategic commitment to Modernise. it'll guide our ambition to scale, internationalise and diversify and enable us to more advantageous serve our purchasers. we now have also strengthened our senior management team, with the contemporary appointments of a first-rate know-how Officer and a first-rate records Officer.
Diversify: We continue to cement our management in ESG investing and, moreover offering a wide range of ESG-particular products, are driving further integration of ESG into our mainstream investment portfolios. we are able to proceed to extend our funding providing, with a spotlight on better margin areas comparable to true belongings, ETFs, Multi Asset and solutions. We see a giant possibility in true property - we are neatly favourite for our UK precise estate equity knowledge and, more and more, will additionally provide buyers with access to our leading deepest credit capabilities. As UK and US DB schemes strategy funding maturity, many purchasers will seek self-sufficiency or buy-out options that, in conjunction with LGRI, we're smartly positioned to bring via our 'endgame' solutions offering.
Internationalise: LGIM goals to be a disruptor in areas and countries where our strengths align to customer needs. Over the last five years LGIM's overseas AUM has greater than doubled to reach £434bn - 33% of LGIM's total AUM. Our ambition is to continue transforming into international AUM profitably and at tempo within the US, Europe and Asia. in the US, we're deepening our amazing customer relationships through innovation in DC and leadership in ESG. In Europe, we can construct on our successes in Germany and Italy, to extend additional into European markets and channels. In Asia, our strategy is to maintain and boost our share of pockets with existing consumers and deepen our footprint in present markets - Japan, China, Hong Kong, Taiwan and Korea - via showcasing investment options that tackle key market tendencies.
legal & typical Capital (LGC)
LGC, the community's option asset platform, will proceed to installation capital in a variety of underserved areas of the uk's precise economy that are backed by lengthy-time period structural traits. LGC has developed effective, scalable platforms which create captivating pipelines of investable assets that suit LGR's annuity liabilities and the demands of LGIM's third party purchasers. Making a substantial contribution to shareholder price advent, LGC is neatly placed to power further significant boom as its groups proceed to scale and mature. helping the Levelling Up agenda, and society's need to construct back enhanced and handle local weather trade, LGC's asset courses consist of residential property, expert business precise property, clean energy and SME finance.
Over the next 5 years we are expecting to construct LGC's assorted option AUM in opposition t c£5bn using shareholder fairness (H1 2021: £3.4bn), with a target blended portfolio return of 8% to 10%. moreover, we plan to raise price-producing third party capital to over £14bn (H1 2021: £6.8bn). apart from LGR asset creation, LGC expects to control near £20bn of alternative AUM with the aid of 2025.
helping the neighborhood's focus on local weather and inclusive capitalism, our option asset approach is made up of sectors where our investments change lives. we are creating an awful lot crucial jobs, homes and infrastructure, using increase, knowledge and innovation, and contributing in opposition t a clear and green future:
· via our specialist business precise property portfolio, which contains statistics centres, urban development, and science and technology-focused precise property, we're levelling-up, remodeling our areas and becoming the uk potential financial system. Partnering with universities, local authorities and personal sector experts, we now have invested throughout sixteen UK towns and cities, developing jobs, using financial boom and boosting native communities as the UK appears to construct lower back more suitable.
· As a leading provider of homes, with a commitment to tackling the structural shortages throughout the united kingdom's housing market, LGC's residential property platform continues to extend across all tenures, a long time and demographics, leveraging both ordinary and modular development so as to revolutionise and velocity up delivery. We recognise the a must have function that secure, fine housing plays in a fit, equitable society and that the united kingdom continues to fall far short of the over 300,000 new buildings required yearly. With a pressing need to ensure that the buildings we construct are also future-proofed and sustainable, we now have committed that each one our new buildings will be operationally carbon emission-free from 2030.
we're neatly located to achieve our long-term targets of offering:
o Over three,000 traditional construct to promote buildings once a year, with the anticipated beginning of c2,900 new buildings in 2021
o 5,500 build to rent homes in our city pipeline and an ambition to convey 1,000 suburban condominium homes every 12 months
o as much as 3,000 in your price range homes per year through 2023 to aid meet the wants of the greater than 1.4 million households on waiting lists for UK social housing
o around four,500 Later living homes in our pipeline to help address the housing requirements of last time patrons in quest of to downsize
o 670 new modular homes in our pipeline and creating as much as 300 new jobs at our Leeds manufacturing facility this 12 months in order to guide our ambition to carry as much as three,000 modular buildings a year by means of 2024
· within the clear energy sector, greater than $130tn of investment is required globally by 2050 to address local weather exchange. we're investing in early-stage scale-up agencies to convey the innovation, clean applied sciences and renewable power infrastructure obligatory to speed up growth against a comparatively cheap and low-carbon economic climate.
· In SME Finance, we are continuing to aid UK and European innovation, investing within the true financial system through developing a diverse portfolio of property. We expect to proceed to installation our capital and center of attention to help the assignment capital ecosystem to help create and grow the agencies of the following day.
legal & familiar assurance (LGI)
We count on persisted top class growth across our UK and US organizations as technological innovation makes our items greater accessible to consumers and supports extra product and pricing enhancements.
in the UK, our market main retail coverage company is supported with the aid of the electricity of our distribution relationships, funding in our programs and platforms, and product enhancements. These strengths led to a powerful efficiency in H1 2021. Our neighborhood protection enterprise has also carried out well. observe, youngsters, that 2021 neighborhood insurance policy new company volumes may not attain the checklist stages of 2020 as, typically, fewer tremendous schemes are tendered in peculiar years than in even years. in keeping with our 5-12 months ambition, we are focused on mid-single digit growth in revenues across our UK insurance plan companies.
within the US, we anticipate our on-going expertise investments and new partnerships will position us for premium growth as the market continues to get better from the distribution and underwriting disruptions led to by COVID-19. we are using know-how to increase consumer journey while decreasing cost and fitting the accomplice of choice for a wide array of distribution partners. we're already the largest company of time period existence assurance in the brokerage channel, and our digital first approach is aiming to achieve double digit growth in new business sales out to 2025.
As we seem to be to seriously change adjoining markets, we are also accelerating boom in our digital systems. profits Finance, our worker advantages platform company in which we have a forty one% maintaining, continues to grow hastily, with the platform now related to over 3.eight million employees throughout the uk and US. Annualised run-expense gross revenue grew to £29m as at 30 June 2021, increase of 75% yr on yr. This fashion is anticipated to continue with transforming into worker cognizance and lengthening platform engagement. profits Finance is still some of the UK's fastest transforming into Fintechs and is well placed for increase in the UK, the us and beyond.
in response to previous years, we expect H2 operating earnings to be better than H1.
The Board has declared an period in-between dividend of 5.18p, up 5% from the prior year (four.93p). here's per our stated ambition to develop the dividend at three-6% once a year between 2021 and 2024.
Going ahead, the Board intends to undertake a formulaic strategy to the dividend whereby the interim dividend grows by the equal percentage as the total dividend for the prior year.
LGR - Institutional
fiscal HIGHLIGHTS £m
unlock from operations
New business surplus
internet unlock from operations
different PRT (durability coverage, guaranteed price policy, Insured Self-Sufficiency)
total new company
working profit of £525m
LGRI continues to deliver robust operating income of £525m (H1 2020: £585m). earnings become underpinned by means of the efficiency of our transforming into annuity portfolio, effective pension possibility transfer (PRT) new company volumes and positive mortality adventure because of the persisted tragic affect of COVID-19. word: a evaluate of late retirement components turned into undertaken in H1 2020, releasing £124m (internet of tax).
unlock from operations multiplied 2% to £252m (H1 2020: £246m), reflecting the scale of the business as prudential margins unwind from LGR's turning out to be £85.8bn annuity portfolio (2020: £87.0bn).
net unlock from operations changed into £320m (H1 2020: £317m) with new company surplus of £68m (H1 2020: £71m), reflecting successful execution with largely consistent extent and new business profitability despite subdued PRT market volumes.
during H1 2021 we wrote £2,040m of UK PRT which, combined with other PRT of £925m and £483m of particular person annuities written in LGRR, delivered an eight.4% UK Solvency II new company margin (H1 2020: 10.6%). UK PRT capital strain remains broadly on the four% mark.
a hit execution in a slower H1 market
throughout H1 2021 LGRI underwrote £3,072m of PRT across 20 deals globally (H1 2020: £3,424m, 29 offers).
prison & prevalent has tested its resilience and continues to play a key position in the UK PRT market, despite the market being exceedingly subdued within the first half. however, we're nevertheless anticipating round £20-£25bn to transact within the 2021 market and we are smartly positioned to execute on this chance in H2, with £2bn already received or in exclusive negotiations. because the only total-of-market provider in the UK we see practically all deals coming to market and are smartly placed to retain (or build) market share.
LGRI's brand, scale and asset origination capabilities - through synergies with, and talents within, LGIM and LGC - are important to our market management within the UK PRT market. future client relationships, typically fostered by way of LGIM, have allowed us to aid many pension plans achieve their de-risking goals. In H1 2021 we proven our market management and options capabilities by way of writing a sequence of imaginative transactions, including:
· Small scheme options. With over 60% of our transactions smaller than £100m, we leveraged technological innovation to serve smaller pension plans more effectively.
· c£800m buy-in with TUI group UK Pension have faith. This transaction marks the Scheme's first PRT transaction with felony & generic.
· A £925m guaranteed payment policy, our capital-light PRT product, for prison & ordinary's community UK Pension and Assurance Fund. The policy gives asset yield, interest expense and inflation risk insurance plan to the pension plan, paving a extra cozy route to buyout over a deliberate timeframe.
· First conversion of an assured price coverage (APP) to a buy-in. A £61m transaction agreed with AIB community UK Pension Scheme, transformed c20% of the long-established APP transaction completed in December 2019. The transaction is a testomony to our commitment in assisting schemes along their de-risking event, each step of how, offering flexible options and enabling them to trap de-risking opportunities as they arise.
neatly located to execute in H2 in the US
US PRT new enterprise premiums of $149m (H1 2021: £107m; H1 2020: $312m; £248m), with the us PRT market typically slower in H1, and seeing quite excessive degrees of competition. As normal, we are expecting a a good deal greater market in the 2d half, with endeavor usually concentrated in q4 although, basically, we now have these days won a $181m US PRT deal. Market commentators expect US PRT volumes for 2021 to be bigger than for 2020 ($27bn).
given that coming into the market in 2015, we've underwritten more than $5bn of premium with 70 shoppers. because the only insurer offering PRT to pension plans globally, legal & well-known is uniquely located to present holistic, global pension de-risking options.
LGR - Retail
fiscal HIGHLIGHTS £m
a hundred thirty five
free up from operations
New company surplus
web unlock from operations
place of work reductions internet flows (£bn)
individual single premium annuities
Lifetime & Retirement pastime handiest mortgage advances
total new enterprise
working earnings up 17% to £158m
LGRR working profit multiplied 17% to £158m all the way through H1 2021 (H1 2020: £135m), driven via the continuing unlock from operations, and superb mortality adventure because of the endured tragic have an impact on of COVID-19.
release from operations turned into £111m (H1 2020: £98m), a rise of 13%, reflecting the unwind of prudential margins from the annuity portfolio and increasing administration costs from the growing to be workplace belongings.
net release from operations turned into £126m (H1 2020: £114m) with new enterprise surplus of £15m (H1 2020: £16m).
From 1 January 2021, the office rate reductions administration company changed into transferred from LGIM to LGRR, constructing out LGRR's retail retirement proposition. gains on the fund administration features we provide are protected in LGIM's asset management working earnings.
Resilient new company volumes in H1 2021
LGRR has helped valued clientele weather the financial uncertainty following COVID-19, delivering solutions to retirees through individual annuities and lifetime Mortgages (LTMs).
particular person annuity income had been up 15% to £483m in H1 2021 (H1 2020: £421m), as markets begun to get better following the influence of the COVID pandemic last 12 months. Our relative performance remained mighty: our operational carrier, competitive pricing and multiplied intermediary presence allowed us to grow market share to 22.6%.
Lifetime loan advances, including Retirement interest only mortgages, were up 14% to £414m (H1 2020: £362m). all through this period, we now have maintained pricing and underwriting discipline whilst expanding advances. at the end of June 2021, LTMs were 7% of our complete annuity assets and our LTM new enterprise portfolio had a standard consumer age of 72 and a weighted commonplace loan-to-value of c30% at aspect of sale.
office reductions web flows have been up one hundred fifty% to £6.0bn (H1 2020: £2.4bn), driven by means of continued client wins and improved contributions. contributors on the place of work pension platform elevated to 4.2 million in H1 2021. we're carrying on with to center of attention on enhancing efficiency and scale as the enterprise grows.
criminal & ordinary Retirement - total Annuity Asset Portfolio
financial HIGHLIGHTS £m
funding and different variances
profit earlier than tax
total annuity belongings (£bn)
Of which: Direct investments (£bn)
income earlier than tax became £788m, with investment variance contributing positively due to average unwind of margins and strong underlying performance.
Annuity asset portfolio
felony & widely wide-spread Retirement's (LGR) £85.8bn 'A minus' rated asset portfolio, which backs the IFRS annuity liabilities in LGRI and LGRR, is well diverse by way of sector and geography. Our ambition is to proceed to support our asset sourcing capabilities (a core competitive expertise), including each self-manufactured and public property with a strong ESG focal point, as outlined in LGR's ESG approach launched in 2020. existing examples include build to appoint and cost-efficient housing.
credit score portfolio administration
LGR's £78.2bn mounted revenue portfolio is constructed from £fifty seven.2bn of listed bonds and £21.0bn of Direct Investments. about two-thirds of the portfolio is rated A or improved, 34% rated BBB and a couple of% sub-investment grade.
the important thing aim of our annuity-concentrated, mounted income fund managers in LGIM is to manipulate the portfolio to healthy liabilities, while minimising credit score downgrades and fending off defaults. We invariably overview our asset portfolio, together with sector allocations and asset classes, with the intention to control portfolio credit score nice and to mitigate hazards. we've vigorously stress-confirmed our portfolio to build resilience against a number of situations. additionally, we grasp a £3.4bn IFRS credit default reserve.
we now have kept lessen-rated, cyclical exposures to a minimum and only 13% of our BBB property are BBB-. We actively control our asset portfolio and proceed to take opportunities to Strengthen credit score satisfactory at pleasing pricing tiers.
This two-pronged approach, comprising shielding positioning and active management, has helped us mitigate downgrade and default risk. again, we've had no defaults.
LGR originated £1.4bn of recent, excessive pleasant direct investments all the way through H1 2021 which, along with market actions, introduced the direct investment portfolio complete to £25.8bn, including £6.3bn in LTMs. in step with the broader bond portfolio, approximately two-thirds of the direct funding bond portfolio become rated 'A' or above the use of effective and unbiased score strategies which take account of lengthy-time period stress pursuits on the potent counterparties and the underlying collateral.
across the group, our agencies help to fulfill the societal wants coming up from welfare reforms by way of harnessing the power of pensions to carry Inclusive Capitalism and to guide the united kingdom to construct again more suitable. We aim to put money into sectors where long run funding is required, for example, in assets offering social infrastructure, housing and clear energy across our UK towns and cities. Our potential to self-manufacture captivating, long-term assets to returned annuities, comparable to build To rent or low in cost Housing, working with LGIM, LGC, or through LTMs, is a differentiating feature of LGR's business and remains a key competitive knowledge.
legal & common funding management
financial HIGHLIGHTS £m
management payment earnings
investment and other variances
earnings earlier than tax
web free up from operations
Asset administration charge:income ratio (%)
net FLOWS AND belongings £bn
external web flows
interior net flows
total net flows
- Of which international1
cash management flows
common assets below management
assets under management as at 30 June
- international belongings under management2
- UK DC assets under management
one hundred twenty five
1. international asset internet flows are proven on the groundwork of customer dwelling house.
2. international AUM includes assets from internationally domiciled consumers plus belongings managed internationally on behalf of UK customers.
operating profit growth of 4% to £204m
operating income improved by using four% to £204m (H1 2020: £197m), reflecting increased revenues from flows and favourable company mix.
belongings beneath administration multiplied through 7% to £1,326.8bn (H1 2020: £1,240.6bn), benefitting from potent external net flows of £27.4bn (H1 2020: £6.2bn). Market actions had been positive in H1 2021, reflecting our distinctive asset base. even as rising hobby fees reduced the cost of fastened revenue belongings, this became offset by using an increase in equity markets.
Revenues extended three% to £480m (H1 2020: £467m), supported via growth in bigger margin areas together with thematic ETFs and multi-asset, partly offset by way of the strengthening pound which reduced the value of our overseas revenues. Our strengths in ESG resulted in a number of ESG mandate wins in H1 2021, and we have endured to look decent flows into our ESG products. The can charge income ratio (58%) reflects our endured investment within the business, balanced with careful can charge control.
potent overseas flows
overseas exterior internet flows of £15.0bn constituted over half of LGIM's total external internet flows.
LGIM noticed £8.8bn of further internet flows from jap purchasers and we at the moment are Japan's 9th greatest asset manager. the united states noticed web flows of £three.5bn, essentially into LDI and stuck revenue products, as US purchasers re-concentrated on long run de-risking targets, reversing the style considered remaining 12 months. We proceed to make respectable growth towards our European growth method.
overseas AUM of £434bn is up 13% from H1 2020 (£385bn) and now constitutes 33% of complete AUM. On a continuing forex foundation, overseas AUM is up 23% 12 months on 12 months. Our deep relationships with a number of main international purchasers underpin our conviction in our ability to develop overseas AUM and earnings over the subsequent 5 years.
Ongoing strength in UK institutional business
LGIM's UK Institutional business delivered potent external net flows of £9.0bn (H1 2020: £eight.0bn).
As a leading options issuer, LGIM can guide consumers at all degrees of their funding event, ultimately assisting them transition into a PRT relationship with LGRI. At this point, these belongings are lower back to LGIM as captive AUM to control for the long term. This capacity that because the UK DB market steadily de-hazards, LGIM will proceed to be a key participant, benefitting from a virtuous circle with LGRI. inside our suite of DB investment options, the at ease revenue property Fund (SIAF) launched in 2020, providing DB valued clientele the possibility to put money into infrastructure debt, real property debt and private corporate debt. The SIAF now has complete commitments of over £300m.
The described Contribution (DC) company continues to entice flows, with exterior net flows of £four.4bn, supported with the aid of ongoing growth in LGRR's place of work pension enterprise, which now has 4.2 million participants. complete UK DC AUM is up 30% considering H1 2020 with total AUM of £a hundred twenty five.5bn (H1 2020: £ninety six.7bn). This success was made feasible by LGIM's potent client center of attention, as proven through our 2020 international Investor Award and a ninety one% persistency fee among our DC valued clientele.
LGIM additionally has some of the biggest and fastest-becoming UK master Trusts, which now has £15.1bn AUM, reflecting the increasing attraction of the structure for DC plans wishing to outsource their governance, funding and administration. growth in our UK grasp have confidence business continues to aid growth in multi-asset flows, since multi-asset is the default alternative for a lot of of our UK master have faith consumers.
good growth in ETFs
2021 has marked the third anniversary following the acquisition of the Canvas ETF enterprise in March 2018. Over this length, revenue has greater than doubled. The company has persisted to grow at a robust pace in 2021 (H1 2021: $3.4bn net flows) with the focal point on thematic ETFs supporting our strategy of boom into bigger margin areas. This has been the important thing driver of the greater than 50% boost in ETF AUM over H1 2021 to $13.0bn. This builds on our place in 2020, a year wherein we had the biggest percent enhance in AUM (+89%) of any of the accurate 20 biggest ETF issuers in Europe.
LGIM is dedicated to boom by means of innovation and we've endured to Strengthen ETFs with our proactive design approach. H1 2021 covered a couple of fund launches, together with the growth of our fastened earnings latitude. we now have over $1.3bn AUM in fixed income ETFs on the conclusion of H1 2021.
LGIM has additionally persisted to strengthen and develop its equities latitude and thematic abilities through ETFs. As at the end of H1 2021, the thematic range of ETFs handed $6bn in AUM. LGIM remains ranked 2d on both AUM and internet flows within the European thematic ETF market, with over sixteen% market share. LGIM has launched two additional thematic ETFs in H1 2021 to cowl the emerging hydrogen economic system and the digital payments evolution, with each products being first to market in Europe. These two ETFs have contributed over $450m in web flows in H1 2021. various fairness ETFs focused on excessive satisfactory dividend paying businesses has also been launched in H1 2021 to target persisted demand for revenue generating products.
Breadth of funding management solutions
At 1 January 2021
Overlay net flows
ETF web flows
exterior web flows
interior internet flows
total internet flows
cash management actions
Market and different movements
At 30 June 2021
one hundred ninety.1
1. Please see disclosure 5.01 for additional particulars.
LDI options endured to convey nice external internet flows of £18.8bn (H1 2020: £8.3bn) driven through amazing demand from UK and US DB purchasers as they proceed to de-possibility. We manufacture solutions products in each publicly and privately traded asset courses and combine these together in integrated portfolios for UK DB consumers. we are well located to capitalise on this carrying on with fashion. along with our fiduciary company providing, and dealing intently with LGR's PRT company, we will tailor solutions to DB schemes at all ranges of their funding adventure.
Index stated external web flows of £four.7bn (H1 2020: £(four.4)bn) driven by way of new foreign flows, partly offset by way of Index outflows within the UK and US, reflecting the structural vogue of DB schemes de-risking, and therefore moving from index to LDI options.
energetic concepts (previously global mounted profits and active Equities) delivered external net flows of £2.3bn (H1 2020: £0.5bn) on account of positive web inflows from US and UK DB valued clientele.
Multi-asset techniques proceed to be favorite from DC schemes and retail customers. exterior internet flows into multi-asset dollars have been £1.8bn (H1 2020: £1.6bn).
actual property saw exterior web flows of £(0.2)bn (H1 2020: £0.2bn), because the market continues to assess the longer-term affect of COVID-19 on demand. LGIM true assets is, despite the fact, neatly positioned. We expect future boom in flows to be supported via our build to hire enterprise, which now has a pipeline of c5,500 buildings throughout the country, and by inner most credit score, which offers customers diversification of comfortable profits and value insurance plan options.
In solutions and Index, valued clientele count on us to deliver their target returns towards described benchmarks. For actively managed portfolios, funding outperformance versus both benchmarks or peer companies is a vital driver of existing and future customer flows, and in 2021 LGIM's lively teams delivered amazing performance throughout varied asset classes. the usage of our regulated UCITS and US Composites as a proxy for the performance returns2 of our mainstream funding innovations, the immense majority of our options outperformed over 1, three and 5 12 months periods to 30 June 2021 as follows:
% of outperforming cash
active mounted revenue (UK)
energetic fixed earnings (US)
2. net fund performance statistics versus key comparators (benchmark or regular peer agencies for bonds and equities as per the important prospectuses, and benchmark per the crucial prospectus or custom peer community for Multi Asset) sourced from Lipper for the LGIM UCITS and calculated internally for the U.S. composites. All facts as at 30 June 2021.
leading in responsible investing
LGIM continues to construct on its credentials as a accountable investor and is still committed to leading the asset administration business in addressing the environmental and social challenges arising from a impulsively altering world.
As at 30 June 2021, LGIM managed £252.3bn in dependable funding innovations explicitly linked to ESG standards for a wide latitude of customers.
LGIM has a robust, unified experience of purpose: to create a far better future via accountable investing. To that end, we work to carry ESG standards on vital global considerations, leveraging our position as one of the crucial biggest international asset managers. LGIM is, for example, a founding signatory of the internet Zero Asset Managers Initiative. contemporary achievements include:
· dedication to internet zero:
1. In December 2020 we introduced our intention to support our shoppers achieve net zero across their portfolios by means of 2050, in the identical means that L&G has already dedicated to with its personal balance sheet.
2. Our DC default cash - purchasable to over four million participants throughout L&G place of work Pensions and the L&G Mastertrust - have set meantime goals to aid their 2050 net-zero ambitions.
3. at the conclusion of 2020, LGIM precise assets posted a roadmap to support obtain its dedication to internet zero emissions with the aid of 2050 or sooner throughout real property belongings.
· Integration of ESG factors: using technological innovation to handle local weather alternate, LGIM has developed a bespoke climate possibility framework, destination@chance. This has at the beginning been used to analyse round 2,000 agencies globally. A climate chance and temperature situation alignment dashboard is now attainable to portfolio managers and analysts inside LGIM, enabling LGIM to embed climate risk and alignment in a constant way all the way through the complete global investment characteristic and into our product range.
· Product innovation: LGIM is dedicated to constructing ESG-concentrated funding items that combine the most forward-considering ideas in the space. We continue to build on our amazing heritage in using index and active ESG investing insights to advance innovative new items, with fifty five% of our ecu domiciled UCITS funds categorized as ESG-incorporated (articles 8 or 9) within the ecu's first annual Sustainable Finance Disclosure regulation (SFDR) recreation. fresh examples of ESG product innovation encompass:
1. A low carbon transition index fairness fund suite for UK pension valued clientele, designed by means of LGIM in partnership with a key consultant, to cut back exposure to carbon emissions in alignment with 2050 internet-zero desires, whilst additionally being aligned to LGIM's market main engagement and voting activities.
2. A multi-component developed equity index fund with a robust focal point on climate, which adheres to the ecu's local weather Transition Benchmark framework.
3. a success launch of a couple of ESG ETFs, including a green Bond approach, a Hydrogen economy thematic ETF, and more than a few satisfactory Dividend ETFs with ESG exclusions.
· Stewardship with have an effect on: LGIM's investment Stewardship crew intention to offer protection to consumers' belongings through elevating market standards and gold standard practice, and interesting with penalties. The crew has engaged with over 300 organizations and voted on over 50,000 resolutions in H1 2021. We also celebrated the fourth anniversary of our climate impact pledge, which has now grown to cover 1,000 global companies, liable for more than half of the greenhouse-gasoline emissions from listed corporations, across 15 climate-essential sectors. corporations falling wanting LGIM's minimal necessities are subject to vote casting sanctions and knowledge divestment. Encouragingly, on account that we launched the Pledge in 2018, we have viewed wonderful growth being made across probably the most local weather-vital areas of the global economic climate, with 22% of organizations on LGIM's precedence list surroundings a internet-zero goal this year.
· using our trade forward: Recognising the important position of international management and collaboration in the decarbonisation initiative, legal & regular is on the heart of the COP26 programme in 2021, with LGIM CEO, Michelle Scrimgeour, co-chairing COP26 business Leaders alongside the President for COP26, Rt Hon Alok Sharma MP.
criminal & time-honored Capital
fiscal HIGHLIGHTS £m
- alternative asset portfolio
- Traded investment portfolio & Treasury
funding and different variances
earnings before tax brought on by fairness holders
net free up from operations
alternative ASSET PORTFOLIO £m
specialist industrial real property
TRADED ASSET PORTFOLIO £m
LGC funding portfolio
Treasury belongings at retaining enterprise
1. comprises short time period liquid holdings.
total working income of £250m reflecting rebound to pre-pandemic increase targets
LGC operating earnings doubled to £250m (H1 2020: £123m). This boom principally displays extended earnings from our alternative asset portfolio (H1 2020: £36m) because of a start-returned within the housebuilding market and the persevered maturing of our mission capital and clean energy corporations. working make the most of the traded & treasury portfolio lowered to £55m (H1 2020: £87m), essentially pushed via the continued promote down of listed equities with the intention to fund the increasing growth of the choice asset portfolio.
profit before tax become £298m, pushed by way of investment and other variances of £48m, compared to £(307)m in H1 2020, which reflects the rebound in alternative asset portfolio profits and equity market performance.
Our becoming alternative asset portfolio completed a net portfolio return of 10.7% (H1 2020: (5.9)%). in response to our enterprise mannequin, we are expecting to deliver a return of 8% to 10% over the medium time period as our early stage organizations continue to mature.
option asset portfolio grew 13% over H1 2021 to £3.4bn
LGC has persevered to enhance its capabilities across an increasingly dependent latitude of alternative assets which are underpinned by our structural boom drivers. Our alternative asset portfolio expanded to £3,426m (H1 2020: £3,033m) as we deployed an extra £0.2bn and made new undrawn commitments of £0.5bn throughout our present funding systems. via these investments we create assets that generate returns for shareholders, create captivating yield-generating Matching Adjustment-eligible assets for LGRI and LGRR and supply captivating choice assets to LGIM and other third celebration shoppers.
Our portfolio remains neatly diverse across the sectors we invest in:
· fifty five% invested in absolutely-owned operating corporations, together with our investments in cost-effective Housing and CALA;
· 29% in joint ventures or partnerships with different buyers, such as the Bruntwood SciTech partnership and our Oxford tuition building partnership; and
· 16% in externally managed cash, including our investments in Pemberton funds and NTR, the place in both situations we are a significant shareholder.
As we set out under, our choice asset portfolio is creating price for shareholders, riding increase in our LGR businesses and creating assets for third party shoppers, with a focus on ESG and offering Inclusive Capitalism.
investment in expert commercial precise property: ongoing support of the levelling up agenda
Addressing a shortage of investment in expert commercial real estate, we proceed to invest in partnership with the general public sector to force forward one of the most UK's largest urban transformation schemes, returned digital infrastructure and fund the subsequent technology of science and innovation centres. during H1 2021 our specialist industrial true estate portfolio extended marginally to £733m (H1 2020: £716m) as a result of endured investment in new and present initiatives, and overall portfolio value boom.
via Bruntwood SciTech, we now have persevered to boost world main diagnostics infrastructure, becoming our portfolio to over 2.5m sq toes. Valued at greater than £600m and residential to over 500 science and tech companies, the Bruntwood SciTech community comprises nine sector-specialist campuses across Manchester, Liverpool, Birmingham, Alderley Park and, most lately, Melbourn Science Park. Its development pipeline of over 6m sq toes includes Birmingham fitness Innovation Campus, where construction of Birmingham's first smart-enabled constructing, enterprise Wharf, is now well underway, and - as introduced in June - a building partnership with the school of Manchester to convey id (Innovation District) Manchester, a new £1.5bn innovation district across 4m sq feet in the city centre which types an bold plan to make Manchester the coronary heart of innovation in Europe. To be delivered over a 15-12 months length and surroundings new benchmarks for mixed-use, internet-zero carbon development, Manchester identification will create 10,000 full time jobs and facilitate the commercialisation of knowledge, ideas and innovation generated from one of the most world's leading universities.
Our clean power portfolio increased to £218m (H1 2020: £179m)
assisting the neighborhood's climate ambitions, we invest in early-stage scale-up corporations, throughout low-carbon heat, transport, and vigor generation, to bring the innovation, clean know-how and renewable energy infrastructure mandatory to fulfill UK and global UN climate aims and Sustainable development desires.
all through H1 2021, our portfolio continued to make staggering development in scaling up. one among our investee organizations, Pod point, in which we hang a c22% stake, is unexpectedly constructing its business to fulfill elevated client demand for electric powered cars. through April 2021, Pod factor's partnership with Volkswagen and Tesco had offered greater than 500,000 free properly-u.s.a. Tesco shops throughout the uk and powered greater than 10 million miles of travel, assisting to make electric powered car charging accessible for all drivers and speed up the adoption of electric powered motors. Pod point has also elevated its partnership with Lidl to deploy speedy chargers at 350 shops.
through an extra of our investee corporations, NTR - a expert clean power fund manager - we are carrying on with to source, construct and operate new renewable energy property to create appealing returns for traders over the medium to long term. In January, the NTR Renewable power profits Fund II (NTR REIF II), acquired the 48.four MW Artigues et Ollières wind park in France, with a view to give adequate electrical energy for 25,000 households. In February, NTR REIF II completed a 54MW photo voltaic & battery transaction for €29m which represents the Fund's first in the energy space for storing. The battery aspect will assist aid the steadiness of the Irish grid and, once developed in 2022, the solar park will supply ample energy for 1,650 households.
Bounceback in housebuilding supports boom of our residential property platform
LGC continues to scale up its ambitions across all housing tenures, making first rate progress with tasks and partners, and seeing a strong rebound in revenue and reservations degrees. different across affordability and life stage, LGC's investments meet the united kingdom's long term social and economic need for quality housing for all demographics. all through H1 2021, our residential property portfolio grew to £1,914m (H1 2020: £1,636m) reflecting a bounceback in the housebuilding sector and sustained future demand.
LGC's build to promote company, CALA, has carried out exceptionally in H1 2021, rebounding strongly from its place in 2020 when it become impacted by using a pause in building and earnings pastime following the primary COVID-19 lockdown. during H1 2021 CALA has delivered earnings of £610m (H1 2020: £205m) and earnings before tax of £70m (H1 2020: £(19)m) during the sale of more than 1,450 devices, enormously bigger than H1 2020 and H1 2019 stages (H1 2020: 468 gadgets; H1 2019: 1,025 contraptions). Reservations on private instruments at present stand at 93% of the entire 12 months target, giving confidence within the full year outcome for 2021. The potent rebound has been supported through the extension of the executive's tax breaks, rising customer confidence and a comparatively constrained give of housing stock.
Our not pricey homes company has persisted to set up itself as one of the crucial UK's leading institutional builders and bosses of least expensive housing. we now have a complete of 1,066 buildings in operation (H1 2020: 221) and have completed a hundred shared ownership income (H1 2020: sixty three). in barely its 2d full 12 months of operation, the company delivered £12m of earnings in H1 2021 and we predict this to develop as we contine to scale. Our pipeline stands at over 6,000 buildings throughout the united kingdom, with a Gross Asset value of round £1bn.
Our Modular Housing business, which made a £16m loss in H1 2021, is making good growth with projects and partners, gaining planning consent to carry an additional 153 buildings at a web site in Broadstairs in East Kent, providing reveal homes to its 102 domestic site in Selby, and acquiring and starting on site at a 185 home scheme in Lockleaze, Bristol, developed along side Bristol metropolis Council. we are creating one of the crucial most power efficient buildings within the nation with all homes from 2020 onwards reaching an power performance certificates (EPC) A score, a common met with the aid of best round 1% of new and present dwellings in England & Wales.
Our build to appoint company has a £1.9bn portfolio of c5,500 buildings with 15 schemes in operation or construction throughout the uk's essential towns and cities. Our city build to appoint portfolio is developing a robust pipeline of captivating, excessive great belongings for LGRI and LGRR, and for LGIM consumers. we've endured to make powerful building development, with over 1,seven hundred homes having achieved or under administration. we have additionally now appointed our Suburban construct to employ senior management crew, bringing in potential from throughout one of the crucial UK's main property groups, and put in a planning utility for its first web page in North Horsham. here's designed to carry 124 new buildings for suburban households, alongside a selection of low-priced housing alternatives, supplying a multi-tenure community in partnership with LGC's other housing companies, together with our modular buildings enterprise.
Our JV with NatWest group Pension Fund makes it possible for our Later living company to hold scaling at tempo
Our Later living platform addresses the growing to be demand for expert age-appropriate buildings. delivering on our bold third celebration capital method, we these days introduced that we've entered right into a 15-yr three way partnership (JV) partnership with NatWest Pension Trustee restrained (NWPTL), as trustee of the £53bn defined advantage pension scheme of NatWest neighborhood, to make investments £500m of fairness in later living communities to be developed with the aid of inspired Villages. As part of the JV, felony & general offered a 50% stake in inspired Villages' first 11 websites to NWPTL in keeping with an enterprise value of over £300m. This investment will assist our future pipeline of 34 websites, to be able to carry c5,a hundred buildings, housing c8,000 residents and create an estimated Gross building value of c£4bn. The transaction is entertaining because it sees one of the vital greatest UK pension cash investing without delay into UK deepest social infrastructure.
in the meantime, growth in our inspired Villages company continues at pace. The enterprise has reserved 38% off plan for the primary phase of its seventh scheme in Kent, ahead completion at the conclusion of the year. Our Later living platform has also made decent planning and building growth. It has secured planning permission for 141 homes in West Sussex, 133 buildings in South Oxfordshire, 222 homes in Walton-on-Thames and 194 homes and care suites in Uxbridge. It has also broken floor on its first two operationally web-zero carbon trends, discovered in Bedfordshire and Hampshire, collectively bringing ahead over 350 energy productive buildings.
SME Finance AUM elevated to £561m (H1 2020: £502m)
Investing within the precise financial system through our alternative Finance and our venture Capital systems, we are continuing to aid growth organizations, supplying better returns whereas boosting job creation, innovation, and science and expertise developments.
in the alternative Finance sector we support UK and European mid-market lending through our investments in Pemberton, our asset manager specialising in private debt, by which we grasp a 40% stake. The Pemberton platform has raised over €10.9bn (H1 2020: €7.4bn) throughout 4 thoughts in the six years because we first invested in 2014, with 126 traders globally. It has deployed €eight.3bn (H1 2020: €4.5bn) throughout ninety one organizations, actively enticing with borrowers to aid sustainable increase.
Our assignment Capital funds business backs over 300 start-up businesses throughout the uk and Europe through our fund-of-funds programme and via LGC's possession in direct funding platform Accelerated Digital Ventures (ADV).
The mission capital fund-of-cash programme noticed amazing performance over the length, with NAV growing to be via forty three% to £129m over the six months to end of Q1 2021. lots of the money we invested in early in the programme are now maturing, with the strongest belongings reaching new funding rounds at increased valuations. Demonstrating the price of our affected person funding method, the portfolio has now delivered an 18% IRR after fees, when you consider that inception.
We continue to work with LGIM to advance a workable answer for defined Contribution valued clientele with a view to democratise access to the project capital asset type.
criminal & frequent assurance
financial HIGHLIGHTS £m
- US (LGIA)
funding and other variances
earnings / (loss) before tax caused by fairness holders
liberate from operations1
New business surplus / (pressure)
web unencumber from operations
Solvency II New enterprise value
LGI new business annual premiums
UK Retail insurance plan gross premiums
UK community protection gross premiums
US protection (LGIA) gross premiums
complete gross premiums
1. comprises the annual dividend of $111m (H1 2020: $109m) paid by way of LGIA to the group in March 2021.
working income up £46m to £134m; amazing new business increase in the UK
all through the first half of 2021, LGI working profit improved 52% to £134m (H1 2020: £88m), reflecting effective new company boom in UK retail coverage, and opposed COVID-related claims all through the length, which were provided for in the 2020 results. We in the past provisioned for £110m of future COVID-19 linked claims, c£30m of which remains unutilised, highlighting the large have an effect on of the 2d wave in each the uk and US over Q1 2021. As in previous years, we are expecting H2 operating earnings to be enhanced than H1.
Honouring our guarantees and responding right now and compassionately to our customers' wants is core to our values at criminal & common. LGI is specifically aware about the value of our commitments to our clients: we paid £1bn of coverage claims in the first half of the 12 months.
profit before tax was predominantly impacted via the formulaic trade in LGI's discount rates. LGI's superb investment variance of £230m was pushed basically by using a rise in UK and US government bond yields which have resulted in a higher cut price price used to calculate the reserves. the united kingdom 10 year gilt rate elevated with the aid of fifty two bps and US 10 12 months Treasury yields extended by 52bps.
Solvency II New company price decreased with the aid of £7m to £131m (H1 2020: £138m) reflecting the negative affects of USD change rate weakening and reduce volumes in neighborhood coverage after a powerful first half in 2020. Retail insurance policy new business cost elevated as a result of strong volumes. The insurance policy enterprise continues to generate Solvency II surplus instantly when written and offers diversification merits to the community, exceptionally LGR.
Gross written premium at £1,500m; respectable trading performance in the US and UK in H1
UK Retail insurance plan gross premium income improved to £714m (H1 2020: £680m), with new company annual premiums of £105m (H1 2020: £83m), up 27% on prior yr as the market continues to Strengthen from COVID-related disruption. We improved our market share to 26% in Q1 2021, up from 22% in Q1 2020, and bolstered our position as the main issuer of retail insurance plan in the UK, delivering a degree of sale determination for greater than eighty% of our consumers. Our market share boom became supported with the aid of our innovation over the period. for example, further enhancements to our revenue insurance plan advantage and good development on critical sickness cowl attracted new customers within the first half and helped us achieve market management for these products.
UK neighborhood protection new enterprise annual premiums were £55m (H1 2020: £65m) with gross written premiums expanding 12% to £274m (H1 2020: £245m). through more desirable service and greater refined pricing we are attracting a wider latitude of scheme sizes and actively coping with greater advisers within the neighborhood insurance policy market, enabling us to profit market share and develop new enterprise premiums. We assume that full 12 months 2021 new company volumes may now not attain the list stages of 2020 as typically fewer enormous schemes are tendered in ordinary years than in even years.
US insurance policy (LGIA) gross written premiums expanded 3% (down 7% on a sterling basis) to $712m (H1 2020: $693m). New business annual premiums accelerated 5% to $59m (H1 2020: $56m), with amazing new business margins of 11.5%. LGIA ranked number one in the brokerage prevalent company channel in the first quarter by way of both new top rate and new guidelines issued. We continue to advance our market-main, digital new enterprise platform (Horizon) which we predict to pressure extra income increase and to in the reduction of unit charges over the arrival years. Adoption of our Horizon platform is now above 50% of new company and we expect this to enhance towards 100% by the end of the yr. we've significantly decreased usage of real examinations, from 85% of all applications desiring an examination at the beginning of 2020 to lower than 50% of Horizon applications currently. This has been performed devoid of a cloth anticipated have an impact on to mortality through the use of option data sources. moreover, we now have a variety of further underwriting innovations being deployed to in the reduction of usage of physical checks and shorten the time taken to provide an underwriting choice, so they can in turn enhance placement prices and so increase enterprise volumes.
felony & familiar personal loan membership facilitated £47bn of mortgages, up 39% (H1 2020: £34bn), pushed by using the buoyant housing market because of the extension of the Stamp responsibility holiday. We continue to be the biggest participant within the UK intermediated loan market and are involved in around one in 5 of all UK mortgage transactions. Our Surveying features business facilitated 263,000 surveys and valuations, in comparison to 185,000 surveys and valuations within the prior 12 months. in view that buying a new apartment is commonly a catalyst for paying for lifestyles insurance, the prison & well-known loan membership is a assisting element of our average offering to shoppers.
Scaling up our Fintech agencies
LGI has persisted with its strategy to scale up its ingenious fintech agencies in adjoining markets. Our strategy of "digital first" has proved to be resilient in the course of the COVID length, driving extra increase in cost and revenue. income Finance, our worker merits platform, during which we have a forty one% conserving, continues to grow all of a sudden, with the platform now connected to over three.eight million personnel across the uk and US. Annualised run-fee gross salary grew to £29m as at June 2021, an increase of seventy five% yr on year. This style is expected to continue with growing to be employee cognizance and lengthening platform engagement. It continues to be one of the UK's quickest growing to be Fintechs and is neatly located for increase in the UK, the USA and beyond.
The method of platform ownership and affect has persisted to serve us neatly within the personal loan and home financing "ecosystem". Our SmartrFit mortgage standards and sourcing equipment now reaches over three,four hundred brokers within the personal loan broking market. within our legal & customary surveying business, our work to digitise the market has proved worthwhile for banks throughout the lockdown length. Our digital valuation capabilities had been used through lots of our key shoppers with over 90,000 accomplished since 2019. elsewhere within the ecosystem, our c40% funding in Smartr365, a complete conclusion-to-conclusion mortgage and insurance policy platform used to unite personal loan advisers and their valued clientele, has moved from delivery up to scale up throughout the united kingdom loan broking market. With licence numbers having grown fourfold on the grounds that the beginning of the yr, we now have simply below 2,000 licences in vicinity. we have received robust comments on the proposition, and the way it simplifies the mortgage assistance adventure for brokers and valued clientele.
The community's fantastic core borrowings totalled £4.5bn at 30 June 2021 (FY 2020: £four.6bn; H1 2020: £4.7bn). there's also an extra £1.1bn (FY 2020: £1.0bn; H1 2020: £1.2bn) of operational borrowings including £1.1bn (FY 2020: £0.9bn; H1 2020: £1.0bn) of non-recourse borrowings.
group debt prices of £120m (H1 2020: £115m) reflect a typical can charge of debt of 5.1% per annum (H1 2020: 5.0% each year) on a regular nominal cost of debt balances of £four.8bn (H1 2020: £4.6bn).
In late might also 2021, we gave notification of our intention to redeem £300m of 10% dated subordinated notes and they have been in consequence referred to as at par on 23 July 2021.
equity holders' valuable Tax expense (%)
equity holders' total positive Tax rate
Annualised fee of UK corporation tax
The beneficial tax cost displays the impact of revaluing UK deferred tax property and liabilities at 25%, following the announcement of a rise in the headline expense of UK supplier tax from 1 April 2023, and the diverse prices of tax that practice to felony & popular's overseas operations. here's better than the advantageous tax cost at H1 2020 which become under the headline fee on account of the impact of losses bobbing up in the duration via investment variance.
The tax cost on working profits, aside from the have an effect on of funding variance, changed into sixteen.1% (H1 2020: 16.8%).
As at 30 June 2021, the group had an estimated Solvency II surplus of £7.5bn over its Solvency Capital Requirement, comparable to a Solvency II insurance ratio of 183% on a shareholder groundwork.
Solvency Capital Requirement (SCR)
Solvency II surplus
SCR coverage ratio (%)
1. Solvency II place on a shareholder basis is adjusted for the personal funds and SCR of the community closing earnings pension schemes and is before the accrual of the critical dividend.
evaluation of move from 1 January 2021 to 30 June 20211 (£bn)
Solvency II surplus
Surplus arising from back-book (including free up of SCR)
liberate of risk Margin
Amortisation of TMTP
Operational surplus technology
New business pressure
net surplus technology
Mergers, acquisitions and disposals
total surplus stream (after dividends paid in the duration)
Operational surplus era from continuing operations increased to £0.8bn (H1 2020: £0.8bn), after permitting for amortisation of the opening Transitional Measures on Technical Provisions (TMTP) and free up of chance Margin.
New enterprise strain become £(0.2)bn, basically reflecting UK PRT volumes written at a capital pressure of c4%. This resulted in web surplus technology of £0.6bn (H1 2020: £0.7bn).
Dividends paid signify the fee of the 2020 final dividend in June 2021, which is the higher of the two dividends paid all over the yr.
operating variances encompass the impact of experience variances, adjustments to mannequin calibrations, and administration moves. The web influence of operating variances over the period become neutral. Market actions of £0.6bn mirror the have an effect on of rising fees on the valuation of our balance sheet, and more advantageous asset markets, predominantly in equities, as well as a number of different, smaller variances.
The movements shown above comprise management's estimate of the have an effect on of recalculating the TMTP as at 30 June 2021 as we believe this provides the hottest and significant view of our Solvency II place. according to UK regulatory necessities, a proper recalculation of the TMTP will take place no later than 31 December 2021.
When stated on a proforma basis, together with the SCR because of the neighborhood ultimate profits pension schemes in each the neighborhood's personal money and the SCR, the group's coverage ratio became 182% (FY 2020: a hundred seventy five%; H1 2020: 169%).
Reconciliation of IFRS net release from operations to Solvency II web surplus generation1
The desk beneath offers a reconciliation of the neighborhood's IFRS release from operations and Solvency II Operational surplus generation in H1 2021:
IFRS unencumber from operations
anticipated unlock of IFRS prudential margins
unencumber of IFRS particular reserves
Solvency II funding margin
liberate of Solvency II Capital Requirement and risk Margin much less TMTP amortisation
Solvency II Operational Surplus technology
The desk beneath offers a reconciliation of the neighborhood's IFRS New enterprise surplus to Solvency II New company pressure in H1 2021:
IFRS New enterprise surplus
removing of requirement to installation prudential margins above foremost estimate on new business
install of Solvency II Capital Requirement on new company
install of possibility Margin on new business
Solvency II New company pressure
1. Please see disclosure 6.01 (d) for additional details.
have an effect on on net of tax Solvency II capital surplus
have an impact on on web of tax Solvency II insurance ratio
credit score spreads widen by 100bps assuming an escalating addition to rankings
credit spreads narrow through 100bps assuming an escalating addition to scores
credit spreads widen with the aid of 100bps assuming a level addition to scores
credit score spreads of sub-funding grade belongings widen through 100bps assuming a level addition to ratings
25% fall in fairness markets
15% fall in property markets
100bps increase in possibility free quotes
50bps lessen in possibility free prices
50bps enhance in future inflation expectations
substantially reduced chance Margin
2. Please see disclosure 6.01 (f) for additional details.
The above evaluation does not replicate all possible management moves which can be taken to in the reduction of the have an effect on of each sensitivity because of the complicated nature of the modelling. In follow, the neighborhood actively manages its asset and liability positions to reply to market movements. other than in the interest rate stresses, we haven't allowed for the recalculation of TMTP. The influences of these stresses aren't linear therefore these outcomes may still no longer be used to interpolate or extrapolate the impact of a smaller or better stress.
The effects of these exams are indicative of the market circumstances prevailing on the balance sheet date. The outcomes would be distinct if carried out at an choice reporting date.
The affects of credit spreads and chance-free price sensitivities are essentially non-financial arising from actions in steadiness sheet gadgets that result from alterations within the bargain costs used to calculate the price of assets and liabilities. The credit score migration stress, in the absence of defaults, delays the emergence of working surplus technology, however does not in the reduction of the genuine quantum of future releases. similarly, fairness and property stresses most effective result in losses if belongings are offered at depressed values.
Solvency II new company contribution
administration estimates of the current value of latest enterprise (PVNBP) and the margin as at 30 June 2021 are shown below1:
LGR - UK annuity business (£m)
UK insurance policy total (£m)
- Retail insurance plan
- community insurance policy
US coverage (£m)
the key financial assumptions as at 30 June 2021 are as follows:
Margin for chance
chance free rate
chance bargain price (net of tax)
long run price of return on non-earnings annuities in LGR
1. Please see disclosure 6.02 for additional details.
the future income are discounted the usage of period-primarily based discount quotes, which is the sum of a period-primarily based risk-free expense and a flat margin for chance. The chance-free charges have been in accordance with a swap curve net of the PRA-distinct credit chance Adjustment. The risk-free price shown above is a weighted average in response to the projected money flows.
apart from updating for fresh journey, all other financial and non-financial assumptions and methodologies that might have a fabric influence on the margin for these contracts are unchanged from those previously used through the community for its European Embedded cost reporting, aside from the can charge of currency hedging which has been up-to-date to reflect existing market circumstances and hedging activity in light of Solvency II.
fundamental risks and uncertainties
criminal & regularly occurring runs a portfolio of possibility-taking corporations; we settle for risk within the general path of enterprise and goal to bring sustainable returns on possibility-based mostly capital to our investors in excess of our can charge of capital. We manipulate the portfolio of possibility that we accept to build a sustainable franchise for the hobbies of all our stakeholders; we don't aim to dispose of that risk. we have an appetite for hazards that we keep in mind and are rewarded for, and which might be in keeping with delivery of our strategic goals. risk management is embedded within the enterprise. The neighborhood's main dangers and Uncertainties summarise key concerns that may have an effect on the delivery of neighborhood's approach income or profitability. The risks are expected to continue to be relevant for the closing six months of the year.
hazards AND UNCERTAINTIES
style, OUTLOOK AND MITIGATION
Reserves and our evaluation of capital requirements can also require revision on account of alterations in journey, law or legislation. The pricing of lengthy-term assurance business requires the surroundings of assumptions for long-term tendencies in factors equivalent to mortality, lapse costs, valuation activity prices, fees and credit score defaults as well because the availability of property with acceptable returns. precise adventure might also require recalibration of those assumptions, increasing the stage of reserves and impacting profitability. management estimates are also required in the derivation of Solvency II capital metrics. These encompass modelling simplifications to mirror that it is not viable to perfectly model the exterior atmosphere, with adjustment necessitated the place new statistics emerges. pressured adjustments in reserves can also come up from regulatory or legislative intervention impacting capital requirements and profitability.
We undertake big evaluation of the variables linked to writing long-term coverage business to ensure that an appropriate top class is charged for the risks we take on, and that reserves continue to remain acceptable for elements together with mortality, morbidity, lapse fees, valuation pastime prices, and prices, as well as credit default within the assets backing our assurance liabilities. We proceed to carefully display screen the influences of Covid-19 on the lives we insure and the influences for sturdiness and different coverage assumptions. so far Covid-19 mortality has been lower than our 1-in-200 pandemic modelling state of affairs, and we've viewed an offsetting impact in our annuity portfolios. Areas of uncertainty stay, besides the fact that children, including future virus mutations, the long-time period efficacy of vaccines, the effects of 'long Covid' on morbidity and any influences created by using the deferral of some non-Covid-19 medical cures right through the course of the pandemic. other possibility factors remain, together with dramatic advances in clinical science, past that predicted requiring adjustment to our durability assumptions; the emergence of new illnesses and changes in immunology impacting mortality and morbidity assumptions; and for our US time period guidelines variances in the expense of policy renewal in comparison to our assumptions.
funding market efficiency and conditions within the broader economy might also adversely affect revenue, profitability or surplus capital. The efficiency and liquidity of funding markets, pastime price movements and inflation have an effect on the cost of investments we hold in shareholders' funds and to meet the obligations from coverage enterprise; the flow in definite investments without delay affects profitability. interest fee movements and inflation alterations can additionally trade the value of our tasks. Losses can arise from market actions however we are seeking for to match assets and liabilities. Falls within the possibility free yield curve can additionally create a superior degree of inherent volatility to be managed in the Solvency II stability sheet, probably impacting capital requirements and surplus capital. Falls in investment values can in the reduction of our investment management fee salary.
whilst the outlook for developed economies continues to enrich, there is still gigantic uncertainty to the depth and sustainability of the recovery, with economic markets totally susceptible to shocks and the re-appraisal of asset values. possibility factors encompass the outlook for inflation and shifts in fiscal policy through critical banks may still the present costs of growth in inflation turn into deep seated; in addition to geo-political hazards, together with US - China tensions and disruptions to international provide chains. Uncertainty is also likely to persist in aspects of industrial property markets pending easing from the effects of the pandemic restrictions. We cannot dispose of the draw back impacts from these or other chance elements on our earnings, profitability or surplus capital, besides the fact that children, we continue to searching for to mannequin our company plans throughout believable economic eventualities to make sure resilience throughout a variety of effects.
In coping with issuers of debt and different styles of counterparty the neighborhood is uncovered to the chance of fiscal loss. Systemic corporate sector screw ups, or an enormous sovereign debt experience, may, in some situations, set off defaults impacting the price of our bond portfolios. beneath Solvency II, a common widening of credit score spreads and downgrades can also effect in a discount in our Solvency II steadiness sheet surplus, regardless of already environment aside giant capital for credit score risk. we're also uncovered to default risks in coping with banking, funds market and reinsurance counterparties, as well as contract, custody and other bespoke enterprise features. A default by way of a counterparty could expose us to both monetary loss and operational disruption of company procedures. Default possibility also arises the place we undertake property lending, with exposure to loss if an collected debt exceeds the cost of safety taken.
despite recuperation in the wider economy, a variety of industries continue to be without delay impacted via world lockdowns together with the entertainment, transport, trip and retail buyer cyclical sectors, with possibility of downgrade and default persisting primarily as governments withdraw current financial aid measures. We continue to actively manipulate our publicity to default hazards inside our bond portfolios, monitoring positions relative to our publicity limits, and the usage of the capabilities of LGIM's world credit score team to make sure the dangers are without problems controlled, and if appropriate trade out to Strengthen credit score great. inside our property lending companies, our mortgage criteria take account of both the default possibility of the borrower and the skills for adverse movements within the price of secured property. we are additionally monitoring the effect of Covid-19 on reinsurance counterparties, besides the fact that children default often continues to be a extra remote possibility, which we seek to mitigate through selectively collateralising huge exposures. We can't, although, dispose of default dangers or their influences to our Solvency II and IFRS stability sheets, youngsters we searching for to hang a strong balance sheet that we accept as true with to be prudent for a variety of adversarial scenarios.
risks AND UNCERTAINTIES trend, OUTLOOK AND MITIGATION
changes in regulation or law may additionally have a detrimental effect on our strategy. legislations and executive fiscal policy affect our product design, the period of retention of items and required reserves for future liabilities. rules defines the average framework for the design, advertising, taxation and distribution of our products, and the prudential capital that we cling. enormous alterations in legislations or law might also raise our can charge base, in the reduction of our future revenues and impact profitability or require us to hold extra capital. The prominence of the risk increases where change is carried out without prior engagement with the field. the nature of lengthy-term enterprise can also effect in some alterations in rules, and the re-interpretation of legislation over time, having a retrospective impact on in-force books of business, impacting future money technology.
Regulatory driven exchange remains a major risk component across our groups. Key drivers of future trade include HM Treasury's consultation on Solvency II and the future Regulatory Framework publish Brexit. The FCA's concept for a new consumer responsibility has also been posted and we're Studying for transition from LIBOR to SONIA at the end of 2021. Regulatory focus additionally continues on operational resilience, the management of third parties and the fiscal dangers introduced from climate alternate. Alongside regulatory chance, we are monitoring expertise for changes in UK fiscal coverage arising from the deserve to fund govt borrowing based on Covid-19, and progressing our readiness for IFRS 17, so we can introduce new financial reporting metrics. As a part of our inner manage framework we are searching for to make sure on-going compliance with principal legislation and law and confirm we're proactive in addressing trade. We can not, although, wholly dispose of the dangers that controls may additionally fail or that ancient authorised practices could be reappraised by using regulators, leading to sanction in opposition t the group.
New entrants may disrupt the markets wherein we operate. there's already mighty competition in our markets, and however we now have had appreciable previous success at building scale to offer least expensive products, we know that markets remain beautiful to new entrants, together with these domiciled overseas. it's feasible that option digitally enabled monetary features suppliers emerge with lessen charge business models or inventive service propositions and capital buildings, and disrupt the existing aggressive panorama, and that adjustments in legislations or legislation influence operating models
We proceed to display screen the components that may also influence the markets by which we function and are conserving our focal point on constructing our digital platforms, recognising that the current working ambiance is likely to have extra hastened the transition to superior digital engagement with our clients. We additionally continue to invest in automation to enhance enterprise effectivity, and our groups are well located for alterations in the competitive panorama that may additionally arise from the roll out of defined improvement 'superfund' consolidation schemes, pension dashboards and 'collective' pension scheme preparations.
a material failure in our company processes or IT protection may result in unanticipated economic loss or recognition hurt. we now have built our framework of inner controls to minimise the chance of unanticipated fiscal loss or harm to our attractiveness. besides the fact that children, no system of internal control can absolutely get rid of the possibility of error, economic loss, fraudulent moves or reputational damage. we are additionally inherently exposed to the risk that third events may additionally seek to steal consumer records or perpetrate acts of fraud the usage of digital media, and there is robust stakeholder expectation that our core company capabilities are resilient to operational disruption
we're planning our future ways of working put up Covid-19 to consist of a hybrid workplace:domestic working mannequin in order to retain high requisites of customer carrier and internal handle. We stay vigilant to the linked operational hazards and we proceed to put money into our equipment capabilities, together with those for the management of cyber dangers, to be sure that our business strategies are resilient. We also searching for to intently manage our property building and security risks through mighty internal manage systems, including working towards, monitoring and unbiased assessments. We recognize, youngsters, that residual risk will always continue to be across the spectrum of our company operations and we aim to develop response plans so that when adversarial pursuits occur, applicable moves are deployed.
We fail to reply to the rising threats from local weather exchange for our funding portfolios and wider businesses. As a major investor in monetary markets, commercial real estate and housing, we are uncovered to local weather connected transition hazards, peculiarly should abrupt shifts within the political and technological panorama have an effect on the price of these investment property associated with larger stages of greenhouse gasoline emissions.
climate change and failure to transition to a low carbon financial system is still a big risk that we trust has nonetheless to be fully priced in by using fiscal markets, with delays in responding to the threats increasing the possibility of unexpected late policy action, leading to doubtlessly tremendous and unanticipated shifts in asset valuations for impacted industries. We proceed to embed the assessment of climate risks in our funding procedure and have developed risk tolerances to control our exposures to the risk. We additionally proceed to are seeking for investments in new technologies that offer good returns even as assembly global dreams for internet zero carbon emissions and engage with regulators and investee agencies in aid of multiplied local weather motion.
a duplicate of this announcement can also be found in "effects, experiences and displays", beneath the "traders" part of our shareholder web page at www.legalandgeneralgroup.com/investors/consequences-studies-and-displays.
A digital presentation to analysts, fund managers and investors may be purchasable from 7:00am UK time today at www.legalandgeneralgroup.com/buyers/results-stories-and-displays.
A teleconference for analyst questions will take region at 9:00am UK time nowadays. particulars of the teleconference below:
Please enter entry code 110278 to profit access to the convention.
To ask a question press *1; to get rid of a question press *2.
2021 interim consequences announcement
4 August 2021
Ex-dividend date (2021 intervening time dividend)
12 August 2021
13 August 2021
Dividend payment date
20 September 2021
LGC Capital markets day
14 October 2021
2021 preliminary results announcement
9 March 2022
Definitions are covered in the thesaurus on pages 102 to one zero five of this release.
ahead looking statements
This announcement may additionally include certain ahead-looking statements regarding prison & customary, its plans and its current dreams and expectations relating to future fiscal situation, performance and consequences. via their nature, forward-searching statements contain uncertainty because they relate to future events and circumstances which are beyond legal & commonplace's handle, including, among others, UK home and global economic and company situations, market-related hazards comparable to fluctuations in hobby charges and change charges, the guidelines and actions of regulatory and Governmental authorities, the have an impact on of competitors, the timing have an impact on of those pursuits and different uncertainties of future acquisitions or mixtures within primary industries. consequently, criminal & everyday's exact future circumstance, efficiency and outcomes can also range materially from the plans, desires and expectations set out in these ahead-looking statements and people analyzing this announcement may still not place reliance on ahead-searching statements. These ahead-searching statements are made simplest as on the date on which such statements are made and felony & prevalent neighborhood Plc does not undertake to replace ahead-looking statements contained in this announcement or another ahead-looking commentary it will probably make.
Going subject commentary
Going difficulty commentary is included on disclosure word 4.01(b) on page 52 of this release.
directors' responsibility commentary
We confirm to the best of our abilities that:
i. The consolidated meantime financial statements have been organized according to UK-adopted IAS 34 period in-between economic Reporting;
ii. The period in-between management document contains a good evaluate of the counsel required through DTR four.2.7, namely an indication of critical pursuits that have occurred during the first six months of the financial year and their affect on the consolidated intervening time financial statements, in addition to a description of the predominant dangers and uncertainties faced by using the enterprise and the undertakings covered within the consolidation taken as a whole for the final six months of the monetary yr;
iii. The intervening time management record contains, as required by using DTR four.2.eight, a fair review of material linked birthday celebration transactions that have taken region within the first six months of the financial yr and any material alterations within the linked birthday celebration transactions described within the remaining Annual document and accounts; and
iv. The administrators of felony & time-honored group Plc are listed within the felony & usual group Plc Annual document and money owed for 31 December 2020. a listing of latest administrators is maintained on the prison & ordinary group Plc website: www.legalandgeneralgroup.com/about-us/our-administration/neighborhood-board/.
by using order of the Board
Nigel Wilson Stuart Jeffrey Davies
group Chief government neighborhood Chief economic Officer
four August 2021 4 August 2021
+forty four 203 124 2091
Edward Houghton, Head of Investor relations
investor.members of the email@example.com
+1 312 964 3034
Sujee Rajah, Investor members of the family Director
+44 203 1242 054
Nim Ilankovan, Investor relations Director
+44 203 1242 090
John Godfrey, neighborhood company Affairs Director
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