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LGIM’s new business surges 36%

UK – Legal & General Investment Management’s gained more than four billion pounds (5.7 billion euros) in new business in the third quarter, a 36% rise.

“Our institutional fund management subsidiary maintained its highly successful track record with third quarter new business increasing by 36% to 4.1 billion pounds (2002: three billion pounds),” Legal & General said in a statement.

“With new business of 10.1 billion pounds in the first nine months of the year (2002: 10.2 billion pounds), we have maintained our record of averaging over one billion pounds of new UK pension fund investment business per month since January 1998.”

“Legal & General Investment Management continues its remarkable record,” L&G said. “Already the largest manager of UK pension funds, it is deepening customer relationships and extending its product range to become an increasingly strong business.”

The company posted individual life and pensions sales of 131 million pounds, a 13% rise. In the individual pensions market, new annual premium business fell to 24 million pounds from 39 million pounds. This “continued the weaker trend seen in the first half of the year following the initial take up of stakeholder schemes in 2002”.

“We continue to focus on acquiring employer-related schemes where there is a matching contribution from the employer.”

Chief executive David Prosser said: “Legal & General continues to make good progress in steadily improving market conditions with out-performance against the corresponding quarter last year and, we believe, further market share growth.”

Earlier this month LGIM said it had new corporate pension business worth a total of four billion pounds (5.6 billion euros) in the third quarter, a 40.5% rise.

LGIM is targeting European pension and institutional markets as part of a three-year product and marketing strategy.

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