MORE. Half-Year Results rd August 2011 FORWARD LOOKING STATEMENTS.

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1 1 MORE. Half-Year Results 3 rd August 2 FORWARD LOOKING STATEMENTS. This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forwardlooking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.

2 3 : Delivering on our strategy A strong track record of performance. Financial highlights ( m) Operational cash Net cash Worldwide new business IFRS profit before tax (143) EEV operating profit EEV per share IGD Surplus 1 ( bn) Interim dividend (p) (1) Estimated 4 CASH: Consistent growth in operational and net cash. Operational cash 2007 ( m) H m Net cash

3 5 Material progress in diversification of net cash. Source of net cash m 760m 427m 22% 30% % 52% 38% 26% Annuities Housing and Protection Savings LGIM International Group capital and financing 6 Continued strong profitability and returns. Summary IFRS income statement ( m) Risk Savings Investment management International Group capital and financing Investment projects Operating profit Variation from longer term investment return Property losses attributable to non-controlling interests Profit from ordinary activities before tax Tax Profit from ordinary activities after tax IFRS shareholders equity Annualised return on equity (%) Operating earnings per share (p) Interim dividend per share (p) (25) 523 (49) (1) 473 (115) 8 4, (14) 542 (4) (1) 537 (136) 401 4,

4 7 Sales: Solid performance, confident about H2. New business sales ( m) Protection APE Annuities APE Savings APE International APE Worldwide new business APE LGIM gross new business ( bn) LGIM net asset flows ( bn) Savings net asset flows ( bn) net asset flows ( bn) Investment management: Another record six months for LGIM. Operating profit of 117m. Financial highlights ( m) Investment management Net cash LGIM highlights revenue costs 205 (88) (84) 98 Average ad valorem fee margin (bps) Average expense margin (bps) Gross new fund management mandates ( bn) Closing funds under management ( bn) (1) Includes annuities and some savings assets

5 9 Investment management: LDI and international from 39bn to 62bn in 18 months. Assets under management ( bn) Opening assets under management of which international of which LDI FY UK gross new business of which LDI new business International gross new business Gross outflows Net new business (14.9) (26.0) 6.6 Market and other movements Closing assets under management of which international of which LDI Savings: Another record six months for sales, assets, profits and cash. Financial highlights ( m) Operational cash New business strain Net cash Experience variance, assumption changes, tax and other variances 89 (31) (34) Savings new business APE Assets under administration ( bn) Net new funds ( bn) Non profit new business strain / PVNBP (%)

6 11 Savings: All business units generating cash and profits. Financial highlights ( m) Savings Investments With-profits Insured Savings Operational cash New business strain Net cash (31) (34) 2 Assumption changes, experience and other variances Tax gross up (4) 5 (4) (4) Savings Investments includes unit trusts, ISAs, structured products, platform business and uninsured SIPPs With-profits includes all business written within the with-profits fund Insured Savings includes all non profit bond business and non profit pension business Risk: Another good six months. Healthy cash and profit contribution. Financial Highlights ( m) Operational cash New business strain Net cash Experience variance, assumption changes, tax and other variances Investment variances Profit before tax 233 (40) ()

7 13 Risk: Good growth in operational cash, masked by one off movements. Movement in operating profit ( m) Risk operating profit Increase in operational cash Lower expense assumptions Reduction in positive annuity new business strain Group protection negative mortality experience inflation modelling not repeated in Other changes Risk operating profit (34) (27) (72) Risk: operational cash growth in all areas. Financial highlights ( m) Annuities Protection GI and other Operational cash New business strain Net cash (41) (45) Assumption changes, experience and other variances Tax gross up (7) 39 (3) 56 (13)

8 15 International: Strong performance from the US, continuing to invest in emerging markets. Financial highlights ( m) USA Europe (France and Netherlands) Middle East and Asia (Egypt, the Gulf and India) 1 (2) (4) 66 New business APE USA Europe (France and Netherlands) Middle East and Asia (Egypt, the Gulf and India) Net cash 33 (1) Includes international divisional head office costs 16 Group capital and financing: Assets increased by over 1bn, profits up 85%. Balance Sheet Profit and Loss Group capital and financing ( m) Equities Property Bonds Derivative Assets Cash Debt Investment expense and unallocated corporate expenses IFRS operating Profit , ,083 4,369 2, , ,252 2, (62) (7) 96 (59) (4) 33 Additional 1.5bn ( : 1.6bn) of other shareholder funds outside of Group capital and financing

9 17 Operational cash : Close and transparent link between cash and profit. Half-Year ( m) Annuities Housing and protection Operational cash 6 6 New business strain (45) Net cash 141 International Tax and other 8 IFRS profit before tax 3 Savings 72 (34) Investment management International Group capital and financing Investment projects (14) (14) 417 (44) Operational cash : Close and transparent link between cash and profit. Half-Year ( m) Annuities Housing and protection Savings Investment management International Group capital and financing Investment projects Operational cash New business strain 1 (41) (31) (71) Net cash International 9 9 Tax and other (25) 87 IFRS profit before tax (25) 523

10 19 Assets: High quality with PIIGS sovereign debt and bank debt exposure only 1.4% of shareholder assets. Worldwide assets under management at 30/06/11( bn) Shareholder assets, With-profits, 20 Group capital & finance assets, 4.4 By business unit Other group shareholder assets, 1.5 Shareholder assets at 30/06/11 ( bn) PIIGS sovereigns, 0.3 PIIGS banks, 0.2 By asset class Sovereign Debt, 5.0 Equities, 1.0 Derivatives, 1.6 Property, 0.3 Cash, bn Other insurance assets, 3.7.1bn Banks Debt, 4.4.1bn Client funds, 315 Assets backing annuity business, 25.5 Non bank, non sovereign bonds, 20.0 High degree of confidence over cash. Insured savings With-profits Savings investments and other savings GI and other risk LGIM International dividends New business strain ( m) Annuities c. 220 UK UVIF 1 : 8.7bn Operational cash ( m) (31) 22 HY Net cash ( m) Operational cash ( m) Protection 9 (41) 68 c. 230 c. 0 In-force cash 274 (71) 203 c. 550 c. 50 c. 50 New business strain ( m) FY Net cash ( m) 20 Group capital and financing Return on assets 0 Cost of Debt (50) 50 Variances and other International (excl. dividends) Tax gross up Operating profit 498 (71) 427 (46) Undiscounted VIF

11 21 Modelling IGD. IGD Surplus ( m) At start of period Operational cash New business strain Dividends Experience variances and assumption changes Investment variance (Increase) / decrease in operational regulatory capital requirement Release of capital from US capital management programme Other At end of period 3, (71) (97) 27 (27) (8) - (32) 4,0 FY 3, (80) (279) (155) 132 (45) 3, Modelling VIF. Reconciliation of UK long term Risk and Savings VIF bn Opening VIF at 1 January Contribution from new business Unwind of discount rate Expected release from non profit and with-profits businesses Closing operational VIF at 30 June Experience variances / assumption changes Investment variance / economic assumption changes Other 2 Closing VIF at 30 June Discounted (0.30) (0.02) Undiscounted n/a (0.3) After cost of capital 2. Includes the effect of UK budget changes of 0.15bn (discounted) and 0.3bn (undiscounted)

12 23 EEV per share increased to 139p. Estimated additional value of LGIM on discounted cashflow basis Management estimates, assuming stable margins and % outflows per annum 24 Interim dividend up 25%. 3.84p Full up 24% 4.75p 2.73 Interim up 20% 3.42 Interim up 25% m Cash cover (x) Earnings cover (x) Cash cover to move towards two times over the medium term and potential to fall further thereafter as risks recede

13 25 Positive outlook for L&G. Difficult macro-economic environment Low growth Economic and market risks remain high Attractive trends in the UK Demographic shifts favour our model Pension fund de-risking driving demand in LGIM and BPA Government agenda plays to L&G s strengths Significant and prolonged regulatory change L&G distribution model well positioned for RDR Direction of Solvency 2 remains broadly positive Uncertainty and delay is unhelpful and expensive 26 Business growth and opportunities. Cash and dividend growth. Strong balance sheet.

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