The asset management division of Legal & General usually gets rather overshadowed in any assessment of Britain’s second biggest insurer. Legal & General Investment Management might be one of the biggest asset managers in Britain, with nearly a trillion pounds of assets under management, but in terms of profit generation it is still modest beside the retirement and annuities division.
L&G wants to change that perception, which explains why its capital markets event yesterday focused purely on LGIM.
The division has a strong story to tell. Over the past ten years it has produced compounded annualised growth in operating profits of 11 per cent, last year hitting the £400 million mark. A decade ago, LGIM was the 50th biggest asset manager in the world by