In its Q3 trading statement, the life and investment provider said the sale of Legal & General France (LGF) to APICIL Prévoyance is now expected to complete, subject to regulatory approval, around the end of 2015.
L&G also highlighted that following “the disposal of our Irish business in July 2015, we have entered into agreements, subject to regulatory and other approvals, to sell our Egyptian, Gulf and German businesses”.
The Irish business referred to is Legal & General International (Ireland), which sold to Canada Life earlier this year adding significantly to the latter’s books to give a combined market share of 29% of the UK offshore bond market.
Nigel Wilson, group chief executive, said: “Legal & General’s scale and growing international business, coupled with strategic clarity and financial discipline, has driven a strong performance, particularly in our asset management businesses, resulting in net cash up 14% at £943m.”
The statement did not specifically refer to any other sales of international businesses but said that it would “continue to declutter” by disposing, exiting and closing businesses that it considered to be non-core or sub-scale.
“Our strategic clarity together with our scale, efficiency and track record of execution mean that we are very well placed to continue to grow the business”, it said.
L&G added that external uncertainties, including regulatory change, did remain, but that it was adapting to these changes and remained “focused on delivering good returns”.
In its Legal & General Retirement operation it was internationalising its pension risk transfer business with hubs operating in the UK and in the US, and demand for de-risking solutions “remained high”.
Legal & General Investment Management was on track to deliver external net inflows of over £30bn for full year 2015, while continuing to expand its distribution in the US, Asia, the Gulf and Europe.
Elsewhere, following the closure of the with profits fund to new business in January 2015, it was “identifying cost efficiencies to compensate for the gradually declining asset base”.
As part of a strategic review of its digital savings business there was also to be a focus on improving operational efficiency in Cofunds.
