Growth was driven by pension fund growth in the US and expansion in the Gulf, Europe and Asia, LGIM stated in its full year results today.
“In addition to strong demand from US pension schemes, we are attracting growing interest in index funds from the Gulf and Europe, where we have extended our distribution capability.”
In 2009 Legal & General entered a joint venture life insurance agreement with Bahrain based Ahli United Bank, establishing both conventional and Takaful business operations.
Specifically, Legal & General Gulf BSC offers conventional savings and protection products and Legal & General Gulf Takaful BSC(c) has a range of Islamic, Sharia compliant, savings and protection products.
LGIM also won its first mandate from Asia during 2012, alongside the growing interest in its index, fixed income and property funds.
Net inflows from international clients were £7.8bn, up from £4.5bn in 2011.
Nigel Wilson, group chief executive, said Legal & General’s overall double-digit sales growth in 2012 broke records: “An uncertain, sluggish economy has had minimal impact. The more important growth drivers for us are ageing populations, falling state spending on welfare and new long-term investment opportunities as banks retrench.”