Bulk annuities did compensate this quarter, but this weakness remains an issue given that annuities supply 50% of Legal & General's new business profits. |
In terms of maintaining independence, strong sales growth, particularly Asia, is a plus. The headline figure should relax pressure on management. |
It's difficult to find anything wrong with these numbers. All three regions are growing. |
The continental business was the main star, showing strong year-on-year growth and improving margins. |
The discipline of not doing something value-destructive to them is a good thing. |
They look fine at first glance. |
We think the market was too pessimistic on Asia. The only issue is that the main growth is in low margin markets like India, Korea and Taiwan. |