43 SUBSIDIARIES.


Subsidiaries are those entities (including special purpose entities, mutual funds and unit trusts) over which the Group directly or indirectly has the power to govern the operating and financial policies in order to gain economic benefits. Profits or losses of subsidiary undertakings sold or acquired during the period are included in the consolidated results up to the date of disposal or from the date of gaining control. The interests of parties, other than the Group, in investment vehicles, such as unit trusts, are classified as liabilities and appear as ‘Net asset value attributable to unit holders’ in the consolidated balance sheet. The basis by which subsidiaries are consolidated in the Group financial statements is outlined in the basis of preparation (Note 1).

Future Developments

[IFRS] 10, ‘Consolidated Financial Statements’, IFRS 11, ‘Joint Arrangements’, IFRS 12, ‘Disclosure of Interests in Other Entities’ and IFRS 13, ‘Fair Value Measurement’ (currently expected to come into force for periods beginning on or after 1 January 2013). This suite of standards:

  • Provides enhanced guidance when determining whether an entity is controlled and is therefore included within the consolidated financial statements.
  • Provides a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form.
  • Enhances the disclosure requirements around interests in other entities.
  • Provides clarity over the definition and disclosure of fair value, which can then be applied across all accounting standards.

We are currently assessing the impact which these new standards will have on the Group’s financial statements.

(i) Operating subsidiaries

In the opinion of the directors, the following subsidiaries principally affected the Company’s results as set out in the annual accounts and are consolidated in these financial statements. The information required to be provided under section 409 of the Companies Act 2006 is provided only in relation to these undertakings and the undertakings listed under Notes 43(ii) and 44. A complete list of undertakings will be annexed to the Company’s annual return which will be available from Companies House.

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Company name

Nature of business

Country of incorporation

1.

Directly held by Legal & General Group Plc. All other subsidiaries are held through intermediate holding companies.

Legal & General Finance PLC1

Treasury operations

England and Wales

Legal & General Resources Limited1

Provision of services

England and Wales

Legal & General Assurance Society Limited

Long term and general insurance

England and Wales

Legal & General Insurance Limited

General insurance

England and Wales

Legal & General Investment Management Limited

Institutional fund management

England and Wales

Legal & General Assurance (Pensions Management) Limited

Long term business

England and Wales

Legal & General Pensions Limited

Reinsurance

England and Wales

Legal & General Partnership Services Limited

Provision of services

England and Wales

Legal & General (Portfolio Management Services) Limited

Institutional fund management

England and Wales

Legal & General Property Limited

Property management

England and Wales

Legal & General (Unit Trust Managers) Limited

Unit trust management

England and Wales

Nationwide Life Limited

Long term business

England and Wales

Suffolk Life Annuities Limited

Long term business

England and Wales

Suffolk Life Pensions Limited

Long term business

England and Wales

LGV Capital Limited

Private equity

England and Wales

Legal & General (France) SA

Long term business

France

Legal & General Bank (France) SA

Financial services

France

Legal & General Risques Divers (France) SA

Insurance company

France

Legal & General International (Ireland) Limited

Long term business

Ireland

Legal & General Nederland Levensverzekering Maatschappij NV

Long term business

Netherlands

Banner Life Insurance Company Inc

Long term business

USA

William Penn Life Insurance Company of New York Inc

Long term business

USA

Legal & General Investment Management America Inc

Institutional fund management

USA

First British American Reinsurance Company II

Reinsurance

USA

First British Vermont Reinsurance Company

Reinsurance

USA

First British Vermont Reinsurance Company II

Reinsurance

USA

First British Bermudan Reinsurance Company II Limited

Reinsurance

Bermuda

The main territory of operation of subsidiaries incorporated in England and Wales is the UK. For overseas subsidiaries the principal country of operation is the same as the country of incorporation. All operating subsidiaries have a 31 December year end reporting date and are 100% owned.

(ii) Investment vehicles

The following mutual funds and partnerships have been consolidated as a result of the Group’s ability to exert control over the financial and operating activities of the investment vehicle so as to obtain economic benefits.

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Vehicle name

Vehicle type

Territory

Year end reporting date

% of equity shares held by the Group

1.

Lagoon Finance Limited and Trees S.A. are consolidated on the basis that the Group has the power to govern the financial and operating policies and has the rights to receive 100% of the economic benefits. Only the controlled cell of the Trees S.A. investment vehicle is consolidated.

Chineham Shopping Centre Limited Partnership

Limited partnership

England and Wales

31/12/2011

100.0

Ealing Shopping Centre Limited Partnership

Limited partnership

England and Wales

31/12/2011

100.0

Gresham Street Limited Partnership

Limited partnership

England and Wales

31/12/2011

100.0

Legal & General City Offices Limited Partnership

Limited partnership

England and Wales

31/12/2011

100.0

Legal & General Investment Management Global Opportunities Fixed Income Fund Plc

Open ended investment company

Ireland

31/12/2011

100.0

Legal & General Investment Management (Ireland) Risk Management Solutions Plc

Open ended variable capital investment company

Ireland

31/12/2011

100.0

Legal & General Life Fund Limited Partnership

Limited partnership

England and Wales

31/12/2011

100.0

Northampton Shopping Centre Limited Partnership

Limited partnership

England and Wales

31/12/2011

100.0

Legal & General Investment Management UK Smaller Companies Alpha Fund Plc

Open ended investment company

Ireland

31/12/2011

99.9

Legal & General Special Situations Trust

Equity unit trust

England and Wales

14/09/2011

99.9

Legal & General Investment Management Global Macro Fund Plc

Open ended investment company

Ireland

31/12/2011

99.8

LGV 7 Private Equity Fund Limited Partnership

Private equity partnership

England and Wales

31/12/2011

99.7

LGV 6 Private Equity Fund Limited Partnership

Private equity partnership

England and Wales

31/12/2011

99.5

Legal & General UK Absolute Fund

Mixed asset unit trust

England and Wales

30/01/2011

90.7

Legal & General Global Macro Themes Fund

Mixed asset unit trust

England and Wales

14/09/2011

90.0

Legal & General Asian Income Trust

Equity unit trust

England and Wales

10/09/2011

89.9

Legal & General North American Trust

Equity unit trust

England and Wales

16/01/2011

86.2

Legal & General European Absolute Fund

Mixed asset unit trust

England and Wales

30/01/2011

85.3

Legal & General Pacific Growth Trust

Equity unit trust

England and Wales

18/09/2011

81.5

ARC Property Fund Unit Trust

Property unit trust

Jersey

31/12/2011

80.0

Legal & General Growth Trust

Equity unit trust

England and Wales

15/05/2011

72.3

Legal & General Equity Trust

Equity unit trust

England and Wales

15/08/2011

69.0

Legal & General UK Smaller Companies Trust

Equity unit trust

England and Wales

18/06/2011

68.0

Performance Retail Unit Trust

Property unit trust

Jersey

31/12/2011

66.7

Legal & General Global Growth Trust

Equity unit trust

England and Wales

15/01/2011

66.5

Legal & General European Trust

Equity unit trust

England and Wales

28/07/2011

63.3

Legal & General Pacific Index Trust

Equity unit trust

England and Wales

25/03/2011

61.0

Legal & General High Income Trust

Fixed interest unit trust

England and Wales

05/09/2011

59.5

L&G UK Property Ungeared Fund LP

Limited partnership

England and Wales

31/12/2011

58.8

Legal & General Investment Management Liquidity Funds Plc

Open ended investment company

Ireland

31/12/2011

56.5

Legal & General European Index Trust

Equity unit trust

England and Wales

31/07/2011

52.1

Legal & General UK Active Opportunities Trust

Equity unit trust

England and Wales

14/04/2011

51.3

Lagoon Finance Limited1

Limited liability company

Ireland

31/12/2011

Trees S.A.1

Limited liability company

Luxembourg

31/12/2011

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