53 Associates and joint ventures.

Associates are entities over which the Group has significant influence but which it does not control. Consistent with IAS 28, ‘Investments in associates’, it is presumed that the Group has significant influence where it has between 20% and 50% of the voting rights in the investee. Joint ventures are entities where the Group and other parties undertake an activity which is subject to joint control. The basis by which associates and joint ventures are consolidated in the Group financial statements is outlined in the basis of preparation (Note 1).

The Group has the following significant holdings which have been included as financial investments or investments in associates. The gross assets of these companies are in part funded by borrowings which are non recourse to the Group.

(XLS:) Associates and joint ventures – the Group's significant holdings

Company name

Country of incorporation

Accounting treatment

Year end reporting date

% of equity shares held by the Group

1.

The Bracknell Property Unit Trust is not consolidated as the Group does not have the power to control the entity.

2.

Legal & General Gulf BSC and IndiaFirst Life Insurance Company Limited are joint venture operations. During the year, the Group provided no further capital contribution to IndiaFirst Life Insurance Company Limited (2011: £5m).

Bracknell Property Unit Trust1

Jersey

FVTPL

31/03/2012

50.4

Central St Giles Unit Trust

Jersey

FVTPL

31/12/2012

50.0

Legal & General Gulf BSC2

Bahrain

Equity method

31/03/2012

50.0

Mithras Capital Fund Limited Partnership

Scotland

FVTPL

31/12/2012

50.0

Warrington Retail Unit Trust

Jersey

FVTPL

31/12/2012

50.0

Meteor Industrial Partnership

England and Wales

FVTPL

31/12/2012

49.9

Invest­ment Discounts Online Limited

England and Wales

Equity method

31/12/2012

49.0

Legal & General Japanese Index Trust

England and Wales

FVTPL

24/10/2012

48.1

Legal & General Ethical Trust

England and Wales

FVTPL

12/12/2012

47.6

Arlington Business Parks Unit Trust

Jersey

FVTPL

31/12/2012

41.3

Novus Leisure Limited

England and Wales

FVTPL

30/06/2012

40.5

Legal & General UK Alpha Trust

England and Wales

FVTPL

18/06/2012

38.1

English Cities Fund

England and Wales

FVTPL

31/12/2012

37.5

LGV 2 Private Equity Fund Limited Partnership

England and Wales

FVTPL

31/12/2012

37.1

Legal & General Fixed Interest Trust

England and Wales

FVTPL

05/09/2012

36.2

The Leisure Fund Unit Trust

Jersey

FVTPL

31/12/2012

35.1

IndiaFirst Life Insurance Company Limited2

India

Equity method

31/03/2012

26.0

Cofunds (Holdings) Limited

England and Wales

Equity method

31/12/2012

25.4

Summarised financial information for associates which are classified as FVTPL is shown below.

(XLS:) Associates and joint ventures – summarised financial information for associates 2012

2012

Private equity
£m

Property
partner-
ships
£m

Unit trusts
£m

Total
£m

Aggregate revenues

142

104

154

400

Aggregate (loss)/profit

(6)

50

78

122

Gross assets

206

1,983

1,958

4,147

Gross liabilities

133

770

46

949

(XLS:) Associates and joint ventures – summarised financial information for associates 2011

2011

Private equity
£m

Property
partner-
ships
£m

Unit trusts
£m

Total
£m

Aggregate revenues

6

112

200

318

Aggregate profit/(loss)

5

76

90

171

Gross assets

86

2,417

3,618

6,121

Gross liabilities

939

59

998