Legal & General, owner of Sipp provider Suffolk Life, has seen pre-tax profit increase by 13 per cent to £592m in the first half of 2013.
In its first-half results today, the firm announced the increased profit was due to higher assets under management. Total revenue was up 12 per cent to £246m from £219m a year ago.
Suffolk Life saw net inflows of £300m, up from £200bn a year ago, and sales were up 25 per cent to £50m.
Assets under administration for Suffolk Life increased by 11 per cent from the end of 2012.
L&G said Suffolk Life was continuing to grow organically through demand for its bespoke Sipp proposition and backbook acquisitions.
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Operating profit in L&G's investment management division LGIM was £135m, up 13 per cent from £119m a year ago.
Assets for LGIM increased by seven per cent from £406bn at the end of 2012 to £433bn. This includes £32bn managed on behalf of annuities and £50bn on behalf of savings.
The firm said it expected the impact of transparent charging from the RDR to drive demand for low-cost retail passive funds.
In its savings division, assets grew by 59 per cent from £70bn to £111bn due to the acquisition of £39bn in additional assets as part of the purchase of Cofunds.
Profits were down in its savings division which saw a 14 per cent decrease from £72m a year ago to £62m.