Legal & General Investment Management's assets under management grew 10% to £983 billion ($1.33 trillion) in 2017, bolstered by international business.
External net inflows totaled £43.5 billion in 2017, up from £29.2 billion in 2016.
The firm's solutions business, which includes liability-driven investment and multiasset strategies, saw assets under management grow 29% to £45 billion over the year. This was driven by defined benefit plans "implementing a broader range of LDI strategies and high demand for multiasset strategies from DC schemes and retail customers," said the firm's annual report.
International assets under management grew 29% to £228 billion, with net inflows of £33 billion. That compared with net inflows of £14.5 billion in 2016.
U.S. business, under Legal & General Investment Management America, grew 18% to £139.5 billion in assets under management, with net inflows of £12.6 billion. In 2016, LGIMA recorded net inflows of £9.4 billion.
"Our U.S.-based business now accounts for 14% of our AUM and our ambition is to increase this percentage substantially," said the report.
LGIM's defined contribution unit assets under management grew 19% to £68 billion in 2017, and the number of plans supported by the firm's DC unit increased to more than 14,000, up from more than 9,400 in 2016. Total net inflows were £3 billion, up from £2 billion in 2016.
LGIM's revenue totaled £805 million in 2017, up 10% vs. 2016; operating profit grew 9% to £400 million.
Quarterly figures were not available.