Legal & General on track to meet financial targets as first half earnings increase

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VSreplace ‘billion’ with ‘trillion’ in the fifth paragraph

LONDON, August 9 (Reuters)UK Insurer Legal & General LGEN.Lsaid it was on track to meet or beat cash and capital generation targets as it recorded an 8% rise in operating profit to 1.16 billion pounds ($1.4 billion) on Tuesday.

The results came in jjust above the £1.12 billion forecast from a consensus survey provided by the company.

PPerformance was boosted by block annuities – the company’s defined benefit pension plan insurance – and the insurer’s housing business, it said in a statement.

Legal & General Investment Management, one of the biggest investors in the UK stock market, saw a surge in third-party inflows to £65.6bn, more than double the inflows seen in the first half of 2021.

But assets under management fell 3% from a year earlier to £1.29 trillion. The unit’s operating profit fell 2%.

Many asset managers have experienced a decline in assets this year due to market volatility due to the COVID-19 pandemic and the conflict in Ukraine.

L&G said it would pay an interim dividend of 5.44p per share, up 5%.

“We are committed to providing financial security to our customers and colleagues in a difficult economic climate and we remain confident in our ability to grow our profits sustainably and at attractive returns over the long term,” said Chief Executive Nigel. Wilson.

($1 = 0.8275 pounds)

(Reporting by Carolyn Cohn, editing by Sinead Cruise)

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