Salem Radio Network News Wednesday, September 28, 2022

Business

Legal & General on track to hit financial goals as H1 profit rises

LONDON (Reuters) – Britsh insurer Legal & General said it was on track to meet or beat cash and capital generation goals as it recorded an 8% rise in operating profit to 1.16 billion pounds ($1.4 billion) on Tuesday.

The results came in just above forecasts of 1.12 billion pounds from a company-supplied consensus poll.

Performance was boosted by bulk annuities – insurance of company defined benefit pension schemes – and the insurer’s housing businesses, it said in a statement.

Legal & General Investment Management, one of the biggest investors in the UK stock market, saw a large jump in third-party inflows to 65.6 billion pounds, more than double the flows seen in the first half of 2021.

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

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

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

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

($1 = 0.8275 pounds) (This story corrects ‘billion’ to ‘trillion’ in fifth paragraph)

(Reporting by Carolyn Cohn, editing by Sinead Cruise)

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