Legal and General has reported a 363% growth in its half-year pre-tax profits to £1.3bn, up from £285m the previous year, reflecting positive investment variance and “strong” portfolio performances.
For the six-month period ended June, assets under management increased by 7% to £1.3bn up from £1.2bn, benefiting from “strong” external net flows of £27.4bn.
Meanwhile, operating profit grew 13% to £1.2bn up from £1.1bn, with its businesses expecting to deliver “at least double-digit growth” for the full year. This was aided by strong contributions from Legal and General Retirement Institutional (LGRI) and Legal and General Investment Management (LGIM).
Nigel Wilson, group chief executive, said: “Thanks to the hard work and dedication of my colleagues across Legal and General, we have delivered a strong set of financial results, with EPS up 21% since H1 2019.
“We’re continuing to make investments that are economically, environmentally and socially valuable, in line with our long-term commitment to delivering Inclusive Capitalism and supporting the Building Back Better and Levelling Up agenda.”
He added: “We are already a leading asset manager and we remain focused on continuing to scale-up our asset origination capabilities which are a unique and important component of our synergistic business model which has driven our 22% ROE.”