Business

L&G profits rise 14% in H1

Meanwhile, its earnings per share rose by 21% to 17.78p against H1 2019 (14.74p), and were up ‘significantly’ on H1 2020 (4.89p)

Legal and General has announced that operating profits rose by 14% to £1.08bn in its half-year results, up from a profit of £946m in 2020. 

Meanwhile, its earnings per share rose by 21% to 17.78p against H1 2019 (14.74p), and were up “significantly” on H1 2020 (4.89p).

The insurance giant also reported a cash generation of £0.9bn, up by 14% year-on-year, with capital generation up by 9% to £0.8bn.

Nigel Wilson, group CEO, said: ““Thanks to the hard work and dedication of my colleagues across Legal & General, we have delivered a strong set of financial results, with EPS up 21% since H1 2019. And we expect to deliver double digit growth in operating profit at the full year.

“We’re continuing to make investments that are economically, environmentally and socially valuable, in line with our longterm 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.”

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