Business

L&G sees profits fall 3% to £2.2bn

The company saw profit fall to £2.2bn, while profit before tax decreased by 12% to £1.6bn

Legal and General (L&G) has announced its operating profit dropped by 3% to £2.2bn in its financial results for 2020, due to lower interest rates and market movements in the period.

The company also saw profit before tax fall by 12% to £1.6bn, however L&G reiterated it was still on track to meet its five-year ambitions.

The firm paid out a full-year dividend of 17.57p per share, which was also in line with its five-year ambitions.

L&G’s net release from operations came to £1.53m, down from £1.58m in 2019, despite the pandemic’s impact on business.

Nigel Wilson, the group’s chief executive, said: “Legal & General delivered a robust and resilient performance for all stakeholders, providing stability to our people, customers and shareholders. 

“Our balance sheet remains strong, with the Solvency II coverage ratio currently over 190%, and trading remains consistent with delivering our growth ambitions which are supported by six long term growth drivers.”

He added: “Our commitment to Inclusive Capitalism, ESG and investing in climate change means we intend to play an important role in the post pandemic recovery.”

 

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