Coronavirus

L&G welcomes ‘resilient’ H1

Legal and General has welcomed a “resilient” performance in its first-half of trading, reporting operating profits of £946m, down only slightly from the £1bn reported last year.

Meanwhile, operating profit from continuing divisions was £1.12bn, down from the £1.15bn reported the year prior, with three out of five businesses delivering growth.

In the half-year period, Covid-19 estimated impacts totalled a loss of £129m. 

In addition, the group’s traded credit portfolio had no defaults, and has seen net downgrades to sub-investment grade of only 0.6% since the start of Covid-19, compared to the market which saw 1.5%. 

Its total annuity assets reached £80.7bn, up from £75.9bn the year prior, with total new business premiums of £4.2bn

Assets under Management also rose by 4%, from £1.2bn to £1.24bn.

Following its results, the group will press ahead with dividends, paying out a dividend to shareholders of 4.93p.

Nigel Wilson, group CEO, said: “In H1, Legal and General delivered resilient operating profits, a robust balance sheet and highly relevant products and services. Our ambition is for a similar performance in H2. 

“We kept all our employees on full pay, executed significant commercial and investment projects, and continued to provide a reliable service to our customers without any government financial support.” 

He added: “We are committed to driving forward an investment-led, climate-friendly Covid recovery incorporating the very best aspects of Inclusive Capitalism.”

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