L&G profits up 27% as annuity sales soar

Paterniano Del Favero
Agosto 9, 2017

Legal & General (L&G) has reported a rise in profit and an increase in funds under management in the first half of the year.

Today's half year report showed L&G's total operating profit rose from £777 million in the first half of 2016 to £988 million for H1 2017.

Profit after tax increased 43 percent to 952 million pounds from 667 million pounds previous year, while earnings per share grew 41 percent to 15.94 pence.

While individual annuity sales were also up by 118% at £345 million.

L&G says it is expecting further opportunities to come up as more providers stop writing annuities.

Its asset management division, Legal & General Investment Management, one of the biggest investors in the United Kingdom stock market, saw funds under management rise 13 per cent to £951 billion.

Operating profit rose 27 per cent to £988m during the first six months of the year. The firm notes that this was partially offset by planned investment to grow the business in worldwide markets.

"Our consistently improving financial performance is due to: investing for the long term in our market leading businesses, excellent execution by my colleagues and delivering value for customers", said chief executive Nigel Wilson.

Our business model has proven to be resilient to political, economic and regulatory uncertainties. We are replicating our successful United Kingdom model with measured expansion in the U.S., where we are experiencing increasing customer acceptance and an ever improving financial performance. We are not being complacent as we recognise that there are now some structural weaknesses in the United Kingdom economy.

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