L&G generates £326m

The firm upped its annuity assets by 19% to £46bn and its investment management assets by 17% to £737bn.

Nigel Wilson, group chief executive, said: “We are constantly developing, evolving and streamlining our business to deliver better value products for customers and better returns for investors.

“We have set a high bar for management actions and performance including our cost reduction target of £80m this year.”

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