L&G ups H1 profits by 8pc
L&G increased its net cash generation by 11% to £629m over the period, helping the insurer to record operating profit of £750m, an 18% increase year-on-year.
L&G’s annuity sales fell by 62% from £3.5bn to £1.3bn while its protection premiums also fell slightly by 3% to £119m.
Nigel Wilson, group chief executive, said: “Legal & General continues to deliver strong organic growth in the UK and the US from both our developing and established, market leading businesses. In addition we are disposing of, or closing non-core businesses and reducing costs in real and nominal terms.
“The actions that we are taking allow us to focus on our chosen markets, enable us to continue to deliver low prices and better value for our increasing customer base and deliver attractive returns for our shareholders.
“This financial and strategic discipline is driving our sixth year of double digit growth in net cash, operating profit and dividends.”