Profits jump at Legal & General

Jessica Nangle

August 9, 2017

Legal & General had a strong financial performance in H1 2017 with profits lifted considerably, first half results reveal.

Total lifetime mortgage lending reached £424.3m for H1, whilst operating profit and profit after tax rose 27% and 43% respectively.

Nigel Wilson, group chief executive of L&G, said: “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.

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“We have tremendous momentum across our business, a strong AA-rated balance sheet and increasing access to global growth opportunities, therefore we remain confident in our ability to deliver growth.”

The report set out Legal & General’s intentions towards housing growth, with plans to expand into later living and review opportunities in affordable housing.

Steve Ellis, managing director at Legal & General Home Finance, added: “Today’s results show that we continue to go from strength to strength.

“I am immensely proud of the work the team at Legal & General Home Finance has done to put us in this position, but as a lender that has a responsibility to this market there is of course more we can do – the story has only just begun.”

L&G are reportedly “on track” to meet its sales proceeds target of around £250m from asset disposals, with LGC’s £3.9bn traded asset portfolio outperforming their long-term assumptions in H1 2017.

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