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Interim Results

L&G hikes divi after strong first half

09 August 2017 07:16

Legal & General Group has reported a strong first half financial performance with pre-tax profits up 41% at £1.2bn.

Operating profits were 27% higher at £988m and earnings per share rose by 41% to 15.94p.

The group has declared an interim dividend of 4.30p per share - u from 4.00p last time.

Group chief executive Nigel Wilson said: "L&G delivered 41% growth in EPS to 15.9p, 41% growth in profit before tax to £1.2 billion and a 26.7% return on equity.

"This includes a base mortality release of £126m as part of our review of longevity assumptions.

"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.

"Our strategy, based around six long term macro and demographic growth drivers, not only allows us to grow L&G's business, but also the scale of our long term capital enables us to support inclusive growth across the UK.

"We are replicating our successful UK model with measured expansion in the US, where we are experiencing increasing customer acceptance and an ever improving financial performance.

"Our business model has proven to be resilient to political, economic and regulatory uncertainties.

"We are not being complacent as we recognise that there are currently some structural weaknesses in the UK economy.

"Notwithstanding this 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."

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Related Company: LGEN

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