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Legal & General first-half operating profit jumps 27 percent to $1.3 billion

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Legal & General first-half operating profit jumps 27 percent to $1.3 billion

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LONDON (Reuters) – Insurer and asset manager Legal & General <LGEN.L> reported a 27 percent rise in first-half operating profit to 988 million pounds ($1.28 billion), it said on Wednesday, boosted by strong performance in its retirement division. Operating profit was seen at 821 million pounds, according to a company-supplied forecast. Its asset management division, Legal & General Investment Management, one of the biggest investors in the UK stock market, saw funds under management rise 13 percent to 951 billion pounds. The division focuses on passive funds. Net release from retained operations, or net cash generated, rose 6 percent to 724 million pounds. L&G said it would pay an interim dividend of 4.3 pence per share, up 7.5 percent and in line with forecasts. The interim dividend is set at 30 percent of the prior year full year dividend.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)
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