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Legal & General posts seven percent rise in first-half operating profit

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By Reuters
Legal & General posts seven percent rise in first-half operating profit
FILE PHOTO: The logo of Legal & General insurance company. Picture taken March 17, 2008. REUTERS/Alessia Pierdomenico/File Photo   -   Copyright  Alessia Pierdomenico(Reuters)

By Simon Jessop

LONDON (Reuters) – Insurer Legal & General <LGEN.L> posted a 7 percent year-on-year rise in first-half operating profit on Thursday, buoyed by gains across all units except weather-hit general insurance.

Operating profit was 1.059 billion pounds for the six months to end-June, it said in a statement, broadly in line with consensus and helping underpin an interim dividend of 4.6 pence a share.

Pretax profit fell to 942 million pounds from 1.0376 billion pounds, however, after market volatility weighed on the performance of its investment portfolio.

After a “solid” performance, L&G said it was on course for a strong second half of the year, driven by a pipeline of new business in de-risking corporate pension schemes.

“We are confident that Legal & General is strongly positioned for growth in H2 and beyond,” said Nigel Wilson, Group Chief Executive.

(Reporting by Simon Jessop; editing by Silvia Aloisi and Carolyn Cohn)