Legal & General (L&G) has announced a “resilient financial performance” in the first half of 2023, with operating profit and after-tax profit hitting £941 million and £316 million respectively.
These figures compare to H1 2022 operating profit and after-tax profit of £958 million and £575 million respectively.
“We remain on track to achieve our five-year ambitions and deliver attractive returns for our shareholders. In H1, we delivered £0.95bn of both IFRS operating profit and capital generation, together with a Solvency II ratio of 230% and a surplus of £9.2bn. The dividend is up by 5%,” said Sir Nigel Wilson, L&G’s Group Chief Executive.
Wilson added that L&G Retirement Institutional (LGRI) and L&G Capital (LGC) performed strongly, posting operating profit growths of 19% and 13% to £471 million and £296 million respectively.
L&G Investment Management (LGIM) results stabilised, Wilson also noted, with operating profit reaching £142 million, and L&G Retail’s performance – while impacted by competition in some areas – was bolstered by growing annuity sales and progress in US protection, with operating profit hitting £230 million.
“We wrote £4.9bn of UK PRT, deploying just £106m of capital, underlining the benefits of our synergistic business model. I’d like to thank my colleagues for their contribution and ongoing commitment to inclusive capitalism, serving our shareholders, customers and wider society,” shared the outgoing CEO, who will be retiring at the end of the year.
In June, L&G announced António Simões as its next Chief Executive Officer. He is meant to take up his new post formally on 1 January 2024.
