Legal & General H1 operating profit up 27 pct to 988 mln stg

Published on 13 Aug 2017 by Team

 H1 pretax profit rose 41 percent to 1.2 billion stg

* Operating profit up 27% to £988m (h1 2016: £777m)

* Profit after tax up 43% to £952m (h1 2016: £667m)

* Earnings per share up 41% to 15.94p (h1 2016: 11.27p)

* Profit before tax 1 up 41% to £1.2bn

* Interim dividend 3 of 4.30p per share (h1 2016: 4.00p)

* Net release from operations for retained business 4 up 6% to £724m (h1 2016: £681m)

* Return on equity 5 of 26.7% (h1 2016: 20.6%)

* Solvency ii surplus 6 increased by £1.0bn to £6.7bn (fy 2016: £5.7bn)

* Solvency ii coverage ratio 6 of 186% (fy 2016: 171%

* New annuity business of £1.6bn (h1 2016: £0.7bn)

* Lgim aum up 13% at £951.1bn (h1 2016: £841.5bn)

* Lgim external net inflows of £21.7bn (h1 2016: £9.6bn)

* Group-Wide direct investment up 48% at £11.8bn (h1 2016: £8.0bn)

* Lgi gross premiums up 6% to £1,338m (h1 2016: £1,260m)

* We are replicating our successful uk model with measured expansion in us

* Not being complacent as we recognise that there are currently some structural weaknesses in uk economy

* Pension risk transfer new annuity business of £1.6bn (h1 2016: £0.7bn)

* Currently quoting on c.£12bn of buy-in and buy-out deals in uk

* Expect to see continued positive growth in individual annuity sales in h2 2017

* We have a 30% market share in lifetime mortgages with market volumes expected to grow to £3.0bn in 2017

* We will review appropriateness of our longevity improvement assumptions at year end

* In us we completed three bulk deals in h1 2017 totalling $141m premiums

* We expect there to be further back-book consolidation opportunities over time and we will consider these as and when they arise Further company coverage:

Source TOI


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