Legal & General hikes dividend after profit rise

Legal & General has increased its full-year dividend payment by 24 per cent after reporting strong results for 2010.

The insurer said annual pre-tax profits were £1.09bn, up from £1.07bn, on worldwide sales which rose 28 per cent to £1.8bn.

The company's savings division saw operating profit up 130 per cent to £115m and net cash generation up 134 per cent to £68m.

L&G said in a statement: "The transformation of the savings business positions us well for the changes to the savings landscape anticipated to take place over the next few years."