Legal & General today reported a drop in full year profits but the firm said it remained on course to meet its five-year ambitions.
The London-based asset manager said operating profit fell three per cent to £2.2bn, while pre-tax profit was down 12 per cent to £1.6bn.
The company said the drop reflected the impact of lower interest rates and market movements.
Despite the pandemic, L&G delivered in line with its five-year ambitions by hitting a full year dividend of 17.57p per share.
Net release from operations was largely unmoved at £1.5bn compared with the previous year.
Meanwhile, assets under management rose seven per cent to £1.3tn.
Nigel Wilson, group chief executive of L&G, said: “Legal & General delivered a robust and resilient performance for all stakeholders, providing stability to our people, customers and shareholders.
“Our commitment to Inclusive Capitalism, ESG and investing in climate change means we intend to play an important role in the post-pandemic recovery.”