Wednesday 4 August 2021 12:29 pm

Legal & General profits over £1bn in a return to pre-covid levels

Legal & General Group today reported strong financial results for the first half of the year, as the firm remains “confident in our collective and successful emergence from the pandemic.”

The London-based asset manager saw a 14 per cent growth in operating profit to £1.1bn, compared with £946m for the same period in 2020.

It’s capital, insurance and retail divisions all saw double-digit growth.

Operating profits for Legal & General Capital doubled to £250m from last year, representing a 45 per cent jump on pre-covid levels too, which were at £173m. 

The growth, Legal & General said, has been driven by the firm’s alternative asset portfolio, where operating profit increased to £195m as a result of a bounce-back in the housebuilding market.

Earnings per share jumped up by 21 per cent to 17.78p from last year.

Shares rose 2 per cent after the results.

The group expects to further double digit growth in its operating profits for the full year, according to a statement by group chief executive Nigel Wilson.

Wilson continued: “We are already a leading asset manager and we remain focused on continuing to scale-up our asset origination capabilities which are a unique and important component of our synergistic business model which has driven our 22% ROE.”