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Daily Insurance Industry News
Sunday 19th of August 2018
March 17, 2011

L&G reports £1.09bn profit alongside UK growth

by Gill Montia

Story link: L&G reports £1.09bn profit alongside UK growth

In presenting preliminary results for 2010, Legal & General has reported a 28% increase in worldwide sales, to £1.8 billion, on an annual premium equivalent (APE) basis (2009: £1.4 billion APE).

IFRS pre-tax profit amounted to £1.092 billion (2009: £1.074 billion).

Group chief executive, Tim Breedon, says: “In 2010 we successfully demonstrated we can both grow the business and deliver improved net cash generation.”

He adds that the results “evidence the value” created by L&G’s improved business model, and the group’s board has recommended a further 25% increase in its final dividend, to 3.42p per share.

Turning to the UK, Mr Breedon reports that customer demand is rising and that consolidation in many of the group’s markets will benefit L&G’s sales, as the welfare state retrenches.

According to the group chief executive, the current economic climate means that people increasingly looking to “high-quality, good value risk, savings and investment provision”.

 

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