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Legal & General profits up 12% on record annuity sales

By BFN News | 08:51 AM | Wednesday 07 August, 2019


Legal & General reported profits rose 12% after the insurer clocked up record global annuity sales in the first half of the year. Pre-tax profits rose to 1.05bn as operating profit was up 11% to £1bn in the first half of the year from a year earlier. Pension Risk Transfer sales jumped to £6,677m from £735m, including the UK's largest bulk annuity with Rolls Royce. Individual annuity sales were up 47% to £497m from £337m a year earlier. Direct Investment was up 36% to £22.2bn in the first half of the year, with its investment management arm's AUM up 15% at £1,135bn. Insurance GWP was up 7% to £1,409m The company reported a solvency II coverage ratio of 171%, compared with 188% last year, as it discounting the balance sheet at lower interest rates. The interim dividend was raised to 4.93p per share from 4.60p. Looking ahead, the company said it continues to see an ?emormous" opportunity in bulk annuities. 'Our primary market, the UK, is the most mature; however, it still represents an enormous opportunity as only c.8% of the £2.2 trillion of UK DB pension liabilities have transferred to insurance, the company said. At 8:51am: (LON:LGEN) Legal General Group PLC share price was -3.5p at 241.8p Story provided by StockMarketWire.com

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