Insurer and asset manager Legal & General reported a 27 per cent rise in first-half operating profit to £988 million, it said on Wednesday, boosted by strong performance in its retirement division.
Operating profit was seen at £821 million, according to a company-supplied forecast.
Its asset management division, Legal & General Investment Management, one of the biggest investors in the UK stock market, saw funds under management rise 13 per cent to £951 billion. The division focuses on passive funds.
Net release from retained operations, or net cash generated, rose 6 per cent to £724 million.
L&G said it would pay an interim dividend of 4.3 pence per share, up 7.5 per cent and in line with forecasts. The interim dividend is set at 30 per cent of the prior year full year dividend.
-(Reuters)
