By Millie Turner
Legal & General, one of the UK’s oldest financial services firms, has weathered the country’s worsening economic climate, having declared £2.5bn of dividends since 2020.
The London-headquartered company, which offers pensions, life insurance and investment services, has navigated financial and economic crises in the UK for more than 180 years.
Legal & General, which also operates in the US, today reported operating profit growth of eight per cent, securing £1.16bn in the first half of this year, up from £1.07bn in the same period last year.
Profit after tax also jumped by eight per cent, the equivalent of £90m, to £1.15bn.
The financial services giant boasted that it has continued its 13-year long streak of no defaults.
Meanwhile, the group shrank its net debt costs by 10 per cent, from £120m to £108m in the first six months of the year.
The City titan has, since 2020, also snagged £4.3bnworth of cash generation and £4.1bn of capital generation.
“Our balance sheet is strong and highly resilient, with a solvency ratio of 212 per cent and with 100 per cent of cash flows received from our direct investments,” CEO Sir Nigel Wilson said in a statement.
“We are committed to providing financial security for our customers and colleagues in a tough economic climate and remain confident in our ability to grow profits sustainably and at attractive returns over the long-term.”
The post Legal & General weathers economic storm, handing out £2.5bn in dividends since 2020 appeared first on CityAM.
