Legal and General operating profit fell by 3% to £2.2bn
Legal and General (LON:LGEN) confirmed on Wednesday that its profits fell for the financial year gone although the firm says it is still on course to meet its five-year ambitions.
The asset manager announced its operating profit fell by 3% to £2.2bn, while profit before tax was dipped by 12% to £1.6bn.
The FTSE 100 company put these figures down to lower interest rates and market movements.
Legal and General paid out a full year dividend of 17.57p per share despite the pandemic and in line with its five-year ambitions.
The company’s assets under management rose by 7% to £1.3bn, up from £1.196bn in 2019.
Legal and General announced its insolvency ratio fell to 177%, down from 184% the year before, however the company estimated a ratio of 192% on March 5.
Nigel Wilson, chief executive at Legal and General, commented on the results, as well as the company’s shift to an ESG mindset.
“Legal & General delivered a robust and resilient performance for all stakeholders, providing stability to our people, customers and shareholders. Our balance sheet remains strong, with the Solvency II coverage ratio currently over 190%, and trading remains consistent with delivering our growth ambitions which are supported by six long term growth drivers. Our commitment to Inclusive Capitalism, ESG and investing in climate change means we intend to play an important role in the post pandemic recovery.”
