Legal & General saw shares sink over 5 percent on Tuesday, becoming the biggest loser in the FTSE 100 despite a healthy rise in pre-tax profits.
The group’s half year operating profit rose 10 percent to £822 million, coming in above analysts estimates, with the investment arm seeing assets under management rising 18 percent.
However, a 3 percent fall in operating profit hit share prices, causing LON:LGEN to sink 6.05 percent (1034GMT). The insurance arm of the business also saw operating profit drop by 26 percent.
Chief Financial Officer Mark Gregory commented on the results, saying, “it’s not a shoddy effort.” He confirmed that markets had been weak in the first half of the year, but he expected to see growth going forward to the end of 2016.
09/08/2016
