Legal & General 1st Half Operating Profit Rose, Raises Dividend
09 August 2022 - 4:55PM
Dow Jones News
By Michael Susin
Legal & General Group PLC reported on Tuesday a rise in
operating profit for the first half of 2022, driven by higher
interest rates and a strong portfolio performance, and said that it
has raised its dividend payout.
The FTSE 100-listed insurance company posted an operating profit
of 1.16 billion pounds ($1.40 billion) compared with GBP1.08
billion for the same period a year earlier.
Net profit rose to GBP1.15 billion from GBP1.07 billion.
Its solvency coverage ratio--a key measure of balance-sheet
strength--as at June 30 stood at 212%, up from 183% a year ago. The
company previously expected to achieve a ratio of 215%.
The company reported capital generation of GBP4.1 billion, and
it expects to achieve the range of between GBP8.0 billion and
GBP9.0 billion by 2024.
The board declared an interim dividend of 5.44 pence a share,
above the 5.18 pence declared a year earlier.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 09, 2022 02:40 ET (06:40 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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