Legal & General operating profit rises 8%

UK insurer Legal & General lifted interim operating profits on Tuesday, driven by higher interest rates and a strong annuity portfolio performance.

Operating profit rose 8% to £1.16bn. L&G’s investment business saw third-party inflows jump to £65.6bn from £27.4bn a year earlier. Assets under management fell 3% to £1.3bn.

The company reported capital generation of £4.1bn said it expected to achieve the range of £8bn - £9bn by 2024.

L&G lifted its interim dividend by 5% to 5.44 pence a share.

Reporting by Frank Prenesti at Sharecast.com