Legal & General Operating Profit, Solvency Ratio Beats Views
15 Août 2023 - 8:50AM
Dow Jones News
By Elena Vardon
Legal & General Group beat expectations as it reported
operating profit and a solvency ratio ahead of views for the first
half of 2023 and backed its mid-term targets.
The FTSE 100-listed insurer on Tuesday posted an operating
profit of 941 million pounds ($1.19 billion) for the six months
ended June 30, beating the GBP834 million expected by a
company-compiled consensus but below the previous year's restated
figure under the IFRS 17 accounting standard of GBP958 million.
Operating profit from divisions was GBP1.14 billion, against
consensus expectations of GBP1.03 billion and GBP1.15 billion a
year prior.
Pretax profit fell to GBP324 million from GBP697 million on
losses on investments from higher rates as well as costs from its
Modular Homes closure and a write-down from its Onto investment, it
said.
Its solvency coverage ratio--a key measure of balance-sheet
strength--stood at 230%, while consensus had expected a ratio at
225%.
The board declared an interim dividend of 5.71 pence a share, in
line with expectations.
"We remain on track to achieve our five-year ambitions and
deliver attractive returns for our shareholders," said outgoing
Chief Executive Nigel Wilson.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
August 15, 2023 02:35 ET (06:35 GMT)
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