First-half core operating profit rose 7% to £918mn (£883mn expected). Performance was boosted by a much stronger showing from asset management, where fee-related earnings rose 37%.
The Solvency II coverage ratio, a measure of balance sheet strength, fell from 210% at the start of the year to 201%, remaining above the group’s target range.
A half-year dividend of 6.24p was announced, up 2%, while around £450mn of the £1.2bn buyback had been completed by the end of July.
Full-year profit growth is now expected to exceed the top end of the previous 6-9% target range.
The shares were broadly flat in early trading.
Our view
HL view to follow.
Legal & General key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.