Legal & General Group announces an increase in its profits

  • Profit after tax attributable to shareholders – up 12% to £2.29 billion
  • Operating profit from statutory and public pensions – up 9% to £1.26 billion
  • Operating profit from Legal & General Capital – up 10% to £509m
  • Operating profit from Legal & General Investment Management – down 19% to £340m
  • Operating profit from retail – increased 33% to £825m
  • Group operating profit – up 12% to £2.52 billion

Of the £825m of retail operating profit, £173m came from insurance in the UK. £168m, US insurance; and £484m for retail retirement.

Group Chief Executive Sir Nigel Wilson, who is retiring but will remain in the role until his successor takes over, commented: “We delivered another strong result in 2022, ahead of market expectations, with an operating profit of £2.5 billion and earnings per share (earnings) per share. ) 38.3p, both up 12%, cash generation of £1.9bn up 14%, equity generation of £1.8bn up 10%, earnings down 5% to 19.37p, return on equity (return on equity ) is 21%.

Our diverse and highly synergistic business model continues to yield significant benefits. Our balance sheet is very strong and resilient, with a record solvency ratio of 236%, and we again get 100% of our outstanding cash flow from our direct investments.

“At a time when many families are affected by the rising cost of living, our commitment to inclusive capitalism is more important than ever to help improve the lives of our customers, build a better society for the long term, and create value for our shareholders.”

Meanwhile, Wilson’s replacement is currently being decided through an “rigorous” process, with both internal and external candidates considered. The outgoing CEO joined as Chief Financial Officer in 2009 before assuming the top role in 2012.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button