Legal & General Group Remains Confident About 1st Half; Overall Covid-19 Claims Are Modest

By Sabela Ojea

Legal & General Group PLC said Friday that it remains confident about its outlook for the first half of 2020, and that the overall level of coronavirus claims has remained modest despite there having been a number of such claims made in the U.K. and U.S.

The FTSE 100-listed insurance company said that it continues to perform strongly, broadly in line with 2019, and has a robust balance sheet and solvency ratio.

The insurer said its insurance business had total gross written premiums in the first quarter of 697.2 million pounds ($860.9 million) compared with GBP673.1 million for the same period a year earlier.

Sales at its retail retirement business rose 3.7% to GBP223.1 million compared with the year-earlier period, with life mortgage advances falling to GP206.8 million from GBP224.2 million, it said.

Revenue at its investment-management business rose 10% to GBP226.4 million, Legal & General said.

Shares at 0815 GMT were down 6.40 pence, or 3.3%, at 182.25 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 24, 2020 04:46 ET (08:46 GMT)

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