Legal & General 2021 Operating Profit Rose on Alternative Assets; Raises Dividend

   By Michael Susin

Legal & General Group PLC said Wednesday that operating profit for 2021 rose in line with the board's views, boosted by its alternative asset portfolio.

The FTSE 100-listed insurance company posted an operating profit of 2.26 billion pounds ($2.96 billion) for last year compared with GBP2.04 billion for 2020. The increase was driven by a strong performance in its alternative asset portfolio, it said.

Net profit rose to GBP2.05 billion from GBP1.61 billion, while assets under management increased to GBP1.421 trillion from GBP1.279 trillion, the company said.

Its solvency coverage ratio--a key measure of balance-sheet strength--stood at 187%, up from 175%. The company estimates a coverage ratio of 198% at March 7, driven by an increase in interest rates.

The board raised the full-year dividend to 18.45 pence from 17.57 a year earlier.

"The expected reform of Solvency II, the roll-out of the UK government's leveling up program, and our growing international businesses underscore our confidence in our ability to continue delivering on a broad range of profitable growth opportunities," the company said.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 09, 2022 02:52 ET (07:52 GMT)

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