Legal & General 2022 Operating Profit Beats Views
2023年3月8日 - 4:50PM
Dow Jones News
By Elena Vardon
Legal & General Group PLC on Wednesday posted an operating
profit beat for 2022 and said it is highly confident in its
strategy to continue to deliver growth.
The FTSE 100-listed insurance company reported an operating
profit of 2.52 billion pounds ($2.98 billion) for the year ended
Dec. 31, ahead of the GBP2.45 billion expected by a
company-compiled consensus. This represents a 12% on-year increase
compared with the GBP2.26 billion reported for 2021, ahead of the
group's 8% growth guidance.
Pretax profit rose to GBP2.66 billion from GBP2.49 billion on
the higher operating result and positive investment variance, it
said.
Its solvency coverage ratio--a key measure of balance-sheet
strength--stood at 236% compared with consensus' expected 226% and
187% in 2021.
L&G estimates a coverage ratio of 240% at March 3, it
said.
Its cash generation for the year was GBP1.9 billion, up 14%, and
capital generation GBP1.8 billion, up 10%.
The board raised the full-year dividend to 19.37 pence per share
from 18.45 pence a year earlier, in line with consensus and the
group's 5% annual growth guidance.
"We remain highly confident in our strategy and in our ability
to deliver resilient, organic growth, supported by our strong
competitive positioning in attractive and growing markets," said
the group.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 08, 2023 02:35 ET (07:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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