The figures contrast sharply with the operating profit and after-tax profit of £958 million and £575 million in the first half of 2022.
Speaking about the results, Sir Nigel Wilson, L&G’s Group Chief Executive, who will be retiring at the end of the year.
said that L&G Retirement Institutional (LGRI) and L&G Capital (LGC) posted operating profit growths of 19% and 13% to £471 million and £296 million respectively. He went on to explain that the results of L&G Investment Management (LGIM) stabilised.
The operating profit reached £142 million. In the case of L&G Retail, although competition affected certain segments, the performance was strengthened by increasing annuity sales and advancements in US protection. The operating profit for L&G Retail reached £230 million.
“We remain on track to achieve our five-year ambitions and deliver attractive returns for our shareholders. In H1, we delivered £0.95bn of both IFRS operating profit and capital generation, together with a Solvency II ratio of 230% and a surplus of £9.2bn. The dividend is up by 5%,” Wilson said.
He continued: “We wrote £4.9bn of UK PRT, deploying just £106m of capital, underlining the benefits of our synergistic business model. I’d like to thank my colleagues for their contribution and ongoing commitment to inclusive capitalism, serving our shareholders, customers and wider society.”
Earlier this year, L&G announced António Simões as its next Chief Executive Officer, due to step into the role in January 2023
Source: L&G
