UK. L&G Operating Profit Rises 7 Percent on Boost From Pension Unit
Legal & General Group, the UK’s largest manager of pension assets, posted a 7 percent increase in full-year operating profit after earnings jumped at its retirement division.
Operating profit advanced to 1.56 billion pounds ($1.9 billion) from 1.46 billion pounds a year earlier, according to a statement Wednesday. That compares with the average 1.62 billion-pound estimate of 21 analysts surveyed by L&G. Operating profit at the retirement division rose 27 percent, while earnings at the investment management unit increased 3 percent.
L&G is one of Europe’s biggest asset managers, overseeing 894 billion pounds. The London-based insurer, led by Chief Executive Officer Nigel Wilson, is focusing on retirement products designed to mitigate pension risk.
Full Content: Bloomberg
