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Legal & General profit after tax rises by nine per cent

Legal & General has reported an increase in the company’s interim dividend for H1 2014 of 21 per cent to 2.90p per share (H1 2013: 2.40p).

Net cash generation is up 13 per cent for the period to GBP567 million (H1 2013: GBP500 million) while operating profit is up 11 per cent to GBP636 million (H1 2013: GBP571 million).
Operating profit is also up 11 per cent to GBP636 million (H1 2013: GBP571 million) while profit after tax has increased nine per cent to GBP507 million (H1 2013: GBP466 million).
Nigel Wilson, group chief executive, says: “These are strong financial results with dividends once again growing over 20 per cent and a return on equity of 17.6 per cent. We continue to deliver good growth on all other key metrics. We are successfully executing our strategy connecting our five long-term macroeconomic and demographic trends to real business outcomes. Strong business performance across a well-diversified range of insurance, savings and investment markets underpins consistent earnings quality and dividend growth and enables us to respond positively to the ever changing political and regulatory landscape.
“We were early adopters of institutional ‘slow money’ and have provided GBP5bn to drive major investment in housing and infrastructure. We increasingly use digital technology to power cheaper insurance, savings and investment products for customers: pension auto-enrolment, where we cap charges at 0.5 per cent will ultimately transform welfare provision – Beveridge 2.0. A growing number of partners from all sectors – CALA Homes, Places for People, English Cities Fund, Shelter, and government – local and central – not only share our thinking, but are working with us to deliver it.
“We have the scale and the skill to play a major role investing in the fabric of the UK to drive growth and competitiveness. Our economically and socially useful products address long-term, intergenerational issues for young and old, that go to the heart of improving quality of life for individuals and families, while strategic clarity and operational excellence drive consistent improvement in shareholder returns.”

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