LONDON Aug 6 British insurer Legal & General
has posted a 13 percent increase in pre tax profits
driven by revenue growth across its businesses and a doubling of
the rate of new money flowing into its investment management
Net flows into Legal & General Investment Management
increased 100 percent to 8 billion pounds, the group said on
Tuesday in a trading statent for the half year.
Operational cash generation increased 14 percent to 537
million pounds, the group said.
The insurer has pursued a strategy of bolt on acquisitions,
the most recent of which was the 151 million pounds purchase of
annuity firm Lucida with 1.4 billion pounds of assets on its
Earlier in the year L&G bought out investment funds
supermarket Cofunds and a 46.5 percent stake in housebuilder
"We are successfully evolving our strategy from a post
financial crisis focus on cash, to one based on cash plus growth
plus selective acquisitions," Chief Executive Nigel Wilson said.
International assets under management are up by more than a
fifth to 52 billion pounds, the company said.
Profit before tax rose 13 percent to 592 million pounds over
the six months period, from 523 million pounds a year earlier
while earnings per share, also up 13 percent, was 7.82 pence.