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Legal & General first half profit before tax up 13 pct
August 6, 2013 / 6:21 AM / 4 years ago

Legal & General first half profit before tax up 13 pct

LONDON, Aug 6 (Reuters) - 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 business.

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 books.

Earlier in the year L&G bought out investment funds supermarket Cofunds and a 46.5 percent stake in housebuilder Cala Group.

“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.

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