Profits rise at Legal & General
INSURER and investor Legal & General saw operating profits rise to £1.46bn today.
Coming in at a 14% rise on 2015, L&G says results were boosted by an increase in demand for products including lifetime mortgages.
Legal & General Capital announced in February that up to 500 jobs would be created at a new factory at Sherburn-in-Elmet.
It has signed a long-term lease with Logicor on a 550,000 sq ft warehouse near Selby, that it says will represent the largest modular homes construction factory in the world.
Earlier this week a speculative, out-of-town Grade A office development at Thorpe Park, Paradigm, was announced.
The 31,650 sq ft premium site is backed by Scarborough Group International and Legal & General Capital. Last year, Legal & General Capital confirmed it would invest £162m in the joint venture.
Legal & General Investment Management, one of the biggest investors in the UK stock market, had assets under management of £746bn, a rise of 8%.
Nigel Wilson, Group Chief Executive, said: “Legal & General delivered excellent growth in cash, profits and dividends in 2015: Net cash generation and Operating Profit were both up by 14%, EPS was up 11 % and we are increasing the dividend by 19%. Over the last 4 years we have delivered sustained growth, Net Cash has increased 10%, EPS has increased 11% and the dividend increased by 20% on average each year.
“We have a robust business model which has proved to be adept and resilient in dealing with fiscal and regulatory changes in our sector. We are planning for more global economic and market volatility and are well positioned for continued pressure on pricing and changes in product mix in our industry.
“Our strategy is aligned to growth for our markets, meeting our customers’ needs and delivering socially useful products. We remain confident in the outlook for our business.”
