L&G reports 26pc profits slump

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Legal & General (L&G) registered a 26pc fall in operating profits in 2007, impacted by the longer life expectancy of its UK clients.

The group paid out £269m in "longevity strengthening" last year, which contributed to a downturn in profits from £1.23bn in 2006 to £912m on a European embedded value (EEV) basis. Profits after tax were...

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