L&G faces £720m loss

In its half-year results, published today, the insurer revealed the huge loss on an EEV basis, while it IFRS operating profit tumbled 92% to just £31m. L&G has cut its dividend by 45% to 1.11p, saying it hopes to improve it balance sheet going forward as economic uncertainty continues. The firm has already made some progress in improving its balance sheet, with IGD surplus strengthened to £1.9bn at the end of June. The firm estimates its current IGD coverage ratio has increased from 169% at the end of 2008 to 192% today. Sales in all major UK business areas, with the exception of ...