L&G profits soar 87%

Operating profits for the protection or risk element of L&G's business hit £735m for 2009, up from £222m in 2008. Profits from its savings business were also significantly up, from £7m in 2008 to £55m last year. Net cash for 2009 totalled £699m, up 118% on 2008 (£320m), which L&G attributed partially to a 17% cut in UK staffing. This led to an overall annual reduction in costs of £69m. L&G's final dividend per share was 2.73p for 2009, a 33% (2.05p) improvement on the previous year. International operating profits were also up at £127m for the year compared to £59m for 2008, an ...