L&G profits rise 34%; Dividend up 20%

Katrina Lloyd
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L&G has reported its IFRS operating profits grew 34% to £542m for the first half of the year, helped by its strong investment and savings arms.

This has allowed the insurer to raise its half year dividend by 20% to 1.33p per share. Worldwide, the group said new business was up 18% to £881m APE2, while L&G Investment Management saw sales soar 50% to £21.2bn, compared to £14.2bn for the same period in 2009. The transformation of L&G's savings business, including its retirement suite, continued in the first half of 2010 as IFRS operating profits of £54m trebled compared to 2009. "Our focus continues to be on cost management, shifting product mix towards capital light products, reducing commissions and growing assets under adm...

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