L&G beats profit forecasts as investment arm outperforms

L&G made a pre-tax operating profit of £523m in the six months to 30 June, down from £542m a year earlier. Analysts had expected a £508m profit, according to the average of 13 forecasts collected by the company. Britain's fourth largest insurer said Legal & General Investment Management (LGIM) delivered a record half-year operating profit of £117m, up from £98m in the corresponding six months last year. Funds under management grew 13% to £362bn, up from £320bn in H1 2010, while net cash generation improved by 30% to £91m. Worldwide sales were up 4% to £920m. Group CEO Tim Bre...