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 £718m, down from £1.63bn in 2006. However, L&G still reported strong performances from its risk and investment management businesses. The latter registered operating profit growth of 17pc to £155m, buoyed by gross new fund inflows of £53bn with total funds under management at the year end of £297bn. Despite market turbulence, L&G said that most of its core savings products - individual a...
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