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Investing.com -- Legal & General (LON:LGEN) reported stronger-than-expected first-half results on Wednesday, as the British insurer pushes ahead with a strategic overhaul under new CEO António Simões aimed at improving returns and streamlining operations.
The company posted a 6% rise in core operating profit to £859 million, beating the £816 million average analyst forecast compiled by L&G.
Total (EPA:TTEF) operating profit, which includes non-core units, slipped 2% to £905 million but still came in ahead of expectations.
Profit before tax under IFRS rose 28% year-on-year to £406 million.
L&G declared an interim dividend of 6.12 pence per share, in line with projections, and said it remains on course to meet its three-year financial goals.
Its Solvency II ratio, a key measure of capital strength, stood at 217%, down from 223% a year earlier.
“Our customer base has grown to 12.4 million, and workplace pension assets have surpassed £100 billion,” said Simões. “We are growing and making the most of the synergies between our three businesses.”
The CEO also pointed to progress on the group’s strategic revamp, including the sale of its U.S. protection business and a new partnership with Meiji Yasuda. “We are delivering on our promise to return more to shareholders with over £5 billion in dividends and share buybacks over three years,” he said.