By Ian Walker
LONDON--Legal & General Group PLC (LGEN.LN) Tuesday reported a 9.6% rise in its headline adjusted operating profit for the first half of 2016, and said its five long-term growth drivers remain unaffected by volatile financial markets and political uncertainty.
The U.K. provider of insurance, savings and investment-management products added it has rebased its interim dividend, and will now pay out 30% of the full year at the halfway stage. This equates to 4 pence for the half year.
For the half year ended June 30, L&G made an adjusted operating profit, which strips out exceptional and other one-off items, of 822 million pounds ($1.07 billion), compared with GBP750 a year earlier. Gross written premiums rose 72% to GBP5.5 billion.
The 180-year-old company said its solvency II surplus--a measure of financial stability--slipped to GBP5.3 billion, from GBP5.5 billion at Dec. 31, 2015. Its solvency II coverage ratio was 158%.
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