By Sabela Ojea
Legal & General Group PLC on Wednesday reported a fall in operating pretax profit for the first half of 2020 and said that it aims to have a similar performance in the second half.
The FTSE 100-listed insurance company posted an operating profit of 946 million pounds ($1.24 billion) compared with GBP1.00 billion for the same period a year earlier. The company said this proves resilience, as the effects of the coronavirus pandemic totaled GBP129 million.
Its solvency coverage ratio--a key measure of balance-sheet strength--stood at 173%, up from 171% in the year-earlier period.
The board declared an interim dividend of 4.93 pence a share, unchanged from the first half of 2019.
"In the first half, Legal & General delivered resilient operating profits, a robust balance sheet and highly relevant products and services," Chief Executive Nigel Wilson said.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix