Nomura analysts have this afternoon issued an up-beat assessment of Legal&General´s 2011 full-year results. They begin by calling attention to the success of its so-called ´capital-light strategy´ at growing its asset management and unit-linked savings business, which contributed the major part of the growth in operating earnings, which were up by 13% and now comprise 32% of operating profit. In contrast, its insurance risk businesses reported flat earnings. As well, they see scope for further structural increases in dividend once uncertainty over Solvency 2 is resolved. Nomura raises its target price to 182p from 180p, adding that they continue to be buyers. AB