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(Adds detail, CEO statement)
LONDON, March 10 (Reuters) - British insurer Legal & General
posted a 3% dip in 2020 operating profit to 2.2 billion
pounds ($3.05 billion) on Wednesday, hit by a slowdown in
housebuilding and demand for life insurance products due to the
coronavirus pandemic.
The life insurer and asset manager invests directly in
assets such as real estate and infrastructure as well as in more
liquid markets.
L&G Capital, which includes housebuilder CALA Homes, saw a
24% drop in operating profit, hurt by lower levels of
housebuilding during pandemic-induced UK lockdowns.
Individual annuity and lifetime mortgage sales volumes in
Britain also fell, L&G said. In the United States, L&G suffered
from increased claims and upped reserves by 110 million pounds
for further potential COVID-19 related claims in 2021.
But the insurer's fund management arm, one of the biggest
investors in the UK stock market, saw assets under management
rise 7% to 1.3 trillion pounds, helped by 20 billion pounds in
net inflows.
"Legal & General delivered a robust and resilient
performance for all stakeholders, providing stability to our
people, customers and shareholders," Chief Executive Nigel
Wilson said in a statement.
L&G said it would pay a full-year dividend of 17.57 pence
per share, unchanged from a year earlier.
($1 = 0.7209 pounds)
(Reporting by Carolyn Cohn; editing by Simon Jessop)
