(Alliance News) - Legal & General Group PLC on Friday confirmed that it will pay its final dividend for 2019.
The FTSE 100-listed life insurance & financial services company said it will honour its dividend recommendation and will pay a final dividend of 12.64 pence, up from the payout of 11.82p in 2018.
The confirmation comes amid a number of fellow blue-chip companies - like outsourcing firm Bunzl PLC and property investment firm Land Securities Group PLC - cancelling their dividend payouts in efforts to conserve cash amid uncertainty arising from the Covid-19 pandemic.
"The board continues to pay close attention to the need to protect its customers and employees at this difficult time. The board has carefully considered the need to act prudently in maintaining safety and soundness, and in so doing ensure that Legal & General plays its full part in supporting the real economy. It also recognises the importance of dividend income to many institutional and retail shareholders, particularly in the current environment," the company said in its statement Friday.
Shares in Legal & General closed 10% lower at 159.70p each in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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