LONDON (Alliance News) - Legal & General Group PLC on Thursday said it saw growth on assets held for its with profits policyholders, with a return of 3.1% before tax in 2015.
The company said it added bonuses worth GBP366.0 million to its with profits policies last year, lower than the GBP387.0 million added in 2014, reflecting a "gradual reduction" in the number of customers as policies continue to mature.
"One of the main advantages of a with profits investment is the ability to protect our customers against short-term market volatility by 'smoothing' payouts. 2015 was a challenging year for investment markets but we have actively allocated the fund across a broad spread of assets achieving another year of positive returns. This means that our with profits customers continue to see steady growth on their investments over the long-term, well in excess of inflation," Jackie Noakes, the managing director of savings at Legal & General Assurance Society said.
Shares in Legal & General Group were down 1.3% at 223.55 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Legal & General (LGEN)