LONDON (Alliance News) - Legal & General Group PLC, the FTSE 100 life insurer and investment manager with a history going back 180 years, on Tuesday said profit and cash generation improved in 2015, prompting an increased dividend.
Pretax profit rose to GBP1.36 billion in 2015 from GBP1.24 billion in 2014, slightly ahead of company-supplied analyst consensus of GBP1.34 billion. Net cash generation grew by 14% to GBP1.26 billion, ahead of the GBP1.22 billion expected by analysts.
Legal & General lifted its total dividend per share for the year to 13.40 pence from 11.25p in 2014, beating the 13.34p expected by analysts, and it committed to a "progressive" dividend policy.
The group posted a capital surplus of GBP5.5 billion over regulatory requirements under new Solvency II insurance rules in the EU, with a coverage ratio of 169%.
"We have a robust business model which has proved to be adept and resilient in dealing with fiscal and regulatory changes in our sector. We are planning for more global economic and market volatility and are well positioned for continued pressure on pricing and changes in product mix in our industry," Chief Executive Nigel Wilson said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Legal & General (LGEN)