Legal & General Sees Assets Decline Amid Higher Interest Rates

The Legal and General headquarters in the City of London.Photographer: Jose Sarmento Matos/Bloomberg

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By Laura Benitez

March 6, 2024 at 7:49 AM UTC

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Legal & General Group Plc saw assets slip to £1.6 trillion ($2 trillion) in 2023 as the UK money manager contended with some outflows in its investment management assets.

Average assets under management were 12% lower year-on-year, according to a statement Wednesday. LGIM delivered an operating profit of £274 million, down from £340 million in 2022, reflecting the impact of higher interest rates on the value of assets.