L&G First-Half Profit Edges Up 6% as UK Pension Buyouts Boom
The Legal and General headquarters in the City of London.
Photographer: Jose Sarmento Matos/BloombergLegal & General Group Plc’s profit rose 6% in the first half of the year amid a boom in UK pension buyouts, where firms pay insurers to take on their financial obligations.
Core operating profit came in at £859 million ($1.1 billion) in six months through June, according to a statement Wednesday. L&G said it’s actively pricing on or has visibility of £42 billion of new deals it expects to transact in the next 12 months, of which nine deals are greater than £1 billion.