Legal & General Share Price: Strong Performance During H1

on Aug 6, 2013
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iNVEZZ.COM Tuesday, August 6th: Legal & General Group Plc. (LON:GEN) today reported a substantial improvement in first-half performance. The UK insurer has achieved a double-digit increase in sales, cash generation and profits and expressed confidence in the growth potential of its business.

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Net cash generation for the first half was up 23 percent to £500 million, compared with last year’s £407 million. After-tax profit reached £464 million, a 15 percent increase.
Individual annuity sales were 44 percent up on the year at £754 million, while bulk annuity sales increased to £670 million, a tenfold rise from last year’s £67 million.

Earnings per share reached 7.82p, up 13 percent from 6.93p for the first half of 2012. Return on equity increased 16.8 percent, while interim dividend gained 22 percent to 2.40p per share.
“We are successfully evolving our strategy from a post-financial crisis focus on cash, to one based on cash plus growth plus selective acquisitions,” Nigel Wilson, L&G CEO, commented in a statement.

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**A Year of Expansion**
A strong contribution is expected from the newly acquired annuity buy-out company Lucida, which added £1.4 billion in annuity assets to L&G after the deal was concluded at a price of £149.4 million.

!m[Substantial Profit Growth Provides Gains for Shareholders](/uploads/story/4594/thumbs/pic-1_inline.jpg)
Cofunds, the UK’s largest investment platform which is managing assets worth a total of £ 111 million, has also become part of the L&G family. Another important acquisition was the purchase of a 46.5 percent stake in the house builder CALA Group, which is expected to contribute with the development of high-return assets for L&G’s shareholders.

Last week the group announced plans to boost its investments in UK infrastructure from £3 to £15 billion over the next 10 years. The decision is part of L&G’s strategy for supporting the UK economy – a role that has traditionally been performed by banks.

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**Legal & General’s share price was 202.40p as of 06.08.2013, 09.09 BST.**

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