Legal & General (L&G) has announced a seven per cent increase in its core operating profit, reaching £918m for the first six months of the year. This measure of profit excludes corporate investments and was broadly in line with analyst expectations.
The FTSE 100 firm's asset management arm saw its total private markets assets under management (AUM) jump by more than a fifth to £79bn. This growth includes increases across private credit, real estate, and infrastructure funds. L&G has set a target to surpass £85bn in private markets AUM by 2028.
Core operating earnings per share rose by 11 per cent to 12.1p, exceeding the company's guidance of six to nine per cent. Profit before tax climbed to £1,997m from £406m, attributed to gains from the sale of its US business.
L&G confirmed the completion of £450m of its £1.2bn share buyback programme and plans to return £5bn to shareholders by 2027. The board also declared a two per cent increase in its interim dividend, bringing it to 6.2p per share.