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Legal & General Group HY Profit Drops

Legal & General Group Plc (LGEN.L) reported that its profit attributable to non-controlling interests for the six month period to 30 June 2020 dropped to 290 million pounds or 4.63 pence per share from last year's 874 million pounds or 14.66 pence per share, reflecting the formulaic impact of lower interest rates on LGI and the unrealised impact of market movements.

Profit before tax attributable to equity holders was 261 million pounds, down from 1.02 billion pounds in the prior year.

Gross written premiums was 5.50 billion pounds, down from 8.75 billion pounds in the previous year.

Total income dropped to 17.42 billion pounds from 48.45 billion pounds in the previous year.

The company noted that its intention remains to write 40 billion pounds to 50 billion pounds of new UK PRT over the next five years.

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