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Annuity sales help L&G beat profit forecast

Written by Adam Cadle
07/08/2024

L&G has reported a 1% rise in H1 core operating profit to £849m ($1.1bn), exceeding analyst expectations, following record sales of individual annuities over the period.

The British life insurer and asset manager, sold £1.2bn of individual annuities in H1, more than double the previous year.

L&G said it continued to expect 2024 core operating profit to increase by a mid-single digit percentage year-on-year and was pushing ahead with a £200m share buyback.

Assets under management at L&G fell 3% in H1 to £1.14trn.


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