L&G records 10% drop in AuM

Written by Adam Cadle

15/08/2023

Legal & General has recorded a 10% drop in assets under management (AuM) in the year to end June, its latest financial results have shown.

Its investment arm saw AuM decrease by £132bn to £1,158bn (H1 2022: £1,290bn) due to high inflation and interest rates.

L&G's operating profit came in at £941m, down 2% from a year earlier but well above the £834m predicted in a company-compiled consensus poll, mainly due to its bulk annuity business. The company said it remained on track to achieve its five-year ambitions.

Outgoing L&G CEO Nigel Wilson said the results were "mixed", but said the insurer was seeing "slightly more tailwinds than headwinds".

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