L&G announces strong insurance figures for 2011

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A strong 2011 has seen Legal & General's (L&G) risk division deliver solid performance with operating profit of £561m (2010: £560m).

The company also announced an overall operating profit of £1.06bn in its annual results.

L&G's Protection businesses continued to be prominent in the market, growing market share, premiums and profits.

L&G added that group protection adverse variances in H1 have trended back towards assumptions and Individual protection favourable expense variances have improved profitability.

General Insurance profits improved by £50m to £42m (2010: £(8)m) helped by benign weather conditions.

Tim Breedon, Group Chief Executive, said: "Legal & General had a strong 2011.

All four of our operating business divisions - Risk, Savings, Investment management and International - delivered increased sales, cash generation and profits.

"Our balance sheet is strong, and our outlook for 2012 positive.

"Our broad product range, diversified distribution and ability to deliver will enable us to grow the business, further enhance shareholder value, and take advantage of the opportunities created in a fast-changing market."

The Board is recommending a full year dividend of 6.40p per share - a 35% increase. At this enhanced level, the dividend is 2.25 times covered by net cash generation.

L&G now has seven million customers and assets under management of over £370bn.

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