Financial Highlights:
Net cash GENERATION up 11% to £629m (h1 2014: £567m) OPERATIONAL CASH GENERATION UP 8% TO £624M (h1 2014: £578m) OPERATING PROFIT up 18% to £750M (h1 2014: £636m) Profit after tax up 8% to £547m (h1 2014: £507m) Earnings per share UP 7% to 9.11P (h1 2014: 8.51p) adjusted Earnings per share2 UP 15% to 9.79P (h1 2014: 8.51p) return on equity119.1% (h1 2014: 17.6%) interim DIVIDEND UP 19% TO 3.45P PER SHARE (h1 2014: 2.90p)
Nigel Wilson, Group Chief Executive, said:
"Legal & General continues to deliver strong organic growth in the UK and the US from both our developing and established, market leading businesses. In addition we are disposing of, or closing non-core businesses and reducing costs in real and nominal terms.
The actions that we are taking allow us to focus on our chosen markets, enable us to continue to deliver low prices and better value for our increasing customer base and deliver attractive returns for our shareholders.
This financial and strategic discipline is driving our sixth year of double digit growth in net cash, operating profit and dividends - particularly noteworthy in H1 was the diversity of the strong operational and financial delivery, with an 18% increase in operating profit to £750m, the 19% increase in dividend per share to 3.45p and the 19% ROE."
