The Legal and General Group announced higher profits

• Profit after tax attributable to equity holders – up 12% to £2.29 billion
• Operating profit from Legal and General Retirement Institutional – up 9% to £1.26 billion
• Operating profit from Legal and General Capital – up 10% to £509 million
• Operating profit from Legal and General Investment Management – ​​down 19% to £340 million
• Operating profit from Retail – up 33% to £825 million
• Group operating profit – up 12% to £2.52 billion

Of the £825 million operating profit for Retail, £173 million came from UK insurance; £168 million, US insurance; and £484 million, retail retirement.

Group chief executive Sir Nigel Wilson, who is retiring but will remain at the helm until his successor takes over, commented: “We delivered another strong result in 2022, ahead of market expectations, with an operating profit of £2.5 billion and EPS (earnings per share) of 38.3p, both up 12%, cash generation £1.9 billion up 14%, capital generation £1.8 billion up 10%, dividend up 5% to 19.37p, and a ROE (return on equity) of 21 %.

“Our diversified and highly synergistic business model continues to deliver significant benefits. Our balance sheet is strong and highly resilient, with a record solvency ratio of 236%, and we have once again received 100% of the cash flows due to our direct investments.

“At a time when many households are affected by the rising cost of living, our commitment to inclusive capitalism is more important than ever to help improve the lives of our customers, build a better society for the long term, and create value for our shareholders.”

Meanwhile, Wilson’s replacement is currently determined through a “rigorous” process, with both internal and external candidates considered. The outgoing CEO arrived as chief financial officer in 2009 before assuming the top position in 2012.