L&G sees double-digit money progress at half 12 months, efficiency on observe

The brand of Authorized & Normal insurance coverage firm is seen at their workplace in central London March 17, 2008. REUTERS/Alessia Pierdomenico

LONDON, July 7 (Reuters) – British insurer Authorized & Normal (LGEN.L) expects to ship double-digit progress in money and capital era within the first half of the 12 months and its working efficiency is on observe, it mentioned on Thursday.

L&G’s solvency ratio, a key measure of capital energy, rose to 215% at June 30, from 187% at end-Dec 2021, the life insurer mentioned in a buying and selling replace.

“Our year-to-date working efficiency is according to expectations, with money and capital era working barely forward of our five-year ambition and ROE (return on fairness) at c. 20%,” Chief Government Nigel Wilson mentioned.

Authorized & Normal Funding Administration, one of many greatest traders within the UK inventory market, noticed web exterior inflows of fifty billion kilos ($59.72 billion) within the first half, in contrast with flows of 26 billion kilos over the identical interval a 12 months earlier.

L&G’s shares have fallen greater than 20% this 12 months. Analysts at Jefferies in a current be aware highlighted investor concern about credit score threat within the insurer’s mounted earnings portfolio.

L&G is because of publish first-half outcomes on Aug 9.

($1 = 0.8373 kilos)

Reporting by Kirstin Ridley and Carolyn Cohn, modifying by Sinead Cruise

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