LONDON (ShareCast) - (Sharecast News) - Legal & General lifted its dividend on Wednesday as it posted a jump in full-year operating profit.
In the year to the end of December 2022, operating profit rose 12% to £2.52bn, beating consensus expectations of £2.46bn. Earnings per share also pushed up 12%, to 38.33p and the return on equity was 20.7%, up from 20.5% a year earlier.

Retail operating profit increased 33% to £825m, but investment arm LGIM saw operating profit fall to £340m from £422m. The company said this was due primarily to the impact of market movements on assets under management, which decreased by £225bn since the start of the year.

The company's solvency II coverage ratio rose to 236% from 187% and the full-year dividend was lifted 5% to 19.37p a share.

Chief executive Nigel Wilson said: "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 cash flows due from our direct investments."

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