Legal & General Investment Management (LGIM) saw its operating profit rise two per cent to £196 million (€217 million) in the first half of this year, up from £192 million in the first six months of 2019.
The uptick at LGIM – the UK’s largest asset manager – came in spite of a 73% slump in profits for Legal & General Group Plc during the first half as the insurance and financial services giant cited the “unprecedented impact” of the Covid crisis on its balance sheet.
Group wide, pre-tax profits plunged 73% to £285 million while operating profit fell 6% to £946 million. Nevertheless the group has pledged to maintain dividend payments to shareholders.
The figures for Legal & General’s investment arm, however, showed that assets under management (AuM) rose 9% to £1.24 trillion, compared with £1.13 trillion in the first half of 2019.
Meanwhile, total revenues for LGIM rose 8% to £467 million from £434 million in the first half of last year.
Chief executive Michelle Scrimgeour said: “LGIM has shown resilience amidst the significant market volatility and the exceptional business context associated with Covid-19 globally.
“The business has continued to deliver positive external net flows in the first half of 2020 and has grown AuM, demonstrating the benefits of a diversified asset base and the strong structural demand for our products and capabilities.”
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