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Legal & General profit falls on Covid-19 related claims
StockMarketWire.com
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Insurance group Legal & General reported a fall in profit as pandemic-related claims weighed on performance.
For 2020, pre-tax profit attributable to equity holders fell 15% to £1.78 billion from £2.11 billion year-on-year, while total gross premiums were £2.85 billion, up from £2.73 billion.
LGI operating profit decreased 40% to £189 million, reflecting increased claims experience due to COVID-19, particularly 'impacting our US protection business where we retain the majority of the mortality risk,' the company said.
The company also had to set aside £110 million in reserves for potential future COVID-19 related claims in 2021.
Solvency II coverage ratio fell to 177% from 184%.
The dividend was maintained at 17.57p per share.
Looking ahead, the company said global pension risk transfer markets have remained buoyant in Q1 2021, while LGIM has benefited from continued asset market recoveries.
At 8:00am: (LON:LGEN) Legal General Group PLC share price was 0p at 241.3p
Story provided by StockMarketWire.com
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