Legal & General Finals
Legal & general group PLC
preliminary results 2011
LEGAL & GENERAL DELIVERS STRONG RESULTS, DIVIDEND UP 35%
· FULL YEAR dividend up 35% to 6.40p per share (2010: 4.75p per share)
· operational cash generation up 12% to £940m (2010: £840M)
net cash generation up 11% to £846M (2010: £760M)
· worldwide sales up 7% to £1.9BN APE (2010: £1.8BN ape)
· OPERATING PROFIT £1,056m (2010: £1,002m)
IFRS PROFIT BEFORE TAX £956m (2010: £1,092M)
· eev operating profit £1,469m (2010: £1,224m)
eev per share up 11% to 147p (2010: 132p)
· IGD Surplus UP TO £3.8bn AFTER DIVIDEND (2010: £3.7BN)
· IFRS return on equity 14.5% (2010: 18.2%)
Tim Breedon, Group Chief Executive, said:
"Legal & General had a strong 2011. All four of our operating business divisions - Risk, Savings, Investment management and International - delivered increased sales, cash generation and profits. Our balance sheet is strong, and our outlook for 2012 positive.
Following the combination of growth and strong cash generation the Board is recommending a full year dividend of 6.40p per share - a 35% increase. At this enhanced level, the dividend is 2.25 times covered by net cash generation.
Legal & General has significant scale: seven million customers and assets under management of over £370bn. Our broad product range, diversified distribution and ability to deliver will enable us to grow the business, further enhance shareholder value, and take advantage of the opportunities created in a fast-changing market."