By Michael Susin

Legal & General Group PLC reported on Tuesday a rise in operating profit for the first half of 2022, driven by higher interest rates and a strong portfolio performance, and said that it has raised its dividend payout.

The FTSE 100-listed insurance company posted an operating profit of 1.16 billion pounds ($1.40 billion) compared with GBP1.08 billion for the same period a year earlier.

Net profit rose to GBP1.15 billion from GBP1.07 billion.

Its solvency coverage ratio--a key measure of balance-sheet strength--as at June 30 stood at 212%, up from 183% a year ago. The company previously expected to achieve a ratio of 215%.

The company reported capital generation of GBP4.1 billion, and it expects to achieve the range of between GBP8.0 billion and GBP9.0 billion by 2024.

The board declared an interim dividend of 5.44 pence a share, above the 5.18 pence declared a year earlier.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

August 09, 2022 02:40 ET (06:40 GMT)

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