Strong profits reported by Legal amp General

Legal & General has reported strong financial results.


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

The share price of Legal & General has jumped as a result of the strong financial results revealed by the company.

Stocks were up by 2.64 per cent today (March 6th) following the announcement from the insurance group that its pre-tax profits rose by nine per cent to £1.04 billion.

Chief executive Nigel Wilson stated the "uncertain, sluggish economy has had a minimal impact" on business at the firm in the last 12 months.

Its success has been secured as a result of factors such as the UK's cuts in state welfare spending, the ageing population and contraction of the banking sector.

"Our expertise, scale and synergies enable us to provide solutions to these challenges," Mr Wilson said, adding the firm is "squarely among the beneficiaries from these structural changes".

As of 15:40 GMT today, Legal & General shares were trading at 167.00 on the London Stock Exchange, which is a record high for the company.

Other big moves on the index included mobile phone operator Vodafone, which saw a jump of over six per cent in its share price to 179.30.

Learn about the sterling and forex trading at City Index.

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar