Strong profits reported by Legal amp General

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.

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