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Legal & General weathers Brexit storm as profits rise 23% to £826m

Published 09/08/2016

Legal & General said in June that it was ready for any Brexit fallout
Legal & General said in June that it was ready for any Brexit fallout

Insurer Legal & General has shrugged off Brexit uncertainty and posted a 23% rise in profits for the first half of the year.

The firm said pre-tax profits rose to £826 million, flagging that it was able to keep its property funds open during a post-vote meltdown which saw a number of others shut down temporarily.

Legal & General said: "There are a range of different views amongst market commentators regarding the potential impacts of the recent EU referendum result on the wider economy, and this in turn has created greater market volatility which we expect to continue for some time.

"Although no business model can be immunised against slowing global economic activity, the opportunities available to the group should remain largely unchanged and we will strive to execute our strategy successfully to deliver profitable growth."

The group's net cash generation was up 16% to £727 million, with its retirement division seeing profits rise 44% to £406 million during the period.

Following the shock referendum result, Legal & General said in June that it was ready for any Brexit fallout after the firm planned for a 50-50 probability of a Leave vote.

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