Legal & General, the U.K.’s 3rd largest life and pensions group, posted a 15 percent increase in pretax operating profits to £479 million ($692 million) for the year 2000, substantially above analysts’ forecasts.
Facing heavy competition from its two larger rivals, CGNU and Prudential (U.K.), L&G has aggressively pursued growth through cooperation agreements with U.K. banks, making deals with Alliance & Leicester and Barclays. It’s also sought to expand its operations outside its core U.K. market, and saw this sector increase 10 percent last year.
The October and November storms, which caused heavy losses to other U.K. insurers, notably CGNU, had only a marginal impact on life insurer L&G.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
Allianz’s PIMCO, L&G Sued in Scrap Over €1.2 Billion Brussels Tower 
Iran Starts Bitcoin-Backed Shipping Insurance for Hormuz Strait 
Tampa Bay Rays and Local Officials Announce Tentative $2.3B Deal for New Ballpark 
