Profits at Britain’s third-largest insurer, Legal & General, rose by 11% to £1bn in the first half of the year.
The firm, which is one of the biggest investors in the UK stock market, said the funds it looks after had increased by 15% to £1.14 trillion.
The profit increase was driven by growth in its corporate pension segment and more money flowing into its asset management unit.
Commenting on LGIM’s results, Michelle Scrimgeour, CEO of LGIM who joined the firm in July of this year, says: “This set of results for the six months to June reflect a good first half of the year for LGIM. I look forward to continuing to build on these foundations in my role as CEO. We have continued to make great strides in growing our international business and have had some significant wins, not least securing the mandate with the Japan Government Pension Investment Fund.
“At the same time, we have invested in improving our operating platform and continue to invest in enhancing customers’ digital experience. That work continues apace. The future will bring global regulatory, economic, technological and political change, and I will be working closely with the business and our clients to navigate what will be a challenging time for our industry.”