Legal & General posts 2% drop in H1 operating profit

Credit: REUTERS/Alessia Pierdomenico

British life insurer Legal & General posted a 2% drop in first-half operating profit, it said on Wednesday, hurt by the impact of the coronavirus pandemic.

LONDON, Aug 5 (Reuters) - British life insurer Legal & General LGEN.L posted a 2% drop in first-half operating profit, it said on Wednesday, hurt by the impact of the coronavirus pandemic.

Operating profit from continuing divisions fell to 1.13 billion pounds ($1.48 billion) from 1.15 billion pounds a year earlier.

Net release from operations - or net cash generation - dropped 14% to 730 million pounds.

Legal & General, unlike some other insurers, paid a final dividend for 2019.

It said it would pay an interim dividend for 2020 of 4.93 pence per share, the same as a a year ago.

($1 = 0.7642 pounds)

(Reporting by Carolyn Cohn, editing by Sinead Cruise)

((carolyn.cohn@thomsonreuters.com; 44 207 542 6320; Reuters Messaging: carolyn.cohn.thomsonreuters.com@reuters.net))

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