L&G cheers double-digit growth

LEGAL & General reassured investors its exposure to inflation is ‘minimal’ with its performance for 2022 on track.

The pensions and investment business said yesterday it expected to deliver a double-digit growth in cash and capital generation over the first half of the year.

In the six months to June 2022, L&G has completed £4.5bn worth of pensions risk transfers – where it takes on the responsibility from an employer for paying out pensions. One of these was a £370m deal with Heathrow’s British Airports Authority Pension Scheme, securing benefits for more than 1,400 retirees, while another saw L&G ink a £225m agreement with the UK pension scheme of appliance firm Newell Rubbermaid.

The cost-of-living crisis will have worried some shareholders. But boss Sir Nigel Wilson said L&G’s ‘exposure to inflation is minimal and our balance sheet is strong’.