Legal & General has posted record operating profits for 2017 of £2.1bn, boosted by strong internal net flows of £44bn into its investment arm LGIM.
Assets under management at LGIM rose by 10% from £894bn a year to £983bn a year, while LGIM’s operating profit rose by 9% to £400m, up from £366m in 2016.
On the property side of the business its results revealed an increase in housing assets up to £588m compared with £392m a year earlier.
It has 2,500 units in built-to-rent joint ventures as well as 2,500 units being built by its residential arm Legal & General Homes.
Group chief executive Nigel Wilson, said: “We remain confident that our unique business model, strong management team, collaborative culture, and strategic focus can deliver further growth in 2018 and beyond.”
According to Sky News, L&G is in advanced talks to buy out Patron Capital, its joint venture partner in housebuilder Cala Group, in a deal which would value the company at more than £500m.
L&G said it would pay a total dividend of 15.35p per share, up 7% on last year.
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