Legal & General property assets have climbed to £1.3tn in the first half of the year as profits topped £1bn.
In its half-year results, published this morning, the insurance giant said profits had risen 14% on H1 2020 to £1.08bn, beating City expectations of £999m. It is now planning to return £309m to shareholders in September.
Legal & General Capital, its main real estate arm, saw property assets under management grow to £3.4bn from £3bn in H1 2020, with profits before tax leaping to £298m from a loss of £184m in 2020.
Profits for LGIM also grew by 4% to £204m for the half, while assets under management grew by 7% to £1.3tn.
However, the insurer’s flagship modular housing business continued to make a loss, rising to £16m in the first half of 2021.
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