By Sabela Ojea

Legal & General Group PLC on Wednesday reported a rise in operating profit for 2019 and said that the novel coronavirus has had a minimal effect on its business to date.

The FTSE 100 insurer made an operating profit of 2.13 billion pounds ($2.72 billion) compared with GBP1.90 billion for the same period a year earlier on increased revenue from flows and asset values, which were partially offset by LGIM's continued investment in its growth strategy.

Net profit remained flat at GBP1.83 billion, while assets under management increased to GBP1.20 trillion at the end of 2019 from GBP1.02 trillion at the end of 2018, the company said.

Its solvency capital ratio--a key measure of balance-sheet strength--was 184% compared with 188% a year earlier.

Legal & General declared a full-year dividend of 17.57 pence, up from 16.42 pence. Earnings per share rose to 28.66 pence from 24.74 pence for 2018.

The insurer expected further growth in 2019 and met its goal. "Having delivered EPS growth of 16%, dividends up 7%, and a 20% plus ROE, we are well positioned for the future and we remain ambitious," Chief Executive Nigel Wilson said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 04, 2020 02:41 ET (07:41 GMT)

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