WE HELP MAKE FINANCIAL SECURITY EASIER TO ACHIEVE FOR MILLIONS OF PEOPLE.
We combine strategic clarity, operational excellence and financial strength to deliver sustainable benefits for customers, business partners, shareholders and employees.
KEY HIGHLIGHTS
- Net cash generation1 118% higher at £699m (2008: £320m)
- Annual cost reduction £69m against a target of £50m
- Final Dividend increased by 33% to 2.73p per share
- Worldwide [EEV] new business contribution up 10% to £328m (2008: £297m)
- Legal & General Investment Management assets under management £315bn (2008: £264bn)
- International [IFRS] operating profit doubled to £127m (2008: £59m)
FULL YEAR DIVIDEND
3.84p
(2008: 4.06p)
TOTAL NET CASH GENERATION
£699m
(2008: £320m)
IFRS PROFIT FOR THE YEAR
£844m
(2008: loss of £1,130m)
FINANCIAL STRENGTH2
AA-
1 Net cash generation is defined as operational cash generation less new business strain for the UK non profit Risk and Savings businesses. Operational cash generation is defined as the expected release from in-force business for the UK non profit Risk and Savings businesses, the shareholders’ share of bonuses on With-profits business, the post-tax IFRS operating profit on other UK businesses, dividends remitted from our international businesses from sustainable cash generation and expected investment return (excluding expected gains/losses on equities) on Group Capital and Financing invested assets.
2 Standard & Poor’s Financial Strength rating for Legal & General Assurance [Society] Limited. As at 22 March 2010.
