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L&G profits dipped to £956m in 2011

Legal & General saw a slight drop in profits in 2011 as it reported a pre-tax profit of £956m compared with £1.1bn in 2010.

Its full-year operating profits were up at £1.1bn, compared with £1bn in 2010.

L&G also reported a 12% increase in cash generation from £840m in 2010 to £940m in 2011. It is offering a full-year dividend of 6.4p per share, compared with 4.75p in 2010.

In terms of its mortgage business, Legal & General Network captured a 20% share of the intermediary mortgage market, up from 16% in 2010 – equivalent to £15.7bn of lending.

It continued to diversify into more specialist areas, with 13% growth in high net worth protection and 48% growth in direct business.

Tim Breedon, group chief executive of L&G, says: “All our operating business divisions – risk, savings, investment management and international – delivered increased sales, cash generation and profits. Our balance sheet is strong and our outlook for 2012 positive.”

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