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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.”


Cambridge and Saffron lending up

Cambridge Building Society has reported gross mortgage lending of £144.5m for 2011 – a 13% increase on 2010. Its 2011 results also reveal a pre-tax profit of £600,000, down from £1m in 2010. The society’s mortgage balances were up 8% on the previous year at £55.7m, while its savings balances increased by 7% at £940,999. […]

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If I Were You’s Rob Clifford (centre) and friends say cheers at the recent Mortgage Strategy Awards

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