L&G seeks 'more meaningful' profits from Cofunds and LGIM as inflows slow

Legal & General has said it must "operationally leverage" its Cofunds platform and boost flows into its asset management arm this year in order to improve its business mix.

Reporting full-year results for 2014, the insurer said "further work is needed" to position its business for challenges such as greater digital engagement and an ageing population, and to offset declines seen elsewhere. That follows a year in which L&G posted a 9% rise in pre-tax profit to £992m, and raised its full-year dividend 21% to 11.25p per share. "In 2015, we need to operationally leverage Cofunds and increase fund flows to [Legal & General Investment Management] to generate a more meaningful profit contribution to the Group and offset the managed decline in the contribution f...