Legal & General has posted record operating profits for 2017 of £2.1bn, helped by strong external net inflows of £44bn into investment arm LGIM.
In its full-year results today, the firm said pre-tax profits had risen 32% from £1.58bn in 2016 to £2.09bn in 2017. Operating profits also jumped 32% from £1.56bn to £2.055bn. Assets under management at investment division LGIM rose 10% from £894bn a year ago to £983bn, helped by a record £44bn in external net inflows. This compares to £29.2bn in inflows for the previous year. However, the group reported internal net outflows of £2.7bn, compared to internal net inflows of £2bn in 2016. LGIM's operating profit increased by 9% to £400m, from £366m in 2016. Management fee revenues were...
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