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UK insurer Legal & General (LGEN) posted lower-than-expected operating profits last year amid tough market conditions.
Operating profit came in at a flat £1.67bn against company-compiled forecasts of £1.75bn.
L&G's general investment management arm business saw a profits slump to £274m from £340, reflecting the impact of higher interest rates on the value of assets under management with average assets under management 12% lower year-on-year.
Assets under management fell 3% to £1.16trln with net client outflows of £38.4bn as investors chased better returns amid surging inflation and interest rates.
Retail operating profit was down 2% to £408m. million pounds, with lower contributions from fintech businesses as valuations from 2022 were not repeated.
Reporting by Frank Prenesti for Sharecast.com