U.S. News

L&G Announces $2.1 Billion Share Buyback, Boosts Dividend


British insurer Legal & General announced plans on Thursday for a 1 billion pound ($2.1 billion) share buyback and boosted its dividend growth rate to 7.5%, alongside a 5% rise in first-half profit.

Britain's third-largest life insurer said in November it had around 1 billion pounds of excess capital that it could hand back to shareholders, but stopped short of committing to return the cash at the time.

The insurer said operating profit for the first six months of the year totalled 589 million pounds, on a European embedded value basis, just shy of an average forecast of 605 million, according to the average from a Reuters poll of analysts, but well within a range of 535 million to 659 million pounds.