H1 results show true resilience

Today we’ve announced our half year results and I’m incredibly proud of the resilience we’ve shown both as a Group and within the Retirement division. 

The UK economy has declined by 20% but the Group’s operating profits were down by only 2% versus the prior year, a true measure of how robust our business is. And despite the huge disruption of COVID-19, our Retirement division has helped people though this challenge by delivering solutions to retirees through individual annuities and lifetime mortgages.

Annuity sales began to recover in June, up 27% compared to May and broadly in line with June 2019. These results came as our processes adapted to the environment and customers engaged with the certainty of an annuity in such difficult times. Our market share grew to 20.9% through product innovation and increased intermediary presence.

Our Home Finance business also saw an uptick in lifetime mortgage applications in June. We have maintained pricing and underwriting discipline while virtual valuations and electronic signatures were a reflection of customer-focused innovation. 

As we head into H2 and continue to rebuild from the effects of COVID and lockdown, we’ll work as hard as ever to maintain this positive trajectory with the support of our fantastic staff, who have helped us through H1. It’s our mission to be a leader in the post-pandemic economic recovery, supporting our shareholders and customers while delivering inclusive capitalism.

Read the full press release here: https://www.legalandgeneralgroup.com/media-centre/press-releases/h1-2020-resilient-operating-earnings-from-continuing-divisions-of-11bn-and-a-robust-balance-sheet/