Legal & General celebrates breakthrough in infrastructure investment planComments Off on Legal & General celebrates breakthrough in infrastructure investment plan
The FTSE 100 giant has shaken off its tag as an underperforming insurance company in recent years to become one of the country’s largest backers of new housing and urban regeneration.
Current investments include a £240 million partnership with Schroders to build a retail, leisure and residential complex in Bracknell town centre.
It has also used £503 million of its money to develop MediaCityUK in Salford.
Chief executive Nigel Wilson, who has led this drive, said: “We’ve been knocking on the door for several years now, but the feedback we’re now getting is Imby (in my back yard) rather than Nimby (not in my back yard) and we’re seeing a willingness from local politicians, businesses and people to step up and make things happen.
“Cities need rebuilding and people need homes to live in. We are ready to invest in these projects and welcome the Government’s regional devolution plans.”
L&G topped the FTSE 100 leaderboard, with its shares rising 6p to 269.4p on the back of strong half-year results.
The group’s pre-tax profits increased 12% to £829 million, while assets in its fund management business also climbed 12% to £714.6 billion.
Wilson said the group had performed strongly in the US, where it remains on the hunt for bolt-on acquisitions, as well as in other areas including Japan, Taiwan and South Korea.
L&G is raising its dividend by 19% to 3.45p.