Alexa
  • Directory of Taiwan

UK insurer Legal & General 3Q revenue falls

UK insurer Legal & General 3Q revenue falls

Britain's third-largest insurer, Legal & General Group PLC, said Thursday that its revenue in the third quarter fell 1.5 percent, as sales declined and investments lost value because of the global economic slowdown.
Revenue dropped to 331 million pounds (US$572 million) in the three months to Sept. 30, down from 336 million pounds a year earlier, the company said in a management statement. Legal & General does not report profit figures in its quarterly management statements.
The insurer said that its capital base had been hit by the decline in the stock market _ falling to 2.9 billion pounds (US$5 billion) as of Sept. 30, from 3.4 billion pounds just three months ago.
However, for the full first nine months of the year, revenue was still up compared to the same period last year.
Sales for the year to Sept. 30 rose 5 percent to 1.14 billion pounds (US$1.96 billion), up from 1.09 billion pounds a year earlier.
Those nine-month gains were led by the pension buyout business, which increased 226 percent compared with the first nine months of last year to earn the company 381 million pounds (US$657 million).
Chief Executive Tim Breedon wasn't optimistic about the company's near prospects.
"We remain at best cautious about the economic outlook for the U.K.," he said. "These are uncertain times for everyone."
Shares fell 2.5 percent to 70 pence (US$1.21) in morning trading on the London Stock Exchange, tracking a decline in the FTSE-100 index of leading British shares of 2.5 percent.