- Accountancy changes complicate interims
- Variable performance in non-life businesses
The market was less than impressed with the half-year results for life insurance and asset management giant Legal & General (LGEN), which were already complicated by accounting changes demanded by IFRS 17 rules, which knocked £5bn from total shareholder equity. The changes also showed that not all of the company's business units were performing in harness and, despite meeting most of the City’s consensus forecasts, the company's shares were still the biggest FTSE 100 fallers on results day.