L&G maintains the half-year payout

Legal & General’s (LGEN) chief executive, Nigel Wilson, said the group’s half-year returns demonstrated “resilient operating profits, a robust balance sheet and highly relevant products and services”. Well, there has been no obvious deterioration in its asset base since the year-end, with no defaults on the traded credit portfolio and lower downgrades on sub-investment grade assets than anticipated. The relevance of its product offering is largely subjective, but a 2 per cent decline in continuing operating profits does point to a certain steadfastness, although the life insurance and annuities heavyweight is comprised of many moving parts.