Legal & General reported a fall in pretax profit for the second...
Legal & General reported a fall in pre-tax profit for the second quarter of the year, down from £412m in 2003 to £365m, although the 20% drop beat analysts' predictions for the quarter.
It blamed the fall on a £240m charge from the adoption of more conservative mortality experience assumptions for its annuity business.
For Legal & General's general insurance business, net written premiums grew 17%, up from £184m in the second quarter of 2003 to £215m for 2004.
The bank said the increase was partially due to the extension of its joint venture with the Woolwich to Barclays Bank customers.
The household insurance account, which accounted for nearly 80% of the bank's general insurance premiums, reported an operating profit of £13m, up from the £10m reported for the previous year.
Legal & General said the total operating profit of £20m reflected a lower profit from other businesses as the contribution from the mature mortgage indemnity book continued to decline.
