Legal & General Group PLC (LSE:LGEN) shares fell despite a decent reaction to its latest numbers from City analysts.
The life and general insurer's operating profit in the six months to 30 June 2023 was £941 million, down 2% from last year’s £958 million, but above City hopes for around £834 million.
Always opaque, L&G said higher asset returns boosted the numbers but there were good performances all around bar investment management, said Jefferies.
Solvency II, its safety buffer, came in above consensus expectations at 230% and L&G remains on track to achieve its 2020-24 cash, capital and dividend ambitions, added the broker.
'Buy' is Jefferies' view with a 335p target.
UBS said there was no share buy-back, though the ordinary dividend went up 5%, which might have disappointed but overall it was a decent operating result.
The profit beat appears "to be driven by higher investment return and back book asset optimisation action in LGRI and Retail."
UBS rates the stock 'neutral' with a 235p target.
Shares today were down 3% at 226p.