Legal & General Group PLC (LSE:LGEN)’s was kept on on a ‘sell’ rating by UBS, even though the life insurer's half-year operating profit beat consensus forecasts by 3% “mostly driven by [L&G insurance]”.
UBS analysts said the solvency ratio, a key measure of financial security, was slightly below a recent trading update but at 212% is very strong.
The broker is forecasting a dividend for the year of 19.24p, giving a yield of 7.1%.
But the Swiss bank's price target is 235p against 257p on Tuesday hence the sell stance.