Authorized & Common stated its lifetime & retirement interest-only mortgage advances fell 9.8% to £270m from a yr in the past, “reflecting decrease market demand within the present larger rate of interest surroundings”.
The monetary providers group’s fairness launch gross sales sit in its UK retail unit, which additionally homes personal and office annuities.
It stated UK retail safety gross premiums edged 0.9% decrease to £1.52bn over the interval, in its full-year monetary assertion.
It added that new enterprise annual safety premiums rose 2% to £153m with “improved margins in what remained a extremely aggressive market”.
Its different key models — institutional retirement and asset administration — carried out properly permitting the group to submit a core working revenue of £1.6bn, whereas pre-tax revenue beneath IFRS accounting requirements stood at £542m.
Final yr, the group offered its UK homebuilding enterprise Cala Properties for £1.35bn and its US safety enterprise for £1.8bn.
It additionally entered into a partnership with Japanese life insurance coverage firm Meiji Yasuda.
The group unveiled a £500m share buyback and reiterated its pledge to return £5bn to buyers over the subsequent three years.
Authorized and Common chief govt António Simões stated: “By sharpening our focus and simplifying our portfolio — via the sale of Cala and US Safety — alongside our strategic partnership with Meiji Yasuda and our funding in Taurus, we’re strengthening our capability to generate sustainable progress in our core companies: institutional retirement, asset administration and UK retail.”
