Legal and General saw its operating profit rise to £849mn in the first half of 2024, compared with £844mn in the same period last year.
This was 2 per cent above expectations with the firm annoucing a 5 per cent increase in its interim dividends.
Group CEO, António Simões said: “These results reflect the ongoing strength of our business, with core operating profit slightly ahead of the prior year and a solvency coverage ratio of 223 per cent.
"We continue to expect 2024 core operating profit to grow by mid-single digits year-on-year."
Outlining risks going forward, the firm said discussions are ongoing about the advice guidance boundary and a proposal for targeted support to close the advice gap.
In its institutional retirement business, operating profit increased by 6 per cent to £560mn, which it said was underpinned by the "growing scale of backbook earnings and the consistent investment performance of our annuity portfolio".
And following a record year for UK Pension Risk Transfer in 2023, the first half of 2024 saw a drop in how many the firm had written.
In the first six months of 2024, it wrote £1,543mn of global pension risk transfers, compared with £4,992mn in the same period in 2023.
It said this reflects lower levels in the wider market and it expects there to be higher levels over the next decade.
Tom Gilbey, equity research analyst at Quilter Cheviot, said: "While pension risk transfer volumes were initially lower than expected, the company has noted an uptick and annuity sales remain variable.
"The company has reaffirmed its targets for 2024 and 2027. Despite the miss on PRT, its pleasing to see that in the first half of the year nine of out of 15 deals involved the businesses’ Asset Management clients showing strong synergies between the two businesses."
When it came to the asset management business, there was a decline in operating profits to £214mn compared with £249mn the previous year.
Gilbey added: "The decline in asset management’s operating profit reflects increased investment in modernising the platform and driving growth, as announced at the capital markets event. Revenues in this division have risen, signalling a positive direction.
"This business not long ago brought together LGIM and LGC to create a single, global, public and private asset manager."
Looking forward, Simões said the firm is well positioned to deliver growth for stakeholders.
He said: "We are making clear progress on delivering our strategy, notably in the establishment of a single asset manager. We have good momentum in private markets, launching a new fund to offer diversified exposure to defined contribution pension scheme members, and establishing our affordable housing fund, leveraging pension capital to build new homes.
"These developments are important steps forward for L&G, reflecting our commitment to helping address the long-term investment needs of individuals and society, and create compelling opportunities for partners to invest alongside us to generate positive change.
