L&G reported an operating profit of £909m, up 5% year-on-year. Except for General Insurance, all business lines posted an improvement in profitability. The Solvency II surplus reached £6.9bn and the coverage ratio stood at 193%. The Board recommended an interim dividend of 4.6p/share vs. 4.3p the year before. We will increase the full-year dividend as we expected only a 2.6% increase compared to FY 17. Our opinion remains positive on the insurer.
