Asset management and insurance giant Legal & General has reported a six per cent increase in core operating profit for 2024.

Core operating profit hit £1.6bn and pre-tax profit under IFRS accounting standards stood at £542m.

Off the back of these robust numbers Legal & General announced a £500m share buyback for 2025, as part of its commitment to return over £5bn to shareholders within three years.

The group also hiked its dividend per share by five per cent to 21.36p

The company’s Solvency II capital generation reached £1.8bn, while its Solvency coverage ratio rose to 232 per cent.

During the year, the company sold its homebuilding business, Cala Homes, for £1.35bn and its US Protection business for £1.8bn. Legal & General also entered into a strategic partnership with Japanese life insurance company Meiji Yasuda.

On a divisional basis, the group’s Institutional Retirement arm recorded £10.7bn in global pension risk transfer (PRT) deals, including £8.4bn in the UK and record volumes in the US and Canada. Core operating profit rose to £1.1bn, up seven per cent.