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Legal & General core profit rises 7% in H1 2026
The insurer reported £5.7 billion of global pension risk transfer volumes and said it applied a 14% minimum IRR hurdle to new business.
Legal & General posted first-half 2026 results showing a 7% increase in core operating profit to £918 million, alongside £5.7 billion in total Global PRT (pension risk transfer) business, according to Reinsurance News.
In Institutional Retirement, operating profit rose 5% to £646 million, supported by asset optimisation of £227 million, and the business delivered an expected investment margin of £346 million, up 14% year on year. The firm said its store of future profit remained resilient at £9.0 billion as it maintained strict pricing discipline in a competitive market, including a 14% minimum IRR hurdle rate for new business.
Legal & General said it wrote £2.0 billion of UK PRT and £183 million of US PRT premiums in H1 2026. Since the end of the half, it reported completing or securing exclusivity on 10 additional global transactions totaling around £3.6 billion, while new business strain improved to £77 million from £88 million a year earlier.
Across the wider group, the store of future profit fell slightly to £13.0 billion from £13.1 billion in H1 2025, with CSM at £12.1 billion holding steady. The company also said risk adjustment decreased to £892 million in H1 2026 from £952 million in H1 2025, linked to reinsurance transactions tied to business written before that period.