UK-based Legal & General reported a 13 per cent rise in pre-tax profits, with strong underlying growth across its businesses. The insurer has increased its interim dividend by 22 per cent to 2.40p per share as pre-tax profits came in at £592 million ($908 million) compared with £523 million ($802 million) for the first six months of 2012.

“Legal & General delivered another very strong performance in H1 2013, with double-digit growth in sales, cash, operating profits and profit after tax.  International assets under management are up 21 per cent to £52 billion ($79.86 billion). Bulk annuities and related retirement solutions for corporates are up tenfold,” said Nigel Wilson, group chief executive at L&G.

Furthermore, the firm enjoyed growth in all of its principal business areas for the first six months of 2013. Net inflows at LGIM, its asset management division, were double those in the same period last year at £8 billion ($12.27 billion), with total assets rising to £433 billion ($664.2 billion) from £406 billion ($624 billion).

UK and US protection gross premiums rose 3 per cent and 10 per cent respectively, totalling £1.2 billion ($1.84 billion). Annuity sales rose 142 per cent to £1.4 billion ($2.15 billion), while the savings division's assets under administration grew to £111 billion ($170.3 billion).

Wilson puts the firm’s success down to a growth accelerating strategy of five macro-trends, where the firm increasingly focuses on “global asset markets, ageing populations, digital lifestyles, welfare reform and bank retrenchment. In each case, we have accelerated growth: by expanding international investment management, providing retirement solutions, growing our digital presence, increasing private protection, and direct investments.”

As a result, the first-half earnings per share of 7.82p, are up 13 per cent, with a 16.8 per cent return on equity.

The firm has recently bolstered its portfolio by acquiring the UK annuity buy-out company Lucida, as well as investing in house builder CALA Homes, as part of a £4 billion ($6.14 billion) overall investment in UK infrastructure.

"We are successfully evolving our strategy from a post-financial crisis focus on cash, to one based on cash plus growth plus selective acquisitions”, explained Wilson.

In total, L&G reported an increase in index assets under management by 8 per cent, from £243.2 billion ($373.5 billion) to £262.1 billion ($402 billion) as of 30 June 2013.