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Legal & General 2014 operating profit rises 10 percent

Reuters - UK Focus

LONDON, March 4 (Reuters) - Insurer Legal & General said on Wednesday its operating profit rose 10 percent in 2014 to 1.28 billion pounds ($1.96 billion), with company pension deals boosting sales of annuities.

Annuity assets rose 28 percent to 44 billion pounds, lifted by a doubling in sales of bulk annuities - taking on the risk of defined benefit, or final salary, pension schemes.

But the operating profit came in below the 1.31 billion pounds forecast in a poll of analysts supplied by the company.

The company said it would pay a total dividend of 11.25 pence per share, against a forecast 11.23 pence.

($1 = 0.6519 pounds) (Reporting by Carolyn Cohn, editing by Sinead Cruise)