How insurer Legal & General was impacted by a slowdown in housebuilding

Nigel Wilson, group chief executive at L&G, said: "Legal & General delivered a robust and resilient performance for all stakeholders, providing stability to our people, customers and shareholders."

Insurance giant Legal & General (L&G) has posted lower profits after it was impacted by the slowdown in housebuilding and lower life insurance demand during the pandemic.

The FTSE 100 company told investors that its operating profits dipped 3 per cent to £2.2bn for 2020.

However, the company said that it remains on track to meet its five-year growth ambitions despite the impact of Covid-19.

Nigel Wilson, group chief executive at L&G, said: "Legal & General delivered a robust and resilient performance for all stakeholders, providing stability to our people, customers and shareholders.

"Our balance sheet remains strong and trading remains consistent with delivering our growth ambitions which are supported by six long-term growth drivers.

"Our commitment to inclusive capitalism, ESG and investing in climate change means we intend to play an important role in the post-pandemic recovery."

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