UK-based life insurer and asset manager Legal & General Group (L&G) is reportedly planning to expand its operations to China.
The plan was announced by L&G CEO Nigel Wilson in an interview with The Telegraph newspaper.
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Reuters quoted Wilson as saying in the interview: “We’ve got to grow really quickly from here and we’re not short of opportunities. We are looking at our options right now … but the demographics (in China) are compelling.”
He suggested that the expansion wouldn’t be via insurance. Rather, the company plans to form a fund management partnership to foray into the Asian country.
According to the L&G website, the company is one of the largest insurance and asset management groups in Europe. It has more than £1trn in assets.
Earlier this month, the British firm announced a 14% increase in half year profit levels on a year-on-year basis due to strong performance across its units.
Operating profit stood at £1.08bn ($1.50bn) in H1 2021, compared to £946m in H1 2020. Profit after tax also jumped to £1.06bn from £290m last year.
Announcing the results, Wilson said: “Thanks to the hard work and dedication of my colleagues across Legal & General, we have delivered a strong set of financial results, with EPS up 21% since H1 2019. And we expect to deliver double digit growth in operating profit at the full year.”
