António Simões.

The half-year results show profits rose by 7%, while interim dividends were up 2% at 6.24p per share.

CEO António Simões said the FTSE 100 firm had completed around £450m of its £1.2bn share buyback.

Fee-related earnings rose 37%, which was a “highlight” of the first-half performance, according to Mr Simões.

In asset management, private markets made up £79bn of the £1.2tn global AUM, an increase of 22%.

Commenting on the figures, Mr Simões said: “We are making good progress in becoming a simpler, more focused L&G. We are on track to meet or exceed our strategic targets.

“Core operating profit grew 7%, core operating EPS increased 11%, and we have completed c.£450m of our £1.2bn buyback programme. We have improved dividend cover by earnings and capital generation. We are pleased to confirm a 2% interim dividend increase as we continue to deliver strong and sustainable shareholder returns.

“The highlight of the first half was the performance in Asset Management, with fee-related earnings increasing 37%, supported by record Annualised Net New Revenue and a reduced cost-income ratio of 71%.”