Legal & General Group, a UK insurance company, recently stated that although further crises are expected on a global macroeconomic level, their company will persevere.
In fact, Tim Breedon’s replacement Mr. Nigel Wilson, chief executive, has plans to further expand the businesses through bolt-on acquisitions.
The first half of 2012 saw revenue grow from GBP493 million to GBP518 since last year, a figure that represents L&G’s primary insurance and asset-management activities.
“Despite the current political, economic, regulatory and financial uncertainty, we are able to provide relevant and value added solutions and services to our customers in our chosen markets,” the company said in a statement.
“We expect that the industry will continue to face challenging economic headwinds and continue to plan accordingly. The U.K. economy is likely to perform poorly and we expect future macro shocks across the world, particularly in the euro zone.
“The negative combination of fiscal regulatory and banking austerity will act as a brake on economic growth in the U.K. Meanwhile, corporates appear to lack the confidence to invest for growth, notwithstanding their strong balance sheets and cash positions.
“L&G has demonstrated resilience in volatile financial markets, and we remain confident that in spite of economic conditions we will continue to grow.”
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