L&G non-exec buys

Legal & General non-executive director Ronaldo Schmitz has bought shares worth nearly £100,000 in the insurer.

Schmitz acquired 160,000 shares in five separate transactions at a price range of 62.05p-65.4p each. His holding has now increased to 297,000 shares.

Yesterday L&G tumbled after posting a 92% plunge in half-year operating profit, which prompted a 45% cut in the dividend.

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European embedded value (EEV) operating profit rose 12% to £657m for the six months to 30 June, up from £589m a year ago, but it slumped to £31m from £391m on an IFRS basis.

There was also an IFRS pre-tax loss of £143m versus a deficit of £44m last time.

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