Shares in Legal & General fell sharply after the group reported mixed full-year results, with some key metrics coming short of market expectations.
The British provider of life insurance, pensions, retirement, and investment services posted non-operating items, IFRS equity, solvency own funds, and a solvency ratio that were below analysts' estimates.
The stock traded around 5.6% lower at 244 pence in morning exchanges and was one of the worst performers of the FTSE 100 index.
RBC Capital Markets noted that further asset management write-downs contributed to the profit miss, while Legal & General's contractual service margin was also below views.
The group posted a 3% rise in operating profit to 1.76 billion pounds ($2.36 billion) for the year ended Dec. 31, but core operating profit was a touch below consensus.
Chief Executive Antonio Simoes said the group is on track to achieve its financial targets, and guided for 2026 core operating earnings per share growth at the top end of its 6% to 9% three-year target range.
Legal & General has been simplifying its structure and has recently announced the sale of its U.S. protection business to Japan's Meiji Yasuda.
