Legal & General Investment Management (LGIM) has reported an operating profit of £194m for the first half of 2017, a rise of 13% compared to £171m in the year ago period.

LGIM represents institutional and retail investment management and workplace savings businesses of Legal & General Group.

LGIM’s pre-tax profit for the period ended 30 June 2017 stood at £190m, an increase of 16% compared to £163m in the year ago half. Total revenues at the unit increased 13% year-on-year to £394m.

The unit’s AUM totalled £951.1bn at the end of June 2017, up 13% from £841.5bn a year ago, helped by external net flows of £21.7bn.

Overall, Legal & General Group reported operating profit of £988m for the first half of 2017, a 27% surge from £777m in the previous year. The group’s pre-tax profit jumped year-on-year to £1.16bn.

Legal & General Group CEO Nigel Wilson said: “L&G delivered 41% growth in EPS to 15.9p, 41% growth in profit before tax to £1.2 billion and a 26.7% Return on Equity. This includes a base mortality release of £126m as part of our review of longevity assumptions. Our consistently improving financial performance is due to: investing for the long term in our market leading businesses, excellent execution by my colleagues and delivering value for customers.”