'Excellent' results from L&G hailed - graduate jobs

"Excellent" results from Legal & General could boost the graduate jobs market following lean times in the world of finance.

The firm said it would benefit from Government cuts, with people looking to put money away for a rainy day. Operating profits at Legal were up 130% to £115 million following a surge in private pension business as customers look to get better deals away from low bank interest rates.

UK general insurance showed a loss of £8 million after a sharp rise in household claims in the wake of December's snowfall. Pre-tax group profits were at £1.1 billion, a 2% rise, with sales showing a 28% surge to £1.8 billion.

Legal's chief executive Tim Breedon said he was "confident" about the firm's future, saying it will be a "growing force as the welfare state retrenches and individuals increasingly look to high-quality, good value risk, savings and investment provision".

With the firm expecting to gain from an ageing population - meaning more demand for Legal's products - he added: "Our balance sheet is strong, each of our business divisions is profitable and cash-generative, and we are delivering excellent results across the group."