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UK insurer L&G says 2007 profit drops 26%

UK insurer Legal & said on Tuesday its 2007 profit fell 26%, missing analysts' expectations, hit by a Ł269 million ($539 million) charge to adjust for longer UK life expectancies.

L&G said its full-year operating profit, on a European embedded value (EEV) basis, was Ł912 billion ($1.83 billion), down from Ł1.23 billion a year ago. The average forecast according to Reuters Estimates was Ł1.1 billion, with estimates ranging from Ł941 million to Ł1.24 billion.

Britain's third-largest insurer recommended a full-year dividend of 5.97 pence, up 7.6% on the year earlier. (Reuters)