Law & General reiterated its full-year guidance in a trading update on Friday for operating profit growth in line with the 8% it had delivered in the first half and £1.8 billion in capital generation.

However, it warned that defined benefit income related to liability-driven investments had declined as higher-fee products were sold to meet collateral requirements.

The company said it expects defined benefit annual revenue and earnings to grow by around $10 million in 2022.