PRE-TAX profit at Legal and General fell 19 per cent to £942 million in the first six months of 2018.

Operating profit was up seven per cent to £1.06 billion as five out of six of its divisions recorded underlying earnings increases.

But the insurance company, with offices in The Droveway, Hove, said profits slipped because it was stung by volatility in global financial markets.

Chief executive Nigel Wilson said the group delivered “consistent, positive results” for the first half of 2018.

He said: “We are reviewing our long-term mortality assumptions and expect to make a full-year release in half two which will be larger than the £332 million released for full-year 2017.”

The group attributed the drop to “lower positive investment variance” as a result of market turbulence in the first quarter.

Steve Clayton, a fund manager at financial services company Hargreaves Lansdown, said: “Overall, L&G look to be performing to plan.

“LG Investment Management funds under management are £985 billion and look well set to reach £1 trillion assets before too long.

“The group’s strength in pension risk management is allowing it to take on large mandates from pension funds where trustees are looking to manage their liabilities.”