Legal & General Investment Management, the funds arm of the UK insurer, saw operating profits jump 41% to £103m (€150m) last year after winning record new institutional business of £17bn.

Unveiling his first set of results since taking over as chief executive of Legal & General at the start of the year, Tim Breedon said the group benefited from growing scale, improved margins, a growth in funds under management and "an enviable cost-to-income ratio of 36%."