UK financial-services giant Legal & General reported a 73% drop in profits after tax as the Covid-19 pandemic dented the company’s balance sheet.

In its results published on 5 August, the blue-chip firm reported profits after tax of £285m in the first six months of 2020, compared to £1bn in the same period a year ago. In its financial statement, Legal & General said the numbers reflected the impact of lower interest rates on its insurance division, and the effect of falling markets.