In times gone by, an incoming chief executive’s first set of annual results, only nine weeks after taking over, would have been an irresistible opportunity to throw the proverbial kitchen sink into what basically are their predecessor’s farewell numbers, saving the goodies for later.
Instead, António Simões presented a dull set of numbers at Legal & General that at several points in his statement he buffed up as “resilient”. Operating profits were virtually unchanged at £1.66 billion and after-tax profits were down from £782 million to £457 million.
Nevertheless, Simões is drawing a clear line between himself and his predecessor, the divisive Sir Nigel Wilson, by holding back his strategic vision for a capital markets day in June. Hints so far suggest that this
