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Legal & General Group PLC (LGEN.L)

LGEN.L on London Stock Exchange

242.50GBp
2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Legal & General says retirement division on track to double new business sales in 2016
Tuesday, 27 Sep 2016 02:08am EDT 

Legal & General Group Plc : Legal & General Group PLC says its retirement division on track to double its new business sales in 2016, with sales now at £5.4 billion (£2.9 billion, FY 2015). .Legal & General retirement sales since June 30 are 1.4 billion pounds, comprising of 1.2 billion pounds for pension de-risking, 130 million pounds of lifetime mortgages, and 90 million pounds of individual annuities..  Full Article

L&G's fund arm says to vote against Sports Direct board
Thursday, 25 Aug 2016 08:20am EDT 

Sports Direct International Plc : Legal & General Investment Management, the fund arm of insurer Legal & General, says to oppose the re-election of Sports Direct Chairman Keith Hellawell for third consecutive year at firm's Sept. 7 annual general meeting. . To oppose re-election of all non-executive directors. . To support shareholder resolution calling for an independent review of labour practices at firm. .LGIM is the number 11 shareholder in Sports Direct with a 1.02 pct stake on Aug. 1, 2016, according to Thomson Reuters Eikon..  Full Article

L&G says Cofunds sale to boost Solvency II surplus by 125 mln stg
Thursday, 11 Aug 2016 02:15am EDT 

Legal & General Group Plc : Legal & General to sell Cofunds and IPS to Aegon. .Says sale of Cofunds will increase Solvency II surplus by 125 million pounds, and its economic capital surplus by 105 million pounds..  Full Article

BRIEF-Aegon acquires Cofunds from Legal & General for 140 mln stg
Thursday, 11 Aug 2016 01:51am EDT 

Aegon NV : Announces acquisition of Cofunds from Legal & General for GBP 140 million (164 million euros) . Transaction is expected to close by end of 2016, subject to customary regulatory approval, and integration of business is expected to be completed by 2018 . Expects to generate GBP 60 million of annualized cost synergies by moving Cofunds business onto state-of--art aegon technology . These cost savings are expected to lead to an estimated solvency II capital benefit of GBP 150 million before end of 2017, which significantly limits net investment for acquisition of Cofunds . Acquisition of Cofunds will contribute to achieving group's return on equity target .Aegon's UK subsidiaries expect to resume dividend payments to holding in 2017 in line with earlier guidance.  Full Article

Legal & General CFO says starting to see net inflows into UK property fund
Tuesday, 9 Aug 2016 03:12am EDT 

Legal & General Group Plc : Legal & general cfo mark gregory says starting to see net inflows into uk property fund Further company coverage: [LGEN.L] ((carolyn.cohn@thomsonreuters.com;)).  Full Article

Legal & General H1 operating profit rises 10 pct to 822 mln stg
Tuesday, 9 Aug 2016 02:00am EDT 

Legal & General Group Plc : H1 pretax profit rose 23 percent to 826 million stg . Net cash generation up 16 . H1 adjusted operating profit rose 10 percent to 822 million stg . Net cash generation up 16% to £727m (h1 2015: £629m) . Solvency ii coverage ratio of 158%, (163% on a shareholder basis) . Real assets business has been impacted by uncertainty caused by referendum, leading to fewer transactions in property market . H1 eps rose 24 percent to 11.27 pence . H1 profit after tax rose 22 percent to 667 million stg . H1 adjusted eps rose 14 percent to 11.2 pence . L&G Retirement H1 operating profit 406 million stg versus 281 million stg year ago . Annuity assets up 18% at £51.0bn (h1 2015: £43.4bn) . Lgim aum up 18% at £841.5bn (h1 2015: £714.6bn) . New formulaic approach to setting interim dividend: 30% of 2015 full year dividend at 4.00p per share .Lgim external net flows remained positive at £9.6bn (h1 2015: £13.8bn).  Full Article

Caledonia Investments agrees on terms to acquire Liberation Group
Wednesday, 6 Jul 2016 05:43am EDT 

Caledonia Investments Plc : Has agreed terms to acquire Liberation Group from LGV Capital, part of Legal & General Capital . Transaction which values Liberation at 118 mln stg . Richard Grainger, previously chairman of Close Brothers Corporate Finance Limited and Safestore, will join group board as chairman at completion .For 52 week period to Jan. 30 2016, Liberation reported EBITDA of 10.6 mln stg, profit before tax of 1.9 mln stg.  Full Article

Moody's changes outlook on selected UK life insurers following vote to leave EU
Tuesday, 28 Jun 2016 04:51pm EDT 

Moody's on Uk Life Insurers- : Changes outlook on selected UK life insurers following vote to leave EU . Actions follow referendum vote in favour of UK leaving EU and recent change in outlook of UK's AA1 government bond rating to negative from stable . Change in outlook for selected UK life insurers reflects view following "leave" vote, resultant prolonged period of uncertainty for uk will cause financial market volatility . Affirmed ratings,changed outlooks to negative for legal & general group, Prudential UK, Standard Life, Royal London Mutual Insurance Society . Expects the operational impact to be manageable for most rated insurers . Outlook reflects elevated downside risks to UK's growth prospects given that insurers' revenues,profits largely correlate to economic growth . Believes that the most affected groups are UK domestic life insurers .Following leave vote, expect heightened uncertainty, diminished confidence and lower spending to result in weaker economic growth in the UK.  Full Article

Legal & General says balance sheet resilient in face of Brexit volatility
Tuesday, 28 Jun 2016 02:36am EDT 

Legal & General Group Plc : Our solvency II surplus is c.£4.9bn, we expect our net cash for half year 2016 to be up 15% and we run an 'a minus' rated credit portfolio of £44.8bn. . We expect our net cash for half year 2016 to be up 15% and we run an 'a minus' rated credit portfolio of £44.8bn . Year-End 2015 solvency ii balance sheet (pra basis) had a coverage ratio of 169% with eligible own funds of £13.5bn and a solvency capital requirement of £8.0bn resulting in a surplus of £5.5bn. . Overall, our solvency II balance sheet has demonstrated its resilience to market volatility, including that caused to date by eu referendum outcome. . We currently hold c.£3.3bn of cash and cash equivalents within our eligible own funds excluding cash held within our with-profits funds . Has not taken any action as a result of downgrade of uk sovereign debt by moody's, standard & poor's and fitch as already treated uk sovereign debt as AA rated in our internal model. .In first half of 2016, we expect group's operational cash generation to be up c.5% to c.£655m and net cash generation to be up c.15% to c.£720m.  Full Article

Legal & General says Chairman Stewart to retire from June 1
Thursday, 26 May 2016 02:01am EDT 

Legal & General Group Plc : John Stewart, chairman of legal & general, has decided to retire from board and as chairman . Stewart to retire from board and as chairman of company with effect from June 1 2016 . Nominations committee expects to be in a position to make announcement on appointment of a successor chair in coming weeks .Rudy Markham, vice chairman, will assume role of interim chair of Legal & General.  Full Article

Chesnara to buy L&G's Dutch arm for 160 million euros

LONDON, Nov 24 Chesnara Plc said on Thursday that it is planning to buy Legal & General's Dutch insurance business in a deal worth 160 million euros ($168.64 million).