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Legal & General Group PLC (LGEN.L)

LGEN.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

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

Legal & General says CEO Wilson paid 5.49 mln stg last year
Wednesday, 25 May 2016 04:15am EDT 

Legal & General Group Plc :Correct 2015 single figure of remuneration for Nigel Wilson should now read £5.497m rather than £4.716m as previously stated.  Full Article

Aegon divests remaining part of UK annuity portfolio
Monday, 23 May 2016 02:00am EDT 

Aegon NV : Announces sale of 3 billion pound ($4.35 billion) annuity liabilities to Legal & General . Expected solvency II capital release following completion of transaction announced today is approximately 275 million pounds . Aegon will initially reinsure 3 billion pounds of liabilities to Legal & General followed by a part VII transfer . Aegon expects annual capital generation from its UK operations to be reduced by approximately 30 million pounds (38 million euros) as a result of transaction . Underlying earnings before tax are expected to be reduced by approximately 16 million pounds (20 million euros) per annum .Reinsurance transaction is expected to result in an IFRS loss of approximately 215 million pounds (273 million euros), which will be reported in other charges in Q2 of 2016.  Full Article

Legal & General says selling of Suffolk Life to Curtis Banks Group
Friday, 15 Jan 2016 02:00am EST 

Legal & General Group PLC:Says the sale of Suffolk Life to Curtis Banks Group plc for £45 million.Acquisition is subject to an underwritten placing by Curtis Banks Group plc and regulatory approval, both of which are expected in the first half of 2016.  Full Article

Legal & General Group PLC workers back industrial action over office closure threat - Reuters
Wednesday, 6 Jan 2016 04:40am EST 

Legal & General Group PLC:Workers at British insurer Legal & General have voted for industrial action over the threatened closure of a regional office, trade union Unite said on Wednesday, their first such move since the 1970s. - RTRS.The insurer, which is in the middle of an efficiency drive to save costs, is considering closing its Kingswood office in the southern English county of Surrey, which employs more than 1,500 people. - RTRS.Staff voted for industrial action short of a strike, which can include refusing to work overtime, in protest at the possible closure. Staff at the firm had not taken industrial action for 40 years, a Unite spokesman said - RTRS.A final decision over whether to close the office would be taken shortly, according to an L&G spokesman - RTRS.Legal & General said in November it was ahead of its target to make 80 million pounds ($117 million) in cost savings for 2015. It has previously said savings could come through cutting headcount and that it was reviewing its UK and U.S. locations. - RTRS.Most jobs lost from a closure of the Surrey office would be transferred to other L&G offices in England and Wales, the spokesman added. The company employs around 7,500 people in Britain - RTRS.  Full Article

Legal & General Group plc announces increase in interim dividend
Wednesday, 5 Aug 2015 02:00am EDT 

Legal & General Group plc:Says that it has increased the interim dividend by 19 pct. to 3.45 pence (H1 2014: 2.90 pence) per share, in line with dividend policy.Says it intend to provide an updated dividend policy as part of our 2015 preliminary results in March 2016.  Full Article

Legal & General Group plc sells Egyptian Life Insurance joint venture to AXA
Monday, 13 Jul 2015 05:00am EDT 

Legal & General Group plc:Says that the company and Commercial International Bank SAE (CIB) have jointly announced the sale of Commercial International Life Insurance Company SAE (CIL) to AXA for 763m EGP ($97.5 mln).Says CIL is jointly owned by Legal & General with 55 pct., and CIB with 45 pct. respectively.  Full Article

REFILE-L&G reduces pricing discount on UK property fund redemption requests

LONDON, July 27 Legal & General's fund arm Legal & General Investment Management (LGIM) said on Wednesday it had reduced the discount applied to investors wishing to withdraw cash from its 2.3 billion pound UK property fund, from 10 percent to 7.5 percent.