Edition:
United States

Legal & General Group PLC (LGEN.L)

LGEN.L on London Stock Exchange

266.80GBp
18 Aug 2017
Change (% chg)

-0.90 (-0.34%)
Prev Close
267.70
Open
265.70
Day's High
266.80
Day's Low
262.50
Volume
13,296,696
Avg. Vol
16,895,395
52-wk High
279.90
52-wk Low
204.00

Latest Key Developments (Source: Significant Developments)

Legal & General H1 operating profit up 27 pct to 988 mln stg
Wednesday, 9 Aug 2017 02:00am EDT 

Aug 9 (Reuters) - Legal & General Group Plc :H1 pretax profit rose 41 percent to 1.2 billion stg.Operating profit up 27% to £988m (h1 2016: £777m).Profit after tax up 43% to £952m (h1 2016: £667m).Earnings per share up 41% to 15.94p (h1 2016: 11.27p).Profit before tax 1 up 41% to £1.2bn.Interim dividend 3 of 4.30p per share (h1 2016: 4.00p).Net release from operations for retained business 4 up 6% to £724m (h1 2016: £681m).Return on equity 5 of 26.7% (h1 2016: 20.6%).Solvency ii surplus 6 increased by £1.0bn to £6.7bn (fy 2016: £5.7bn).Solvency ii coverage ratio 6 of 186% (fy 2016: 171%.New annuity business of £1.6bn (h1 2016: £0.7bn).Lgim aum up 13% at £951.1bn (h1 2016: £841.5bn).Lgim external net inflows of £21.7bn (h1 2016: £9.6bn).Group-Wide direct investment up 48% at £11.8bn (h1 2016: £8.0bn).Lgi gross premiums up 6% to £1,338m (h1 2016: £1,260m).We are replicating our successful uk model with measured expansion in us.Not being complacent as we recognise that there are currently some structural weaknesses in uk economy.Pension risk transfer new annuity business of £1.6bn (h1 2016: £0.7bn).Currently quoting on c.£12bn of buy-in and buy-out deals in uk.Expect to see continued positive growth in individual annuity sales in h2 2017.We have a 30% market share in lifetime mortgages with market volumes expected to grow to £3.0bn in 2017.We will review appropriateness of our longevity improvement assumptions at year end.In us we completed three bulk deals in h1 2017 totalling $141m premiums.  Full Article

Insurer L&G forays into Britain's retirement housing market
Friday, 4 Aug 2017 03:19am EDT 

Aug 4 (Reuters) - LEGAL & GENERAL GROUP PLC ::ANNOUNCES ESTABLISHMENT OF INSPIRED VILLAGES GROUP, WHICH IS FORMED OUT OF ENGLISH CARE VILLAGES.ANNOUNCES ACQUISITION OF THE ASSETS OF TWO JV BETWEEN ENGLISH CARE VILLAGES AND PLACES FOR PEOPLE FOR AROUND 40 MLN STG‍​.WITH LEGAL & GENERAL'S LONG TERM FINANCIAL BACKING, INSPIRED VILLAGES WILL ACQUIRE SEVERAL SITES PER YEAR‍​.  Full Article

S&P revises outlook on Legal & General subsidiaries to negative from stable
Monday, 10 Jul 2017 06:37am EDT 

July 10 (Reuters) - Legal & General Group Plc :On July 7 revised the outlook on Legal & General subsidiaries to negative from stable.On july 7 revised outlook on Legal & General Group Plc, to negative from stable.On jly 7 affirmed 'A' long term and 'A-1' short-term counterparty credit ratings on co.  Full Article

Legal & General completes 24.5 mln stg bi-lateral loan
Tuesday, 27 Jun 2017 06:12am EDT 

June 27 (Reuters) - Legal & General Group Plc :Announces that it has completed a 24.5 mln stg bi-lateral loan to refinance three offices and a leisure centre owned by Citygrove.Arranged over a seven year term, the loan is secured against three office buildings.Loan replaces existing bank finance from Close Brothers Property Finance.Arranged by Legal & General’s private credit business, part of lgim real assets, the drawdown of the loan is immediate.  Full Article

Legal & General end-2016 solvency ratio 163 pct on new reporting structure
Friday, 19 May 2017 02:25am EDT 

May 19 (Reuters) - Legal & General Group Plc :l&g updates on its solvency ii position.Legal & general updates on its solvency ii position: surplus increased to £7.0bn, coverage ratio increased to 188%.In group sfcr, we disclose our regulatory solvency ii surplus as £5.4bn with a coverage ratio of 163% for year ended 31 december 2016.Year-End 2016 solvency ii surplus of £5.7bn and coverage ratio of 171% on a shareholder basis.  Full Article

Chesnara Plc posts FY pre-tax profit of 40.7 mln pounds
Friday, 31 Mar 2017 02:00am EDT 

Chesnara Plc : FY total group cash generation of £85.4 mln (31 December 2015: £82.4 mln) . FY IFRS profit before tax of £40.7 mln (31 December 2015: £42.8 mln) . FY IFRS total comprehensive income of £55.4 mln (31 December 2015: £39.6 mln) . FY group solvency ratio of 158% (31 December 2015: 146%) . Recommended final dividend of 12.69p per share (2015: 12.33p per share) . DNB have confirmed their non-objection to legal & general nederland acquisition which is expected to complete in week commencing 3 April 2017 . Announces Legal and General Nederland acquisition and delivers strong value growth . Full positive impact of Legal and General Nederland acquisition will be recognised on completion in 2017 results . Should brexit changes to regulatory requirements, then model suitably flexible for co to potentially adopt an alternative regulatory model .Optimistic that as uncertainty due to solvency II and FCA legacy review reduces, UK acquisition market will become more active.  Full Article

Moody's says UK insurers' asset management firms set to capitalize on pensions expertise
Wednesday, 22 Mar 2017 02:21am EDT 

Moody's: UK insurers' asset management firms set to capitalize on pensions expertise . Higher dependence on asset management revenues will increase UK insurers' exposure to tough conditions in the asset management industry, . Believes insurers and fund managers in UK are increasingly competing for same pool of assets and leading to cost convergence in some cases Source http://bit.ly/2nI0dft ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Legal & General says total value of lifetime mortgage AUM of 1 bln pounds
Monday, 13 Mar 2017 05:52am EDT 

Legal & General Group Plc - : Says generated more than 600 million pounds in lifetime mortgage completions bringing total value of lifetime mortgage AUM by group to 1 billion pounds Further company coverage: [LGEN.L] ((bangalore.newsroom@thomsonreuters.com)).  Full Article

Legal & General CEO Nigel Wilson earned $6.4 mln in 2016 -annual report
Wednesday, 8 Mar 2017 05:00am EST 

Legal & General :Ceo nigel wilson earned 5.3 million pounds ($6.44 million) in 2016 -annual report.  Full Article

Legal & General CFO says not planning large M&A deals
Wednesday, 8 Mar 2017 02:52am EST 

Legal & General : Chief financial officer mark gregory ~says insurer has capacity to buy annuity back books, expect them to come on the market "from time to time" . Chief financial officer mark gregory ~ - not planning to participate in large m&a transactions, looking at small "bolt-on" deals Further company coverage: [LGEN.L] (Reporting By Carolyn Cohn) ((carolyn.cohn@thomsonreuters.com;)).  Full Article

Photo

Prudential merges UK fund management with insurance in cost drive

LONDON Britain's Prudential moved to fend off competition from passive funds on Thursday, merging its M&G asset management and UK and European insurance businesses to save costs and improve its products.