Legal & General Group (LGEN)

Sector:

Insurance

Index:

FTSE 100

247.00p
   
  • Change Today:
    -5.80p
  • 52 Week High: 291.20p
  • 52 Week Low: 216.70p
  • Currency: UK Pounds
  • Shares Issued: 5,965m
  • Volume: 3,620,520
  • Market Cap: £14,732m
  • RiskGrade: 130

Legal & General profit rises as global annuity sales hit record

By Michele Maatouk

Date: Wednesday 07 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Legal & General reported an 11% jump in first-half operating profit and a 12% increase in pre-tax profit on Wednesday as it achieved record global annuity sales.
Operating profit rose to £1.0bn in the half from £909m in the same period a year ago, while pre-tax profit pushed up to £1.05bn from £942m, as global annuity sales hit £7bn.

Assets under management at the insurer rose 15% to £1.14bn. Earnings per share picked up 13% to 14.74p and the interim dividend was boosted to 4.93p per share from 4.60p a year earlier.

L&G said that the UK - its primary market - is the most mature but still represents "an enormous opportunity" as only about 8% of the £2.2 trillion of UK defined benefit pension liabilities have transferred to insurance companies.

"UK pension advisers estimate more than £60bn of demand for bulk annuities within the next two years and they expect that number will continue to grow, against circa £30bn of annual insurer capacity," it said. The company said it has a strong UK pipeline, actively quoting on more than £20bn of transactions, having already completed a further £923m of new UK pension risk transfers last month.

Chief executive Nigel Wilson said the company's five business had collectively delivered "another strong set of results".

"Our balance sheet remains strong. We have a globally diversified asset portfolio with minimal exposure to UK sub-investment grade credit and a £3.2bn credit default reserve. H2 has started well, building on the success of our H1 transactions including the circa £4.6bn Rolls Royce pension risk transfer, £4bn Oxford University Future Cities deal and circa $50bn Japanese global index win."

Wilson added that the group is "well-prepared for the full range of foreseeable Brexit outcomes".

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Legal and General Market Data

Currency UK Pounds
Share Price 247.00p
Change Today -5.80p
% Change -2.29 %
52 Week High 291.20p
52 Week Low 216.70p
Volume 3,620,520
Shares Issued 5,965m
Market Cap £14,732m
RiskGrade 130

Legal and General Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.24% above the market average94.24% above the market average94.24% above the market average94.24% above the market average94.24% above the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Price Trend
1.35% above the market average1.35% above the market average1.35% above the market average1.35% above the market average1.35% above the market average
40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average
Income
91.60% above the market average91.60% above the market average91.60% above the market average91.60% above the market average91.60% above the market average
Sector averageSector averageSector averageSector averageSector average
Growth
57.44% above the market average57.44% above the market average57.44% above the market average57.44% above the market average57.44% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 6
Buy 0
Neutral 6
Sell 0
Strong Sell 3
Total 15
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Legal and General Dividends

  Latest Previous
  Interim Final
Ex-Div 15-Aug-19 25-Apr-19
Paid 26-Sep-19 06-Jun-19
Amount 4.93p 11.82p

Trades for 17-Sep-2019

Time Volume / Share Price
11:49 24 @ 247.00p
11:49 4,677 @ 247.00p
11:49 902 @ 247.00p
11:49 4,680 @ 247.00p
11:49 989 @ 247.00p

Legal and General Key Personnel

Chair John Kingman
CFO Jeff Davies
CEO Michelle Scrimgeour

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