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Key facts

Legal & General is a leading UK-based financial services business, with over 10 million customers across the world.
We deliver financial solutions and services that help people to plan for their future. Our businesses help people achieve financial security by building retirement income, protecting their homes and families and enabling them to save for the future. We aim to be socially and economically useful in society, working closely with government, industry bodies and charities to help people have good housing, live healthy lives and enjoy good levels of income in retirement.

This is our social purpose: we understand people’s financial needs, pool risk and help society by reducing the pressure on public finances.

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Recent Broker notes

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Recent Market news

Legal & General's Fundamentals (LGEN)

L&G has taken full control of fast-growing upmarket builder Cala Homes paving the way for it to become a major UK housing delivery business.

The insurance and investment group has paid £315m to acquire the 52% of Cala it does not already own.

This involves buying out its fellow major shareholder, the property investor Patron Capital, and Cala’s management team in a deal that values the firm at £605m.


I don't like this. I think L&G should stick to what it knows.

have sold previous @ 270 will buy back 218 paid to much for cala will impact
on 2018 year. BB

26p div today.

11.05p final.

ex div today. Money arrives drekly

Oops. I must have total divs logged.

Just for clarity (as in the link in the header) :-

Ex dividend date was yesterday 26th April @11.05p.

Today (27th) is the record date.

7 Jun 2018 payment of final dividend for 2017 (to members registered on 27 April 2018)

Citigroup Buy 269.95 306.00 308.00 Reiterates

Dallying with the 50DMA.

L&G Half-year Report 2018 Part 1

H1 2018: Consistent delivery of growth from divisions

Financial highlights

· OPERATING PROFIT1 FROM DIVISIONS2 UP 7% TO £1,059M (H1 2017: £994M), increases in 5 out of 6 businesses since H1 2017

· OPERATING PROFIT1 OF £909M, up 5% (H1 2017: £862m excluding mortality release) after increased investment in the business

· EARNINGS PER SHARE3 DOWN 8% TO 13.00P (H1 2017: 14.19P), impacted by financial markets

· PROFIT AFTER TAX DOWN 19% TO £772M (H1 2017: £952M)

· RETURN ON EQUITY1 AT 20.3% (H1 2017: 26.7%)

· INTERIM DIVIDEND4 OF 4.60P PER SHARE (H1 2017: 4.30P)

· SOLVENCY II COVERAGE RATIO5 OF 193% (H1 2017: 186%)

· SOLVENCY II OPERATIONAL SURPLUS GENERATION UP BY 11% TO £0.7BN (H1 2017: £0.6BN)

Business highlights

Investing & Annuities

· LGR ANNUITY SALES OF £1.1BN6 (H1 2017: £2.0BN)

· LGR LIFETIME MORTGAGE ADVANCES UP 23% TO £0.5BN (H1 2017: £0.4BN)

· GROUP-WIDE DIRECT INVESTMENT UP 38% AT £16.3BN (H1 2017: £11.8BN)

Investment Management

· LGIM AUM UP 4% AT £984.8BN (H1 2017: £951.1BN)

· LGIM EXTERNAL NET FLOWS OF £14.6BN (H1 2017: £21.7BN), US FLOWS $11.5BN (H1 2017: $10.8BN)

Insurance

· LGI GROSS WRITTEN PREMIUMS UP 3% TO £1.4BN6 (H1 2017: £1.3BN)

· GENERAL INSURANCE GROSS WRITTEN PREMIUMS UP 12% TO £193M (H1 2017: £173M)

"Legal & General again delivered consistent, positive results with five of our six businesses increasing their operating profits for the first half of 2018. Operating profit from divisions increased 7% to £1.1 billion and RoE was 20.3%. However, a reduction in positive investment variance meant earnings per share were down from 14.19p to 13.00p. We have increased our dividend to 4.60p, in line with our formulaic approach, an increase of 7%.

We expect to have an exceptionally busy H2. We are currently actively quoting on over £20bn of UK pension risk transfer deals, including over £7bn of transactions in exclusive negotiations expected to close in H2. We are reviewing our long term mortality assumptions and expect to make a full year release in H2 which will be larger than the £332m released for full year 2017. LGIM's momentum continues as it expands in the United States and extends its global footprint in Asia. LGC is accelerating UK investment through its "Changing Britain" programme which reflects growing regional devolution. We are confident that Legal & General is strongly positioned for growth in H2 and beyond."

Nigel Wilson, Group Chief Executive


1. The Alternative Performance Measures within the Group's financial highlights are defined in the glossary, on pages 99 to 104 of this report.

2. Represents operating profit from divisions and excludes mortality reserve releases (H1 2018: £nil, H1 2017: £126m). H1 2017 release reflects changes to LGR's base mortality assumptions.

3. Excluding mortality reserve releases (H1 2018: £nil, H1 2017: £126m).

4. A formulaic approach is used to set the interim dividend, being 30% of the prior year full year dividend.

5. Solvency II coverage ratio on a shareholder basis is adjusted for the Own Funds and SCR of the With-profits fund and the final salary pension schemes.

6. Constant FX rate comparisons have been calculated by applying the average FX rates for H1 2017 to both H1 2017 and H1 2018 local currency results. Actual FX rate comparisons apply the H1 17 and H1 18 average FX rates to the equivalent periods' results respectively.

more.....

Numis Add 261.05 305.00 - Retains

Shore Capital Under Review 261.05 - - Under Review

Invesco add a few http://www.moneyam.com/action/news/showArticle?id=6109625

Legal & General completes £2.4 billion buyout with Nortel Networks UK Pension Plan

Legal & General Assurance Society Limited ("Legal & General") today announces that it has completed a £2.4 billion buyout for the Nortel Networks UK Pension Plan, ("The Plan"), covering around 15,500 pensioner members and around 7,200 deferred members.

The Plan's sponsor went into administration in 2009 and the Plan entered a Pension Protection Fund ("PPF") assessment period, where it has remained whilst insolvency proceedings were on-going. With these proceedings now resolved, the Plan has been able to secure benefits in excess of PPF levels and will exit the PPF having secured the buyout with Legal & General.

The financial metrics and Solvency II capital strain of this transaction are in line with previous levels reported by Legal & General.

Nigel Wilson, Chief Executive, Legal & General Group, said:

“This transaction brings our total volume for global pension de-risking business to more than £8.4 billion for the year to date, a new record for us. Legal & General’s UK pipeline is stronger than we have ever seen, with £25 billion currently in active pricing discussions following the completion of the Nortel buyout. Our international pipeline is also the strongest we have ever experienced.

The Nortel transaction illustrates the diverse range of situations to which buy-ins and buyouts can provide solutions to enhance outcomes for members, scheme sponsors and in this case the PPF: as the PRT market grows in volume, we also expect it to grow in diversity."

Laura Mason, CEO Legal & General Retirement Institutional, said:

"We are pleased to have been able to deliver this significant transaction which provides flexibility and greater financial security to the members of the Nortel Networks UK Pension Plan.

The collaborative relationship built up with KPMG and the Trustee, working closely together, enabled us to deliver a complex solution to meet the needs of the Trustee and Plan members, whilst delivering to tight timescales.

This transaction continues to demonstrate our solutions driven proposition, while providing wider benefits for the pension environment and the UK economy as we deliver further direct investments."



ENDS

Another ugly chart.

Chairman purchases for his ISA https://www.moneyam.com/action/news/showArticle?id=6299409