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Legal & General Group PLC on Wednesday set out a confident outlook and said it enjoyed a busy first-half of pension risk transfer dealings. The London-based financial services and asset management company said it expects to generate over £8 billion to £9 billion of capital over the period spanning 2020 to 2024. It also expects to grow earnings per share faster than dividends per share. The company added that a transition to a new accounting method will not hurt its ‘strategy, solvency or dividends’. The IFRS 17 accounting standard for insurers was ushered in at the start of 2023. ‘It only impacts the reporting of our annuity and protection businesses, changing the timing of recognition of earnings from these products but not the quantum,’ Legal & General said. L&G said it has transacted £6.8 billion worth of pension risk transfer transactions year-to-date, £5.0 billion in the first-half alone. The company added: ‘There has been a step-up in the number of pension schemes approaching the insurance market, alongside an increase in £1 billion+ transactions, with several more such pension schemes intending to complete transactions this year. The pipeline for 2023 is the largest we have seen and we are on track for one of our busiest years ever.’ Legal & General shares were 1.9% lower at 223.98 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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