London · Delayed Price · Currency is GBP · Price in GBX Legal & General Group Earnings Call Transcripts
Fiscal Year 2026
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The AGM highlighted strong financial results, major leadership transitions, and strategic asset sales supporting record shareholder returns. Shareholders engaged on risk, capital, and ESG, while management emphasized resilience, growth, and robust governance.
Fiscal Year 2025
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Delivered strong 2025 results with 9% EPS growth, robust capital position, and record share buyback. Institutional Retirement, Retail, and Asset Management all showed positive momentum, with guidance reaffirmed for top-end EPS growth and sustainable dividends.
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Strong progress on strategic priorities with robust growth in institutional, asset management, and retail businesses. Retail operating profit is set to grow 4–6% annually to 2028, driven by technology, workplace expansion, and product innovation, with a focus on organic growth and operational efficiency.
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Core operating EPS rose 9% and profit 6% year-over-year, with strong growth in Institutional Retirement, asset management, and retail. Capital strength remains robust, and over £5 billion is set to be returned to shareholders. Strategic partnerships and digital innovation support future growth.
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Sharpened strategic focus and disciplined capital allocation are driving transformation, with targets of £500m–£600m operating profit and over £85bn private markets AUM by 2028. Revenue margins are rising, cost discipline is strong, and international expansion is a key growth lever.
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The AGM highlighted strong financial results, a sharpened strategic focus, and major asset sales to support sustainable growth and enhanced shareholder returns. Leadership changes, technology investment, and ESG commitments were discussed, with robust engagement on risk, dividends, and governance.
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A major divestment and strategic partnership will unlock significant value, boost capital returns, and enhance growth in core businesses. Over GBP 5 billion will be returned to shareholders, while the partnership with Meiji Yasuda strengthens U.S. PRT and asset management growth.
Fiscal Year 2024
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Core operating profit rose 6% to £1.6bn, with strong capital generation and a 232% solvency ratio. Over £5bn will be returned to shareholders, supported by non-core disposals and a strategic partnership with Meiji Yasuda, while all core businesses showed positive momentum.
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Sharpened focus on core businesses and disciplined capital allocation have driven strong progress, with over £10 billion in PRT deals in 2024 and robust financial performance. A £1 trillion global PRT opportunity is targeted over the next decade, supported by innovation, risk management, and capital-efficient strategies.
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Core operating profit and solvency remain strong, with all divisions showing growth and robust pipelines. Strategic transformation and capital-light focus are driving enhanced returns, while new fund launches and government policy alignment provide additional tailwinds.
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A new strategy focuses on three synergistic, capital-light businesses, with clear financial targets for EPS growth, ROE, and capital generation. Asset Management and L&G Capital are merging, non-strategic assets are being managed for value, and enhanced shareholder returns will be delivered through a mix of dividends and buybacks.