Legal & General Group Touts £5B Returns, Streamlined Strategy at AGM

Legal & General Group (LON:LGEN) utilized its 2026 yearly wide gathering to item advancement connected its strategy to go a “simpler, growing, and better-connected” business, portion besides marking large enactment changes astatine the committee and enforcement level.

Chair Sir John Kingman, presiding implicit his last AGM earlier stepping down, said 2025 was a twelvemonth successful which the institution demonstrated transportation against the strategy presented to investors successful 2024. He said Legal & General has divested GBP 1.5 cardinal of non-strategic assets since establishing its Corporate Investments Unit successful June 2024 and has continued to sharpen its absorption connected halfway businesses.

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The gathering besides marked the group’s 190th anniversary. Company Secretary Geoffrey Timms, who is besides stepping down, said the juncture was “a peculiarly meaningful one” aft astir 20 years arsenic institution secretary. Timms volition beryllium succeeded by Maria Alvarez-Scott arsenic Group General Counsel and Company Secretary.

Financial show and shareholder returns

Chief Executive Antonio said Legal & General delivered “robust fiscal performance” successful 2025. He said halfway operating nett roseate 6% to GBP 1.6 billion, portion halfway operating net per stock grew 9%, astatine the apical extremity of the company’s 6% to 9% people range. The group’s store of aboriginal profits accrued to GBP 13.3 billion.

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Antonio besides pointed to a beardown superior position, citing a 2025 pro forma Solvency II ratio of 210% aft the disposal of the U.S. extortion concern to Meiji Yasuda and the related stock buyback.

The institution said it plans to instrumentality much than GBP 5 cardinal to shareholders betwixt 2025 and 2027 done dividends and buybacks. In March, Legal & General announced a GBP 1.2 cardinal stock buyback, described by Antonio arsenic the largest successful the company’s 190-year history. Combined with 2% dividend per stock growth, planned returns to shareholders implicit the adjacent twelvemonth full GBP 2.4 billion.

Strategic disposals and partnerships

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Kingman highlighted the GBP 1.8 cardinal transaction with Meiji Yasuda Life, announced successful February 2025, nether which Meiji Yasuda acquired Legal & General’s U.S. extortion concern and entered a semipermanent strategical concern with the institution to fortify its presumption successful U.S. pension hazard transfer, oregon PRT.

Antonio said the U.S. extortion concern was sold for GBP 1.8 billion, representing 18 times the yearly currency the concern generated and 30 times earnings. He said the large disposals are present complete, with astir GBP 500 cardinal of assets remaining successful the Corporate Investments Unit aft GBP 1.5 cardinal of disposals, including the merchantability of housebuilder Cala.