Legal & General Group Plc Business Update (8785T)
19 Novembre 2019 - 09:36AM
UK Regulatory
TIDMLGEN
RNS Number : 8785T
Legal & General Group Plc
19 November 2019
Legal & General: Business Update
Legal & General Group Plc ("Legal & General" or "the
Group") announces that it expects to launch shortly a
GBP-denominated benchmark Tier 2 subordinated debt issuance, taking
advantage of current favourable market conditions. The Group will
confirm the amount of debt raised after the issuance has
settled.
Legal & General also highlights that:
-- LGRI (our Institutional Retirement business) has transacted
GBP8.5 billion of global Pension Risk Transfer (PRT) to 31 October
2019. This includes a further GBP1.2 billion of UK PRT and a
further $0.6 billion of US PRT (GBP0.5 billion) written since Half
Year 2019. The financial metrics and Solvency II capital strain of
these deals are in line with previous transactions. Additionally,
LGRI is in exclusive negotiations on a further global PRT pipeline
of GBP3 billion which we expect to complete before the year
end.
-- LGRR (our Retail Retirement business) has achieved individual
annuity sales of GBP829 million to 31 October 2019, up 34% year on
year. Lifetime mortgage advances were GBP823 million to 31 October
2019, down 15% year on year.
-- LGIM (our Investment Management business) has achieved
external net flows of GBP83 billion in the year to 31 October,
which includes a further GBP23 billion of external net flows since
Half Year 2019. LGIM's AUM as at 31 October is GBP1.2 trillion, an
increase of circa GBP200 billion since Full Year 2018.
The Group estimates its year-end Solvency ratio will be in a
range of 171% to 176% (H1 2019: 171%). This estimate does not
include the benchmark debt issuance announced today, but does
include capital we expect to deploy on new business before
year-end. It assumes unchanged market conditions to 31 December
2019.
Nigel Wilson, Chief Executive, Legal & General, said:
"Our business continues to go from strength to strength. Our
year-to-date operating performance across all five of our divisions
is good reflecting the strong execution of our stated strategy. We
remain disciplined in our deployment of capital, and our balance
sheet and net cash flow are strong. We are taking advantage of
favourable market conditions to raise debt, and remain confident in
Legal & General's ability to grow sustainable profits over the
long-term."
Notes to editors
Legal & General Group Plc
Established in 1836, Legal & General is one of the UK's
leading financial services groups and a major global investor, with
international businesses in the US, Europe, Middle East and Asia.
With over GBP1.2 trillion in total assets under management, we are
the UK's largest investment manager for corporate pension schemes
and a UK market leader in pension risk transfer, life insurance,
workplace pensions and retirement income. As at 18 November 2019,
Legal & General has a market capitalisation of GBP16.7
billion.
Debt Profile
For further information, see:
https://www.legalandgeneralgroup.com/investors/debt-investors/
Forward-looking statements
This announcement may contain certain forward-looking statements
relating to Legal & General, its plans and its current goals
and expectations relating to future financial condition,
performance and results. By their nature, forward-looking
statements involve uncertainty because they relate to future events
and circumstances which are beyond Legal & General's control,
including, among others, UK domestic and global economic and
business conditions, market-related risks such as fluctuations in
interest rates and exchange rates, the policies and actions of
regulatory and Governmental authorities, the impact of competition,
the timing impact of these events and other uncertainties of future
acquisitions or combinations within relevant industries. As a
result, Legal & General's actual future condition, performance
and results may differ materially from the plans, goals and
expectations set out in these forward-looking statements and
persons reading this announcement should not place reliance on
forward-looking statements. These forward-looking statements are
made only as at the date on which such statements are made and
Legal & General does not undertake to update forward-looking
statements contained in this announcement or any other
forward-looking statement it may make.
Further information
Investors
Edward Houghton Head of Investor Relations +44 (0)20 3124
2091
Alyssa Manning Investor Relations Director +44 (0)20 3124
2047
Sujee Rajah Investor Relations Director +1 312 964 3034
Media
John Godfrey Corporate Affairs Director +44 (0)20 3124 2090
Graeme Wilson Tulchan Communications +44 (0)20 7353 4200
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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