Business
L&G announces new dividend, cash&capital ambitions
L&G announces new dividend, cash&capital ambitions.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0496F\n Legal & General Group Plc\n 12 November 2020\n \n \n \n \n \n \n \n Legal & General announces new 5 year dividend, cash and capital ambitions \n \n Legal & General Group Plc (\"Legal & General\") will host a virtual capital markets event for investors and analysts today, Thursday 12 November. Presentations on the Group's strategy, financial performance and ambitions will be made available on the Group's website from 7am GMT: www.legalandgeneralgroup.com/investors/results-reports-and-presentations/\n A live Q&A teleconference with Legal & General's executive management team will be held at 10am GMT:\n+44 20 3936 2999 / +1 855 9796 654 (access code: 641392).\n \n 2020 Trading Update\n \n \n The Group's ambition remains for full year 2020 operating profit to be broadly in line with 2019 (2019: £2.3bn\n \n [1]\n \n ).\n \n Legal & General has delivered a resilient performance in the year to date.[2] Our balance sheet has remained robust, with the Group's solvency ratio currently in the mid-170s (%), slightly up from H1 20 (173%). Our annuity asset portfolio has performed well against a challenging market backdrop. The traded portfolio has experienced no defaults, and just 0.8% of net downgrades to sub-investment grade compared to around 1.7% for the index. The direct investment portfolio has also experienced no defaults and received 99.5% of scheduled cash flows.\n Our market leading businesses have continued to trade well, notwithstanding the wider macro-economic environment.\n \n · \n Legal & General Retirement Institutional (\"LGRI\") - the PRT market has remained very active in 2020. In the UK we have written £4.7bn across 36 transactions year to date, and have another £1.7 billion in exclusive negotiations which we expect to complete in 2020. The US has had a strong performance completing $1.2bn.[3] We have good visibility over future transactions and are actively quoting on a pipeline that exceeds £20bn. We anticipate an approximate £200m LGR mortality reserve release (CMI-18) at year-end.\n \n · \n Legal & General Investment Management (\"LGIM\") - despite significant market volatility, LGIM's diversified asset base has been resilient with AUM at £1,234bn and £6.4bn of positive external net flows as at 30 September.\n \n · \n Legal & General ...