Business
L&G Full Year Results 2020 Part 1
L&G Full Year Results 2020 Part 1.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8462R\n Legal & General Group Plc\n 10 March 2021\n \n \n \n \n \n \n \n 2020 Results: Resilient operating earnings (£2.2bn) and a robust balance sheet \n deliver\n 17.3\n % ROE;\n performance provides good start to new 5 year ambitions\n \n \n (Please note that a clarification has been made to a sentence in the middle of the announcement. The change is indicated in orange text. All other details remain as previously stated in the announcement released at 07.00am today.)\n \n \n \n \n \n Financial highlights[1]\n \n \n · \n \n Operating profit[2] broadly flat at £2,218m\n \n \n (2019: £2,286m), with 3 of 5 businesses delivering growth\n \n \n · \n \n Operating profit excluding mortality reserve release down £90m to £2,041m (2019: £2,131m)\n \n , with the reduction driven by \n specific COVID-19 estimated impacts of £(228)m[3]\n \n \n · \n \n Profit after tax[4] down 12% to £1,607m (2019: £1,834m)\n \n , principally reflecting the formulaic impact of lower interest rates on LGI and the unrealised impact of market movements, partially offset by profit on disposal from our Mature Savings business\n \n \n · \n \n Return on equity\n \n \n of 17.3% (2019: 20.4%), resilient in light of market volatility\n \n \n · \n \n Despite COVID-19 we delivered financial metrics in line with our five year ambitions (2020-2024): \n \n \n \n § \n \n Full year dividend of 17.57p per share (2019: 17.57p)\n \n \n \n § \n \n Net release from operations of £1,539m (2019: £1,597m)\n \n \n \n § \n \n Solvency II operational surplus generation from continuing operations of £1.5bn (2019: £1.5bn)\n \n \n \n \n \n \n \n Business highlights\n \n \n We remain committed to Inclusive Capitalism as we support our customers, our people and communities in the face of COVID-19; for more details of our approach please see page 4.\n \n \n \n \n \n Our businesses continue to perform resiliently:\n \n \n · \n \n LGRI global Pension Risk Transfer (PRT) new business premiums of £8,843m\n \n , including record US PRT volumes of $1,614m (2019: £11,392m; $1,140m)\n \n \n · \n \n LGRR annuity premiums of £910m \n \n (2019: £970m), initially impacted by COVID-19, but recovering to be up 3% during H2 compared to prior year \n \n \n · \n \n LGC Direct Investment origination of £0.6bn, with AUM growth of 9% t...