Business
L&G Full Year Results 2022 Part 1
L&G Full Year Results 2022 Part 1.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n \n \n 2022 Results: Operating profit up 12% to £2.5bn, EPS up 12% to 38.3p\n ,\n ROE of 21% and Solvency coverage of 236%\n \n \n Strong financial performance[1]\n \n \n ·\n \n Operating profit of £2,523m, up 12%\n \n (2021: £2,262m)\n \n \n ·\n \n Profit after tax[2] of £2,291m, up 12%\n \n (2021: £2,050m)\n \n \n ·\n \n EPS of 38.33p, up 12%\n \n (2021:\n 34.19p)\n \n \n ·\n \n R\n eturn on equity\n \n \n of 20.7% (2021: 20.5%)\n \n \n ·\n \n Solvency II coverage ratio of 236%\n \n (2021: 187%)\n \n \n ·\n \n As at 3rd March 2023 we estimate the coverage ratio was 240%[3]\n \n \n \n ·\n \n Full year dividend of 19.37p, up 5%\n \n (2021: 18.45p), consistent with our ambition\n \n \n On track to achieve our five-year (2020-2024) ambitions[4]\n \n \n ·\n \n Cash generation of £1.9bn, up 14%. Capital generation of £1.8bn, up 10%\n \n \n \n ·\n \n Cumulative cash and capital generation on track with strong dividend headroom. To date:\n \n \n \n ‒ Cash generation of £5.1bn and capital generation of £4.9bn (£8.0-9.0bn by 2024)\n \n \n ‒ Dividends of £3.3bn (£5.6-5.9bn by 2024)\n \n \n ‒ Net surplus generation[5] over dividends of £0.7bn\n \n \n Good new business volumes and rapidly increasing international presence\n \n \n ·\n \n Global PRT new business premiums of £9.5bn\n \n (2021: £7.2bn), of which 23% international\n \n \n ·\n \n LGC alternative AUM up 21% to £4.2bn\n \n (2021: £3.4bn), of which 12% international\n \n \n ·\n \n LGIM AUM of £1.2tn\n \n , of which £441bn (37%) international\n \n \n ·\n \n LGIM external net flows of £49.6bn\n \n (2021: £34.6bn), of which 43% international\n \n \n ·\n \n Protection gross premiums up 8% to £3.1bn\n \n (2021: £2.9bn), of which 39% international\n \n \n \n \n \n \n \n \"\n We have delivered another strong result in 2022, ahead of market expectations, with operating profit of £2.5bn and EPS of 38.3p, both up 12%, cash generation of £1.9bn up 14%, capital generation of £1.8bn up 10%, dividends up 5% to 19.37p and an ROE of 21%. Our diversified and highly synergistic business model continues to deliver significant benefits. Our balance sheet is strong and highly resilient, with a record solvency ratio of 236% and we have once again received 100% of cash flows due from our Direct Investments. At a time when many households are being affected by the rising cost of living, our commit...