Business
L&G Full Year Results 2023 Part 1
L&G Full Year Results 2023 Part 1.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n\nFull Year 2023 Results\nSet to achieve our 5 year ambitions, with record new business volumes and resilient in-year profit generation\n \nAntónio Simões, CEO \n\"Everything I have seen since joining the business in January has confirmed what attracted me to Legal & General. We have an authentic sense of purpose and stand out for our market-leading businesses, performance track record and strong balance sheet, delivered by talented colleagues.\nOur 2023 performance reflects these strengths. We are on course to achieve our five-year targets, and demonstrated resilience in challenging markets to achieve record new business volumes in pension risk transfer, UK annuities and US protection, increasing our store of future profit. Our international assets under management and alternative assets portfolio continue to grow, as does our position in the UK defined contribution pensions market.\nWe must be as ambitious for Legal & General's future as we are proud of our history. This is the right moment to take a fresh perspective, build on our track record and set out a vision for profitable and sustainable growth. I look forward to outlining our strategy and plans at our Capital Markets Event on 12 June.\"\nResilient financial performance1\n· Operating profit of £1,667m (2022: £1,663m)\n· Profit after tax2 of £457m (2022: £783m)\n· Solvency II capital generation of £1.8bn (2022: £1.8bn)\n· Solvency II coverage ratio3 of 224%, with surplus of £9.2bn (2022: 236%, £9.9bn)\n· Dividend per share of 20.34p, up 5% (2022: 19.37p)\nGrowth in our store of future profit: up 9% to £14.7bn4\n· Record volumes across our insurance businesses:\n‒ £13.7bn of institutional annuities (£10.5bn retained premium5) \n‒ £1.4bn of individual annuities\n‒ $175m of US protection new business premium\n· New business CSM contributed £1.2bn (2022: £0.9bn)\n· CSM has grown 9% to £13.0bn (2022: £11.9bn)\nSet to achieve our five-year (2020-2024) ambitions\n· Cumulative Solvency II capital generation of £6.8bn (£8-9bn by 2024)\n· Cumulative dividends declar...