Business
Legal & General Group plc Capital Markets Event
Legal & General Group plc Capital Markets Event.
About this update from Legal & General Group Plc
[{"type":"text","content":"\n\n\n\n\n\nLegal & General Group Plc\n12 June 2024\n \n \n\n\n\n\n \nSustainable Growth, Sharper Focus, Enhanced Returns\nLegal & General sets out refreshed strategy and financial targets\nGroup shares vision for a growing, simpler and better-connected business, focused on three core divisions[1], and announces £200m share buyback for 2024 as first step of plan to increase returns to shareholders.\nSustainable growth\n· Institutional Retirement: Grow Pension Risk Transfer (PRT) volumes, writing £50-65bn in the UK by year-end 2028[2], increasing store of future profit[3] and generating permanent capital to catalyse asset management growth\n· Asset Management: Invest to drive scale and profitability, achieving cumulative Annualised Net New Revenues of £100-150m (2025-28) and growing Private Markets platform assets under management to £85bn by FY 2028\n· Retail: Strengthen lifetime Retail proposition, including by leveraging growing Workplace DC platform for customer acquisition, targeting £40-50bn of cumulative net flows in Workplace DC (2024-28)\nSharper focus\n· Create single Asset Management division, bringing LGIM (Legal & General Investment Management) and LGC (Legal & General Capital) together as a unified, global, public and private markets asset manager\n· Embed revised Capital Allocation policy across the Group, aligning investment to rigorous assessment of performance and strategic fit\n· Maximise the value of non-strategic assets through a new Corporate Investments Unit\nEnhanced returns\n· Target 6-9% core operating EPS CAGR (2024-27) at an operating return on equity of over 20%[4]\n· £5-6bn cumulative Solvency II operational surplus generation across 2025, 2026 and 2027\n· The Board intends to return more to shareholders over 2024-27[5], through a combination of dividends and buybacks, with 5% DPS growth to FY24 and a first share buyback of £200m in 2024, followed by 2% DPS growth per annum out to FY27 and further similar buybacks[6]\nGroup Chief Executive Officer, António Simões, and Group Chief Financial Officer, Jeff Davies, will present the Group's strategy at a Capital Markets Event at 930am (BST). A link to the presentation webcast is here. Slides will be made available shor...