Legal & General Group Plc (LGEN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome both to those of you in the room and those joining online. I'm Andy Sinclair, LNG's Chief Strategy and Investor Relations Officer. After many years of following LNG from the outside and sitting in this audience asking questions, I'm delighted to now be part of the team. We've got great businesses, great people, and we understand the need to increase investor engagement. Our running order for today will be as follows. Antonio will open with an update on progress we've made delivering our strategy, along with a summary of our full year results. Andrew will then cover off the financial results in more detail, and then Antonio will be back up to make closing statements before opening to Q&A, at which point Antonio will be joined by Andrew and the CEOs of our three businesses to take your questions. For Q&A, we will be keeping it to two questions each, and yes, I totally appreciate the irony that I am limiting you to two questions. With that, over to you, Antonio. Thank you, Andy, and welcome to the team. So, good morning, everyone. We've had a strong 2025 with continued year-on-year growth in our headline numbers, which you can see on the page. Excellent earnings growth with core operating EPS up 9%. If you remember, that's at the top end of our guided range of 6% to 9%. Our OSG is up 5% to £1.5 billion. That's an increase in OSG per share of 8%. Our coverage ratio is 210% after the completion of the Meiji Yasuda transaction. And this is a strong capital position that allows us to continue to deploy capital for growth. We are delivering increased shareholder returns with a dividend per share up 2% to 21.79p. And we are starting a 1.2 billion share buyback. This is the largest in our history following the 500 million share buyback that ...