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LGEN Legal & General Group Plc

254.40
-1.10 (-0.43%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Legal & General Group Plc LGEN London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-1.10 -0.43% 254.40 16:35:07
Open Price Low Price High Price Close Price Previous Close
254.60 253.10 255.50 254.40 255.50
more quote information »
Industry Sector
LIFE INSURANCE

Legal & General LGEN Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
06/03/2024FinalGBP0.146325/04/202426/04/202406/06/2024
08/03/2023InterimGBP0.057124/08/202325/08/202326/09/2023
08/03/2023FinalGBP0.139327/04/202328/04/202305/06/2023
09/03/2022InterimGBP0.054418/08/202219/08/202226/09/2022
09/03/2022FinalGBP0.132721/04/202222/04/202201/06/2022
10/03/2021InterimGBP0.051812/08/202113/08/202120/09/2021
10/03/2021FinalGBP0.126415/04/202116/04/202127/05/2021
18/12/2019InterimGBP0.049313/08/202014/08/202024/09/2020
18/12/2019FinalGBP0.126423/04/202024/04/202004/06/2020
06/03/2019InterimGBP0.049315/08/201916/08/201926/09/2019
InterimGBP0.049314/08/201916/08/201926/09/2019
06/03/2019FinalGBP0.118225/04/201926/04/201906/06/2019
InterimGBP0.118224/04/201926/04/201906/06/2019

Top Dividend Posts

Top Posts
Posted at 23/3/2024 09:23 by netcurtains
MRThomas:
Suppose immediately after lGEN went ex-dividend LGEN announced it was going to do a share buyback with the proceeds of their last sale (they already said they MIGHT do a share buyback)....
So instead of the share continuing to fall MORE than 5% (the amount of the dividend) it bounces back (see NAT WEST graph - it bounced back almost immediately)..

So I see where you are coming from - do you take the money now and hope share falls around about 5% so you can buy back in....
Or do you stay invested, hoping it bounces back fast or does not fall as much as 5% post ex-dividend...
Posted at 21/3/2024 08:21 by netcurtains
I guess every 1% fall in inflation equates to the LGEN dividend rising by 1%...

Currently you get just over 8% yield per annum with LGEN
But inflation is falling to 3%-2% range...
Posted at 20/3/2024 14:06 by netcurtains
When inflation goes down LGEN dividend just looks better and better
Posted at 06/3/2024 21:00 by pj84
The following is HL’s view of the results: -

“Our view
Full-year results were a little mixed. While the headline result of flat operating profit disappointed against market expectations of a 5% rise, there were some positive takeaways. Digging deeper revealed that the group's contractual service margin (a measure of potential future profit) and capital levels both exceeded forecasts.

António Simões is new to the CEO seat. He may not have revealed his full strategy yet, but investors can expect more details at the announced capital markets day in June.

L&G is a beast by any standards, with operations across insurance and investments with pretty much every service you can think of in each of those buckets.
Higher interest rates have been causing some trouble for assets under management from the investment management division, though things are starting to stabilise. But at the same time, higher rates are benefiting the larger pension businesses.

Pension risk transfers (PRTs) are core to operations, these see L&G take on responsibility for paying some, or all, of the pensions from a company's final salary pension scheme (often called bulk annuities). In return, the group receives a lump sum. That's then managed by Legal & General Investment Management (LGIM) and underpinned with real assets developed by the Capital division (which includes UK housing and infrastructure projects). This circular flow within the business means L&G can deliver strong margins on its bulk annuity business and is a core benefit to the model.

The UK is the most mature global market, but L&G has its eyes set further afield. Activity in overseas markets like the US, Canada and the Netherlands is increasing. Including the UK, there's around $6trn of pensions liabilities floating about, with the percentage transferred to insurers barely touching double digits. That gives plenty of scope for L&G to keep growing.

We'd be remiss not to mention the group's formidable solvency II ratio, which is a core measure of capitalisation. Though there was a drop last year, at well north of 200% this offers the group some resilience. Plus, with capital generation exceeding dividend payouts, the prospective yield of 8.8% looks well supported. Of course, there are no guarantees.

There are a lot of strings to L&G's bow, but bulk annuities remain core and we see the market staying healthy over the medium-term. The valuation doesn't look too demanding to us but reflects sentiment toward the sector right now, which is a little weak.”

The dividend was good news but the asset management side being impacted by the higher interest rate environment put a dampener on the overall results.

Like others I am no fan of annuities and follow a similar strategy to dope007 with my SIPP but do so by drawing down tax free lump sums not quite annually but fairly frequently and using up my ISA allowance and remain hopeful that we aren’t too far away from interest rate cuts which I believe will be the catalyst for LGEN and other undervalued UK insurers and other solid companies to finally rerate.
Posted at 06/3/2024 12:19 by marktime1231
Well it hasn't taken long to bounce back from the over-reaction first thing this morning, the business is still just as sound and the dividends will continue to flow. We were warned about the hit from asset values but it has also clobbered IM operating profit more than expected, wiping out PRT gains. This will bounce back as asset values recover. Also a strange hit to longevity contribution due to accounting changes which I did not understand.

Of note -

LGEN will not hesitate to consider buybacks while hesitating to run a buyback

Probably why the Outlook section was thin, Simoes is working on a new / his own strategy plan for a Capital Markets day 12 June, it must be well advanced already, to replace Nigel's 5-year plan which completes this year and explains why the dividend forecast of +5% is only for 2024.

If the ambition is to be more international the short step to achieving this would be an international M&A.

It would be good to hear what LGEN plan to do to close the 10-20% gap between the share price and what LGENies think it should be. If that means switching from reinivesting surplus capital into business growth ventures to buybacks so be it. Not much of a case for sitting on a solvency surplus of £10B when interest rates start to tumble.
Posted at 06/3/2024 07:00 by skinny
Resilient financial performance1
· Operating profit of £1,667m (2022: £1,663m)

· Profit after tax2 of £457m (2022: £783m)

· Solvency II capital generation of £1.8bn (2022: £1.8bn)

· Solvency II coverage ratio3 of 224%, with surplus of £9.2bn (2022: 236%, £9.9bn)

· Dividend per share of 20.34p, up 5% (2022: 19.37p)

Growth in our store of future profit: up 9% to £14.7bn4
· Record volumes across our insurance businesses:

‒ £13.7bn of institutional annuities (£10.5bn retained premium5)

‒ £1.4bn of individual annuities

‒ $175m of US protection new business premium

· New business CSM contributed £1.2bn (2022: £0.9bn)

· CSM has grown 9% to £13.0bn (2022: £11.9bn)

Set to achieve our five-year (2020-2024) ambitions
· Cumulative Solvency II capital generation of £6.8bn (£8-9bn by 2024)

· Cumulative dividends declared of £4.5bn (£5.6-5.9bn by 2024)

· Cumulative net surplus generation over dividends of £0.8bn

· The Board's intention is to grow the dividend at 5% for the year FY246, as previously communicated

1. The Group uses a number of Alternative Performance Measures (including adjusted operating profit) to enhance understanding of the Group's performance. These are defined in the glossary, on pages 83 to 83 of this report. IFRS 17 was introduced on 1st January 2023, comparatives have been restated accordingly.

2. Profit after tax attributable to equity holders.

3. Solvency II coverage ratio before the payment of 2023 final dividend.

4. Store of future profit refers to the gross of tax combination of established Contractual Service Margin "CSM" and Risk Adjustment "RA" (net of reinsurance) under IFRS 17.

5. Net premium after deducting for funded reinsurance relating to 2023 PRT transactions.

6. Absent market shocks / events outside of our control.
Posted at 15/2/2024 11:36 by pj84
"Berenberg sees a smoother road ahead for L&G
Legal & General (LGEN) will enjoy a smoother ride from here given the growth prospects for UK pensions, says Berenberg.

Analyst Thomas Bateman reiterated his ‘buy’ recommendation and target price of 289p on the Citywire Elite Companies A-rated insurer, which gained 2%, or 4.6p, to 235p on Wednesday ahead of its full-year 2023 results, but still has some way to go to recover the 7% loss over the past year.

‘The road ahead for L&G is much smoother than what can be seen in its rear-view mirror,’ said Bateman.

‘We remain convinced that in a scenario where interest rates fall slowly in the UK, then the 8.8% 2024 dividend yield L&G currently offers is an extremely attractive investment proposition, especially given the strong growth prospects in UK pensions.’

Although there are some ‘frustrating accounting movements’ that will feature in the full-year results, he said they do not affect the cash generation of the business.

‘More importantly, longevity releases will drive solvency capital generation, assets under management in L&G’s asset management business is rising, corporate bond spreads are falling in the UK, and the demand for annuities remains exceptionally strong,’ he said."
Posted at 13/2/2024 22:21 by zac0_4
vickiitwo2 - Around 40% of my portfolio is in managed global equity funds, 17% in global equity tracker funds and 10% in technology focussed funds & shares.

I'm amazed just how many people only invest in the UK when it accounts for around 4% of global gdp. And, also, how many people just focus on dividends as an only means of providing an income.

Whilst LGEN dividend yield looks attractive it has produced a 10 year annualised average return of 5.8% pa. Their global equity tracker fund, L&G International Index, has returned 12.7% pa over the same period!
Posted at 11/2/2024 12:38 by marktime1231
Zac you may be overstating the downside. Taking a single point of reference in time perhaps.

If you had invested in LGEN over the years the average price of your holding should be somewhat under 250p. I would hope very few of us only bought LGEN when it was flying high (up to 318p in Feb 2020). Most long term investors have topped up when LGEN was in a trough, the spectacular sub-180s in 2016 and 2020 or three more recent opportunities sub-220. I am sure there are folks here who have had considerable success adding and trimming at the right time, their average holding price will be much better.

The apparent capital decline does however look worse if you factor in inflation. And yet while interest rates were so low for so long a return of 4.25% doesn't look that bad, for much of the last decade you wouldn't been able to buy a better annuity for example.

It has been discussed several times over the years, the secret to being satisfied with a successful investment in LGEN is to use the cycles in share price to add low and trim high. I have done so to a modest extent but have gained just as much from doing that as from the dividends, while at all times retaining a core holding.
Posted at 09/2/2024 11:38 by marktime1231
Citi may be right. H1 net profit on the books was hit by investment variances and H2 could be aswell. Asset values everywhere have been under pressure and that will include own funds. It is why the share price here plunged towards 200p last year.

Operating profit, capital generation, deferred eg future profit, new business etc were all strong and there is always the possibility of a helpful mortality release. Sir Nigel in whom we trust said at halfway that LGEN is on track and:

"The Board's intention is to continue to grow the dividend at 5% per annum to FY24"

LGEN might however, because of those investment asset variances, report a low full year eps, well short of recent performance and profit appearing to not cover the dividend. It is transient in the same way that you might be looking at your own portfolios which have perhaps been down 10-30% in recent times but are on the way back and which will continue to bounce as confidence returns. So if you believe in a recovery, and in the soft-landing interest rate cut scenario, the downgrade is alarmist. Nothing to be truly bothered by. LGEN remains in solid financial health with a great outlook paying a terrific yield we can rely on.

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