Legal & General Share Discussion Threads

[yf23_1] 10/3/2021 08:19

EPS down from 28p to 19p doesn't look too good.

[woodhawk] 10/3/2021 08:15

Somewhere it mentions 3 - 6%.

[panshanger1] 10/3/2021 08:11

Dividends to grow at low to mid single digits from 2021 Starting from a high base should be reassuring for the institutional investors and might warrant further interest

[its the oxman] 10/3/2021 08:01

Div as expected.

[skinny] 10/3/2021 07:57

Financial highlights[1]

-- Operating profit[2] broadly flat at GBP2,218m (2019: GBP2,286m), with 3 of 5 businesses delivering growth

-- Operating profit excluding mortality reserve release down GBP90m to GBP2,041m (2019: GBP2,131m) , with the reduction driven by specific COVID-19 estimated impacts of GBP(228)m[3]

-- Profit after tax[4] down 12% to GBP1,607m (2019: GBP1,834m) , principally reflecting the formulaic impact of lower interest rates on LGI and the unrealised impact of market movements, partially offset by profit on disposal from our Mature Savings business

-- Return on equity of 17.3% (2019: 20.4%), resilient in light of market volatility
-- Despite COVID-19 we delivered financial metrics in line with our five year ambitions (2020-2024):

-- Full year dividend of 17.57p per share (2019: 17.57p)

-- Net release from operations of GBP1,539m (2019: GBP1,597m)

-- Solvency II operational surplus generation from continuing operations of GBP1.5bn (2019: GBP1.5bn)

Business highlights

We remain committed to Inclusive Capitalism as we support our customers, our people and communities in the face of COVID-19; for more details of our approach please see page 4.

Our businesses continue to perform resiliently:

-- LGRI global Pension Risk Transfer (PRT) new business premiums of GBP8,843m , including record US PRT volumes of $1,614m (2019: GBP11,392m; $1,140m)

-- LGRR annuity premiums of GBP910m (2019: GBP970m), initially impacted by COVID-19, but recovering to be up 3% during H2 compared to prior year

-- LGC Direct Investment origination of GBP0.6bn, with AUM growth of 9% to GBP3.1bn (2019: GBP2.9bn)

-- LGIM external net flows of GBP20.4bn, with AUM up 7% at GBP1,279bn (2019: GBP86.4bn; GBP1,196bn)

-- LGI new business annual premiums up 10% to GBP372m , supporting GBP2,849m gross written premiums (2019: GBP339m; GBP2,729m)

Our balance sheet is robust:

-- Solvency II coverage ratio[5] of 177% (2019: 184%) and as at 5 March 2021, we estimate the ratio was 192%[6]

-- Our traded credit portfolio (excluding gilts), which is actively managed, has had no defaults and has seen net downgrades to sub-investment grade of 0.9 % during 2020; just half of that experienced by the index. Our GBP3.5bn IFRS Credit Default Reserve has remained unutilised

-- 99.9% of scheduled cash-flows on our annuity portfolio's direct investments were paid during the year, reflecting the high quality of our counterparty exposure

"Legal & General delivered a robust and resilient performance for all stakeholders, providing stability to our people, customers and shareholders. Our balance sheet remains strong, with the Solvency II coverage ratio currently over 190%, and trading remains consistent with delivering our growth ambitions which are supported by six long term growth drivers. Our commitment to Inclusive Capitalism, ESG and investing in climate change means we intend to play an important role in the post pandemic recovery."

[saltaire111] 10/3/2021 07:53

Decent results. Better than I was expecting. And divi maintained year on year with commitment to growth from this year in (are you watching SLA? - this is how todo it!!).

Well done L&G.

Salty.

[williamcooper104] 08/3/2021 16:08

PHNX results today encouraging

[time 2 retire] 08/3/2021 15:39

Nice to see this moving to new yearly highs a couple of days before results.

[rcturner2] 05/3/2021 14:09

I hold Aviva and LGEN and I think markets are waking up to the fact that here are 2 good companies available at cheap prices.

[skinny] 05/3/2021 10:31

1 year high @283p

[actybod] 05/3/2021 10:28

Blue in an ocean of red :-)

[panshanger1] 04/3/2021 08:56

Might have a go next week at 3 if results are half decent Aviva moving nicely today Phoenix finals shortly too GLA

[podgyted] 03/3/2021 18:12

It's the 10th.

[skinny] 03/3/2021 18:11

Further to post 7448 :- .

The 10th.

Perhaps if Sat69 still reads the thread, he/she could add the 2 links to the header.

[boozey] 03/3/2021 18:09

Does anyone know the results date? II says today, which it clearly wasn't!

[actybod] 03/3/2021 16:51

Luuurvely - more to come tomorrow hopefully as the push to 300 in sight

[adelwire2] 03/3/2021 16:43

Excellent day

[skinny] 03/3/2021 15:40

1 year+ high @282.50p

[panshanger1] 03/3/2021 15:39

Yes been moving up nicely last few days I wonder if results will be decent next week ?

[williamcooper104] 03/3/2021 13:27

The tax increase is a negative and the 130 percent investment allowance won't mean much for LGEN

[actybod] 03/3/2021 12:53

Decent gain so far - let's hope it holds!

[mo123] 03/3/2021 09:07

Last year, the div was around 12.5p so would expect pretty much the same in next weeks final.