Legal & General Share Discussion Threads

[marksp2011] 06/3/2024 07:26

Distinctly underwhelming.Return is on a par with a high yield bond fund and you get to carry single stock equity risk.Why bother?

[unastubbs] 06/3/2024 07:25

I love pre-judging the market. It's my favourite past time after golf and strangling animals.👌
27995;

[melmoo] 06/3/2024 07:24

Never pre judge the markey. And it's not what happens at 8am it's what happens to the SO over the next days/weeks.

[unastubbs] 06/3/2024 07:23

I'm going to guess that the possibility of buying back stock may just be enough to please the market in to not killing these at open.

[utyinv] 06/3/2024 07:23

14.63p final

[unastubbs] 06/3/2024 07:21

Opens the door to buybacks. But no details on this with more to be revealed on capital markets day in June. From my pov it's fair enough, I like a boring insurer to move slowly.

My pov is not going to affect the sp!!

[unastubbs] 06/3/2024 07:18

Operating profit is a miss - consensus £1753m v £1667m

[123trev] 06/3/2024 07:18

Certainly not the best results but pretty much as expected in fact slightly better than I thought but let’s see how the market reacts.

[skinny] 06/3/2024 07:09

In a rare show of defiance, the FTSE futures are actually +12 after the 400+ point fall in the US.

[jubberjim] 06/3/2024 07:08

Thanks Skinny

Have to say this new bloke has started with a whimper in my opinion

Was expecting more of an entrance

Mustn't grumble but tad disappointed

[skinny] 06/3/2024 07:04

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

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

[skinny] 06/3/2024 07:02

António Simões, CEO

"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.

Our 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.

We 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."

[skinny] 06/3/2024 07:00

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.

[jubberjim] 06/3/2024 06:59

Let Babble Commence!

[chiefbrody] 05/3/2024 20:50

Cool. Might get a 5-10% discount here tomorrow.

[dope007] 05/3/2024 20:44

Good day for results with the overvalued US down over 500!!

[zac0_4] 05/3/2024 20:11

In my experience buybacks are a waste of time and add no value to shareholders

[chiefbrody] 05/3/2024 19:59

Generally don't like buybacks but would probably welcome it here. Hell the div could be cut to pay for some of the buyback and the yield would still be great. Noting else is working for the share price

[unastubbs] 05/3/2024 18:33

That would put a rocket under the share price for sure 😃

[jonnybig] 05/3/2024 18:19

Hopefully lgen will announce a share buyback to hoover up all the cheap loose shares.

[unastubbs] 05/3/2024 17:26

cyberian #4835 - i think Nigel Wilson has made his final appearance, tomorrow is the debut of António Simões. He's been in position since 1 January.

[skinny] 05/3/2024 17:11

FWIW - that's a decent bullish engulfing candle today, with decent volume.

It certainly won't be a dull day tomorrow!

[cwa1] 05/3/2024 16:57

Yes, fingers firmly crossed for results tomorrow. Quite a lot going on with the Budget happening as well...who knows what that will bring?

Slightly worrying that the US market is drifting off a bit too at the moment and, as we all know, we NEED to follow that down slavishly(but not up!) and without question.

Good fortune to one and all(though not shorters) :-)

[jubberjim] 05/3/2024 16:50

Wakey wakey

Heads up for the am

Good luck all

[morgoth1] 05/3/2024 14:13

I dont think full year will be that good
after the write off in the first half,
But next first half is another story.