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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General    LGEN   GB0005603997

LEGAL & GENERAL (LGEN)
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L&G says on track for record year in 2017

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12/07/2017 | 10:44am CEST
FILE PHOTO: The logo of Legal & General insurance company is seen at their office in central London

LONDON (Reuters) - Legal & General is on track for a record year in earnings and profits, the British life insurer said on Thursday, helped by strong performances in its retirement and funds businesses.

Legal & General has large businesses in Britain and the United States and concentrates on annuities, which pay a fixed income for life, as well as investment management.

It has also been growing in the bulk annuity market, which involves taking on the risk of company defined benefit, or final salary, pension schemes.

This is seen as an expanding market as many schemes are in deficit and companies want to offload them.

"Our business is now well-positioned and focused on the products and geographies where we see optimum growth and cultural alignment," Chief Executive Nigel Wilson said in a trading update.

A day earlier L&G said it had agreed to sell a book of closed life insurance policies to a unit of Swiss Re for around $870 million (£650.2 million).

The insurer said sales at its retirement business for 2017 to date stood at 6.2 billion pounds ($8.29 billion) supported by strong UK and U.S. institutional pension risk transfer markets, individual annuities and lifetime mortgages.

It said annuity sales year to date had generated 4.5 billion pounds of annuity premium, compared to 2 billion in the first half, and that it had doubled its U.S. institutional pension risk transfer business versus 2016.

Analysts at KBW, however, said the 4.5 billion pounds sales figure came in below their expectations. Annuity sales stood at 7 billion pounds in 2016, they noted, reiterating their "underperform" rating on the stock.

At 0910 GMT, shares in L&G were up 0.53 percent at 263.1 pence, compared with a 0.23 percent rise in the FTSE 100 index.

(Reporting by Clara Denina; editing by Jason Neely)

Stocks treated in this article : Legal & General, Swiss Re
Stocks mentioned in the article
ChangeLast1st jan.
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
LEGAL & GENERAL -0.73% 239.9 Delayed Quote.-10.35%
SWISS RE 0.71% 90.96 Delayed Quote.-2.99%
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Financials (GBP)
Sales 2018 7 310 M
EBIT 2018 2 213 M
Net income 2018 1 792 M
Debt 2018 1 979 M
Yield 2018 6,77%
P/E ratio 2018 8,25
P/E ratio 2019 7,10
EV / Sales 2018 2,25x
EV / Sales 2019 1,86x
Capitalization 14 441 M
Chart LEGAL & GENERAL
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Technical analysis trends LEGAL & GENERAL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 2,92  GBP
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Director
Mark Joseph Zinkula Director, CEO-Legal & Investment Management
Sector and Competitors
1st jan.Capitalization (M$)
LEGAL & GENERAL-10.35%18 809
T. ROWE PRICE GROUP-4.06%24 283
KKR & CO INC17.85%20 448
AMUNDI-15.98%13 560
HARGREAVES LANSDOWN-1.44%11 317
STANDARD LIFE ABERDEEN-38.25%10 077