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

LEGAL & GENERAL

(LGEN)
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Legal & General : delivers record bulk annuity transactions in first half of 2019

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08/08/2019 | 10:20am EDT

8 Aug 2019

Legal & General had a successful first half of the year with over £6.6bn of global bulk annuity transactions between January and the end of June 2019, out of a publicly announced total market transaction level of £14bn. This compares to a 2018 global total of £735m for H1, £9.14bn for Full Year.

The H1 total for UK bulk annuity transactions was £6.3bn. In June, Legal & General agreed the UK's largest bulk annuity transaction with a partial buyout in excess of £4.6bn with the Rolls-Royce UK Pension Fund. This follows the UK's previous record-breaking bulk annuity transaction in September 2018, where Legal & General transacted a £4.4bn deal with the British Airways APS pension scheme.

Alongside billion-pound deals, Legal & General also continued to operate as a 'whole of market' provider and transacted a number of smaller deals in the first half of the year. It has completed 11 transactions under £100m this year, to 30 June 2019.

The market outlook is for UK bulk annuity volumes to exceed £30bn pounds for the first time and Legal & General expect to see the dynamic moving away from buy-ins to buyouts.

Read the full press release via the link below

The bulk annuity market continues to show promising growth and we look forward to further delivering for our customers in the second half of the year, helping trustees secure their members' pensions and companies to reduce their pensions risk, whilst ensuring that the long-term benefits promised to pension scheme members are fulfilled.

Laura Mason, CEO, Legal & General Retirement Institutional

For further information

Disclaimer

Legal & General Group plc published this content on 08 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2019 14:19:03 UTC

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Financials (GBP)
Sales 2019 25 726 M
EBIT 2019 2 340 M
Net income 2019 2 094 M
Finance 2019 2 291 M
Yield 2019 6,94%
P/E ratio 2019 7,38x
P/E ratio 2020 7,75x
EV / Sales2019 0,49x
EV / Sales2020 0,56x
Capitalization 15 009 M
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Number of Analysts 18
Average target price 281,00  GBp
Last Close Price 252,80  GBp
Spread / Highest target 42,4%
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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
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