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

LEGAL & GENERAL PLC

(LGEN)
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Pandemic dents Legal & General's first half operating profits

08/05/2020 | 01:38am EST

British life insurer Legal & General blamed the coronavirus pandemic for a 2% fall in first-half operating profit to 1.13 billion pounds, sending its shares lower on Wednesday.

Legal & General, which offers insurance and annuities products and is a major investor in both companies and markets, said its life insurance business, particularly in the U.S., was "adversely impacted" by the pandemic, suffering from increased claims, Chief Financial Officer Jeff Davies told reporters.

L&G's shares fell 3% to 213.6 pence at 0709 GMT, the worst performer in the FTSE 100 as investors digested the numbers, which also included a 14% fall in the insurer's net release from operations - or net cash generation - to 730 million pounds.

L&G Capital, which invests directly in companies and includes housebuilder CALA Homes, also saw a 29% drop in operating profit as business was interrupted by a national lockdown to contain the spread of the virus.

But analysts at Barclays said the results beat its expectations, describing L&G as "still a good story" and maintaining its "overweight" rating on the stock.

"We're very happy with the positioning for the second half," Davies said. "We are seeing a recovery in markets."

Legal & General Investment Management, one of the biggest investors in the UK stock market, saw assets under management rise 4% to 1.24 trillion pounds.

Legal & General, unlike some other insurers, paid a final dividend for 2019.

It said it would pay an interim dividend for 2020 of 4.93 pence per share, the same as a year ago.

JP Morgan said the flat dividend came in below analysts' expectations, and reiterated its "neutral" rating.

(Additional reporting by Muvija M. in Bengaluru, editing by Sinead Cruise)

By Carolyn Cohn


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -1.20% 143.06 Delayed Quote.-2.47%
LEGAL & GENERAL PLC -1.41% 265.1 Delayed Quote.-0.41%
MSCI UNITED KINGDOM (STRD, UHD) -0.69% 1069.389 Real-time Quote.4.45%
All news about LEGAL & GENERAL PLC
01/21LEGAL & GENERAL : invests a further £57m in Leeds as it adds second Build to Ren..
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01/20LEGAL & GENERAL : and Oxford University gain planning consent for new £200m life..
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01/20TAKE CARE : Cost of residential care varies by more than £800 a week in differen..
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01/20LEGAL & GENERAL : LGIM appoints Silvia Schaak as Co-Head of Institutional German..
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01/19LEGAL & GENERAL : announces global PRT bulk annuity transaction, covering Evonik..
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01/18LEGAL & GENERAL : Planning granted for major modular homes scheme in Bristol
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01/14LEGAL & GENERAL : announces c£30 million bulk annuity with the Marie Curie defin..
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01/14LEGAL & GENERAL : LPI Fund reaches £1.8 bn Assets Under Management as it adds 24..
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01/12LEGAL & GENERAL : appoints new Pension Risk Transfer senior team members
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01/12LEGAL & GENERAL : L&G Mastertrust surpasses £12bn AUM
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More news
Financials
Sales 2020 32 991 M 45 138 M 45 138 M
Net income 2020 1 664 M 2 276 M 2 276 M
Net Debt 2020 1 149 M 1 571 M 1 571 M
P/E ratio 2020 9,43x
Yield 2020 6,70%
Capitalization 15 737 M 21 502 M 21 531 M
EV / Sales 2020 0,51x
EV / Sales 2021 0,41x
Nbr of Employees 8 542
Free-Float 97,4%
Chart LEGAL & GENERAL PLC
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Technical analysis trends LEGAL & GENERAL PLC
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 279,56 GBX
Last Close Price 265,10 GBX
Spread / Highest target 43,3%
Spread / Average Target 5,45%
Spread / Lowest Target -37,8%
EPS Revisions
Managers and Directors
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Group Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Non-Executive Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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