Sir John Kingman, Chairman

I am delighted and privileged to have been asked to be Chairman of such a successful and respected company. I have worked with Legal & General for many years, and I know how special the group’s culture is.”

Sir John Kingman Chairman

Nigel Wilson, CEO of Legal & General
  1. What have you achieved
    in rebuilding Britain?
  2. We’re investing our long-term funds in a £15 billion programme of direct investments in housing, infrastructure and SME financing. We’ve already invested over £10 billion.

Nigel Wilson CEO of Legal & General

Nigel Wilson, CEO of Legal & General


Key shareholder information

Full year dividend 14.35p 2015: 13.40p

Final dividend 10.35p To be paid on 5 June 2017

Annual General Meeting 25 May 2017

Key performance indicators

Operating profit* £1,562m 2015: £1,455m

Net release from operations* £1,411m 2015: £1,256m

Adjusted return on equity* 19.6% 2015: 17.7%
Unadjusted return on equity is 18.8%

Unadjusted earnings per share 21.22p 2015: 18.16p
Adjusted earnings per share is 22.20p*

Profit before tax attributable
to equity holders* £1,582m 2015: £1,355m

Total shareholder return 29% 2015: 114%
Over the three-year period ended
31 December 2016

Indicators & financial strength

Solvency II capital surplus £5.7bn Figures are pre-accrual of proposed final dividend. Incorporates an estimate of recalculating the Transitional Measures for Technical Provisions. As at 31 December 2016

Solvency ll capital coverage ratio
(shareholder basis)* 171%

Standard & Poor's financial strength AA- 2015: AA- Standard & Poor's financial strength rating for Legal & General Assurance Society Limited

*These are ‘Alternative Performance Measures’ – see Annual Report glossary for full details.

How we see ourselves

From a traditional insurance a top 10 global asset manager, with expertise in managing risk

From a traditional
company... a top 10 global asset manager, with expertise in managing risk


Diagram indicating insurance as the prime type of business in 2006


Diagram indicating asset management as the prime type of business in 2016


£233bn assets under management

Top 50 global asset manager

2/3 of AUM in index funds

UK focus


£894bn assets under management

Top 10 global asset manager

1/3 of AUM in index funds

UK US focus

A strategy for the future

Our strategy is unchanged, and it is still underpinned by long-term growth
drivers that continue to hold true, despite any short-term economic and
political turmoil.

Market leadership
in global pensions

Growth driver

Global demographics

We offer investment solutions at every stage of a DB pension scheme’s life cycle. From the growth phase, through de-risking with LDI and bulk annuities, right to the setting up of new DC schemes.


45% share of LDI market, UK market leader

Acquisition of

£2.9bn UK Aegon annuity portfolio

2.2m DC customers

£750m ICI pension buy-in

Diversify internationally

Growth driver

Globalisation of asset markets

We use our skilled combination of asset management and risk management skills to build international businesses in the US, Europe, the Gulf and Asia.


Won US DC mandates

International AUM of £177bn up 45%

4 of Top5 US DB pension fund clients

Create real assets

Growth driver

Creating new real productive assets

We invest our long-term assets to match pension liabilities in housing, infrastructure and SME finance.


£10 billion of £15 billion commitment reached

Agreed £600m* build-to-rent schemes in Walthamstow, Salford and Bristol

Investments in infrastructure:

Salford £246m*

Newcastle £350m*

London Gateway Port £400m*

*These amounts are the total investment value for these developments across all investment partners

Expand our market leading insurance business

Growth driver

Reform of the welfare state

We provide life insurance cover for death, critical illness and long term sickness and disability for individuals and companies. We aim to work closely with government to provide better financial safeguards.


26% share of individual life protection UK market

Retail protection
direct sales up 7%

UK life insurance market No1

Mortgage club sold 1in5UK mortgages

US term life market Top10 with 1.2m customers

Build a truly digital business

Growth driver

Technological innovation

Our digital strategy allows customers to obtain quotes, apply for policies and renew them using digital technology. We’re increasing efficiency in our admin operations through building low cost digital processes.


Lifetime mortgages digital platform. Sales exceeded £200m.

Low cost model with 80% life insurance straight through processing

  • Investment / partnership with Fintech auto-enrolled pension provider

Invest in Britain’s future

Growth driver

Providing today’s capital

We create new jobs, businesses and homes by developing partnerships with alternative asset management groups. We lend funds to mid-sized UK businesses and partner with property developers to drive urban regeneration.


Achieved €1.2 billion commitments through partnership in Pemberton SME fund

  • Modular homes business launched
  • Partnership with NTR. 10 onshore wind farms financed