Latest financial consensus

This table collates consensus estimates from third parties. Each consensus estimate is the average of analyst submissions for each financial metric listed below.

Our analysts are listed at: https://www.legalandgeneralgroup.com/investors/analysts/

These figures are the opinions, estimates, forecasts and recommendations of analysts and not of the directors of Legal & General. The publication of these estimates is purely for informational purposes and does not constitute an endorsement for reliance. Legal & General does not warrant or represent the accuracy, completeness or validity of this information, nor the figures or calculation arising from this information. Legal & General shall not be liable in any way for any loss or damage arising from reliance on, or use of, this table and/or the associated calculations, nor for any omissions in its content.

      Actual     Average      Consensus     CAGR  
  Analyst submissions5   2018   2019 2020 2021   19e/18a 21e/18a
Operating profit excl. mortality reserve releases (£m) 19   1,902   1,994 2,098 2,251   5% 6%
  Operating Profit incl. mortality reserve releases1 (£m) 18   2,335   2,231 2,357 2,356   (4)% 0%
Profit before tax (£m) 17   2,128   2,288 2,541 2,408   7% 4%
                     
Reported Earnings Per Share (p) 20   30.79   30.92 35.16 32.89   0% 2%
  Mortality reserve releases2 (p) 16   6.05   3.25 3.75 1.91      
  Profit on disposals3 (p) 8   0.00   0.00 4.86 0.00      
Adjusted Earnings Per Share (p) 16   24.74   27.67 30.85 31.44   12% 8%
                     
Dividend Per Share (p) 18   16.42   17.56 18.74 19.96   7% 7%
                     
Net release from operations (£m) 19   1,440   1,643 1,738 1,889   14% 9%
                     
Solvency II coverage ratio4 (%) 17   188%   181% 180% 180%      
                     
Published on 26 February 2020.                    

1. Consensus reflects average estimated mortality reserve releases arising on anticipated adoption of relevant mortality tables in LGR's annuity book.
2. To convert into an EPS number, the pre-tax mortality release is multiplied by the ratio of PAT to PBT and divided by 5,965m shares (per Bloomberg).
3. Disposals relate to Mature Savings which is expected to complete in H1 2020, and General Insurance which completed in December 2019.  To convert into an EPS number, the Profit on disposals is multiplied by the ratio of PAT to PBT and divided by 5,965m shares.
4. Solvency II coverage ratio on a shareholder basis. 
5. The count of analyst submissions is based on analysts providing estimates to 2019 Formal Consensus. 2020 and 2021 consensus is based on available estimates from analyst models and published research. Note, 2020 EPS - Profit on disposal consensus is based on those analysts who have provided a Profit on disposal estimate in respect of Mature Savings.

 

Please note: Consensus is collected from a number of analysts who may not all provide estimates for all entries, hence amounts may not sum vertically as constituents may differ.

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