Legal & General Group Plc: EU position
Following the conclusion of the Prime Minister’s negotiations and the setting of a Referendum date, Legal & General’s Group Board has considered the impact of the EU Referendum on the Company, its business, customers and employees. Legal & General has no vote in the forthcoming Referendum – the decision will be taken by the UK electorate and we do not seek to influence the outcome.
We consider that a vote to leave would have little direct impact on trading for Legal & General: our customer base is located very largely in the UK, the US and Asia.
It is however probable that a vote to exit, with a potentially lengthy period of negotiation and an uncertain outcome, would create uncertainty for markets and the broader UK economy in which we operate.
Given the lack of clarity about potential alternative trading relationships between the UK and other jurisdictions, and the market and economic uncertainty, the economic case for leaving is unproven; we will continue to keep the situation under review as more and better data and analysis emerges. As one of the largest investors in the UK, we will be actively listening to companies we invest in, who will be assessing the potential impact for themselves.
For further information, please contact:
|Laura Doyle||Head of Investor Relations||
020 3124 2088
|Stephen Thomas||Investor Relations Manager||020 3124 2047|
|John Godfrey||Corporate Affairs Director||020 3124 2090|
|Richard King||Head of Group Corporate Communications||020 3124 2095|
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.9bn (as at 31st December 2015) and is responsible for investing £728bn worldwide (as at 30th September 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively.
For more information on Legal & General, please see: http://www.legalandgeneralgroup.com/
This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.