REG - Legal & General Grp - L&G Half Year Results 2025

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RNS Number : 1234U  Legal & General Group Plc  06 August 2025

2025 Half Year Results

Core operating EPS up 9% as strategic momentum builds

António Simões, CEO:

"L&G had an excellent six months with core operating EPS up 9%, at the top
end of our targeted range of 6-9%.

We are growing and making the most of the synergies between our three
businesses. Institutional Retirement operating profit is up double digits, and
we have written over £5bn of new business at low capital strain. We have seen
material progress in Asset Management, with positive annualised net new
revenues driving a further increase in our average revenue margin, which is
now close to our double-digit ambition. In Retail, our customer base has grown
to 12.4m, and workplace pension assets have surpassed £100bn.

Progress on our strategy is encouraging. We have sharpened our strategic focus
with the agreed sale of our US protection business and partnership with Meiji
Yasuda for $2.3bn. We have progressed the disposal of assets in our Corporate
Investments Unit and are redeploying that capital towards growth. Our
investment in Proprium Capital Partners complements our stake in Taurus,
strengthening our global real estate platform. Our newly announced partnership
with Blackstone improves our competitive position in both Annuities and Asset
Management.

The outlook for our businesses is positive and we are firmly on track to
achieve our financial targets. We are delivering on our promise to return more
to shareholders with over £5bn in dividends and share buybacks over three
years."

 

Financial performance(( 1  (#_ftn1) ))

·      Core operating profit of £859m, up 6%; Core operating EPS of
10.94p, up 9%

·      IFRS Profit before tax(( 2  (#_ftn2) )) of £406m, up 28%

·      Solvency II capital generation of £729m up 3%, and Solvency II
coverage ratio of 217%(( 3  (#_ftn3) ))

·      CSM increased to £12.1bn (up £0.2bn on H1 2024), increasing our
store of future profit to £13.1bn(( 4  (#_ftn4) ))

 

New business driving profitable growth

·      Institutional Retirement: £5.2bn(( 5  (#_ftn5) )) of Global PRT
volumes

·     Asset Management: £15m of Annualised Net New Revenue (ANNR) driving
an increase in average revenue margin to 9bps. Private Markets AUM now £65bn

·      Retail: Workplace net new flows of £4.0bn up 21% from HY24;
Workplace AUA of £101bn up 7% from FY24

 

Strong strategic momentum

·     Announced acquisition of Proprium Capital Partners, a European and
Asia-Pacific global real estate investor, enhancing our global capabilities in
key growth markets

·    Secured a long-term strategic partnership that combines the strength
of L&G and Blackstone's respective credit platforms, supporting our growth
ambitions in both Annuities and Asset Management

·     The sale of our US protection business and the development of the
broader partnership with Meiji Yasuda is progressing to plan

 

Delivering enhanced returns

·      Interim dividend per share of 6.12p, up 2% in line with our
guidance

·      90%(( 6  (#_ftn6) )) of £500m buyback announced at full year
results now complete

Notes

Legal & General Group Plc's Half Year Results for the 6 months ending 30
June 2025 are available at:

http://www.rns-pdf.londonstockexchange.com/rns/1234U_1-2025-8-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1234U_1-2025-8-5.pdf)

(http://www.rns-pdf.londonstockexchange.com/rns/1234U_1-2025-8-5.pdf)

 

The Half Year Results 2025 will be available on the L&G corporate website
at Investors | Legal & General Group
(https://group.legalandgeneral.com/en/investors)  and documents have been
submitted in full unedited text to the Financial Conduct Authority's National
Storage Mechanism and will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

This announcement contains regulated information as per Disclosure Guidance
and Transparency Rule (DTR) 6.3.

 

A presentation to analysts and investors will take place at 10:00am UK time
today at One Coleman Street, London, EC2R 5AA. There will also be a live
webcast of the presentation that can be accessed at here
(https://group.legalandgeneral.com/en/investors/) .

A replay of the presentation will be made available on this website by 7
August 2025.

 Financial Calendar                        Date
 Ex-dividend date (2025 interim dividend)  21 August 2025
 Record date                               22 August 2025
 Dividend payment date                     26 September 2025
 Retail Investor Deep Dive                 23 October 2025

 

Enquiries

Investors

Michelle Moore, Group Strategy & Investor Relations Director

investor.relations@group.landg.com (mailto:investor.relations@group.landg.com)

+44 203 124 3773

 

Gregory Franck, Investor Relations Director

investor.relations@group.landg.com (mailto:investor.relations@group.landg.com)

+44 203 124 4415

 

Media

Natalie Whitty, Group Corporate Affairs Director

Natalie.Whitty@group.landg.com (mailto:Natalie.Whitty@group.landg.com)

+44 738 443 5692

Lauren Kemp, Group Head of Corporate Media & Issues

Lauren.Kemp@lgim.com (mailto:Lauren.Kemp@lgim.com)

+44 794 651 4627

 

Lucy Legh, Charlie Twigg, Headland Consultancy

Landg@headlandconsultancy.com (mailto:Landg@headlandconsultancy.com)

+44 20 3805 4822

 1  (#_ftnref1)
. Group Alternative Performance Measures are defined in the glossary, on pages 92-97.  All metrics are shown excluding Non-retained US business, with the exception of IFRS profit before tax and the SII Capital Coverage Ratio.

 2  (#_ftnref2) . Profit before tax attributable to equity holders.

 3  (#_ftnref3) . The SII coverage ratio allows for the full £500m share
buyback and excludes the temporary impacts from Non-retained US business and
FX hedges that will unwind on completion of the transaction with Meiji Yasuda.

 4  (#_ftnref4) . A combination of established Contractual Service Margin
"CSM" and Risk Adjustment "RA" (net of reinsurance) under IFRS 17, all gross
of tax.

 5  (#_ftnref5) . £5.2bn global PRT comprises H1: £3.4bn, plus deals written
or in exclusivity since 30 June 2025 of: £1.7bn, excludes 20% of US PRT new
business not retained.

 6  (#_ftnref6) . As at 4th August.

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