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Legal & General Group (LGEN) investor relations material
Legal & General Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Core operating EPS rose 9% year-over-year to 10.94p, at the top end of guidance, with strong growth across Institutional Retirement, Asset Management, and Retail segments.
Core operating profit up 6% to £859m, supported by growth in all business lines and operational surplus generation up 3% to £729m.
Interim dividend per share increased 2% to 6.12p; £500m share buyback nearly complete; over £5bn to be returned to shareholders via dividends and buybacks from 2025-2027.
Strategic actions include sale of US Protection business, partnership with Meiji Yasuda, acquisition of Proprium Capital Partners, and partnership with Blackstone to enhance private credit and real estate capabilities.
Strong growth in workplace DC flows (up 21% year-over-year), with assets under administration in workplace now exceeding £100bn and Retail customer base at 12.4m.
Financial highlights
Core operating profit up 6% to £859m; core operating EPS up 9% to 10.94p; IFRS profit before tax up 28% to £406m.
Operational surplus generation up 3% to £729m; Solvency II coverage ratio at 217% after buybacks and dividends.
Institutional Retirement operating profit up 11% to £618m; back book optimization generated over £150m of profit.
Asset Management fee revenues up 2% to £500m despite lower average AUM; annualized net new revenue at £15m.
Retail operating profit up 3% to £237m; workplace DC net flows up 21% to £4bn; protection gross written premiums up 4%.
Outlook and guidance
High confidence in achieving full-year core operating EPS growth of 6% to 9% and strong capital generation.
Institutional Retirement pipeline active with £42bn in the UK; volumes expected to align with guidance of £10bn–£13bn per year through 2028.
Asset Management expects continued revenue momentum, new fund launches, and benefits from Blackstone partnership.
Retail annuity sales expected to strengthen in the second half; workplace business and profitability to continue growing.
OSG per share expected to grow over 5% in 2025, creating headroom over 2% DPS growth; additional buybacks planned.
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