Full Year 2023 Results: Set to achieve our 5 year ambitions, with record new business volumes and resilient in-year profit generation
“Everything I have seen since joining the business in January has confirmed what attracted me to Legal & General. We have an authentic sense of purpose and stand out for our market-leading businesses, performance track record and strong balance sheet, delivered by talented colleagues.
"Our 2023 performance reflects these strengths. We are on course to achieve our five-year targets, and demonstrated resilience in challenging markets to achieve record new business volumes in pension risk transfer, UK annuities and US protection, increasing our store of future profit. Our international assets under management and alternative assets portfolio continue to grow, as does our position in the UK defined contribution pensions market.
"We must be as ambitious for Legal & General’s future as we are proud of our history. This is the right moment to take a fresh perspective, build on our track record and set out a vision for profitable and sustainable growth. I look forward to outlining our strategy and plans at our Capital Markets Event on 12 June.”
Resilient financial performance1
- Operating profit of £1,667m (2022: £1,663m)
- Profit after tax2 of £457m (2022: £783m)
- Solvency II capital generation of £1.8bn (2022: £1.8bn)
- Solvency II coverage ratio3of 224%, with surplus of £9.2bn (2022: 236%, £9.9bn)
- Dividend per share of 20.34p, up 5% (2022: 19.37p)
Growth in our store of future profit: up 9% to £14.7bn4
- Record volumes across our insurance businesses:
- £13.7bn of institutional annuities (£10.5bn retained premium5)
- £1.4bn of individual annuities
- $175m of US protection new business premium
- New business CSM contributed £1.2bn (2022: £0.9bn)
- CSM has grown 9% to £13.0bn (2022: £11.9bn)
Set to achieve our five-year (2020-2024) ambitions
- Cumulative Solvency II capital generation of £6.8bn (£8-9bn by 2024)
- Cumulative dividends declared of £4.5bn (£5.6-5.9bn by 2024)
- Cumulative net surplus generation over dividends of £0.8bn
- The Board’s intention is to grow the dividend at 5% for the year FY246, as previously communicated
Further Information
Natalie Whitty
Group Corporate Affairs Director, Group Communications
Notes to editors
Established in 1836, L&G is one of the UK's leading financial services groups and a major global investor, with £1.1 trillion in total assets under management (as at HY25) of which c. 43% (c. £0.5 trillion) is international.We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
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