LGGNF - Legal & General: Double Down After The CMD
2024-06-15 00:18:46 ET
Summary
- L&G plans to dis-invest in non-strategic assets, unify asset management divisions, and capitalize on the institutional retirement opportunity.
- We positively view the company's capital allocation priorities, supported by buybacks and a progressive dividend policy.
- Valuation remains undemanding, and we have confirmed our buy rating status.
On 12/06/2024, Legal & General Group Plc (LGGNF)(LGGNY) released its capital market day update. As a reminder, the company is one of the UK's leading financial services players, selling pensions, life insurance products, and investments across geographies. L&G's strategy is primarily concentrated on UK life insurance, with a leading position in the area of annuities and protection. Looking at recent years, annuities have become the largest source of cash for the company and are essential to earnings and dividend momentum sustainability. In addition, the company has a solid asset management business called LGIM. This well support business diversification and L&G's highly cash-generative business model....
Legal & General: Double Down After The CMD