L&G Full Year Results 2025

Legal & General Group Plc

11 March 2026

 

2025 Full Year Results

9% core EPS growth; strong strategic progress; £1.2bn share buyback 

António Simões, CEO:

"Today we're reporting a strong financial performance for 2025, and meaningful progress in reshaping L&G. We have addressed legacy complexities, strengthened our foundations and we are driving forward our growth strategy across our core businesses. This week we will begin a £1.2bn share buyback - the largest in our history - which, together with guided dividend per share growth of 2% this year, will bring planned returns to shareholders to £2.4bn over the next year.

As a sharper, more focused business, we are well-positioned to capitalise on the structural, growing demand for long-term investments and retirement income. We continue to extend our market leadership in defined benefit pension risk transfer, while in Retail we are capturing the defined contribution opportunity, supported by technology, customer service and operating leverage. Our Asset Management business is at an inflection point, with our repositioning efforts and its strong synergies with our other businesses driving improving financial performance, including an increase in ANNR and a growing average fee margin.

We are on track to achieve the financial targets set out in our strategy; our priority now is to accelerate this momentum, maintaining discipline and delivering enhanced shareholder returns."

Strong financial performance[1]

•  Core Operating Profit of £1,623m up 6% and Core operating EPS up 9%

•  IFRS Profit Before Tax[2] of £807m

•  Solvency II Capital Generation (OSG) of £1.5bn up 5% and SII OSG per share of 26.78p, up 8%

•  Pro forma Solvency II coverage ratio[3] of 210%

•  Large and growing store of future profit[4] of £13.3bn, with CSM of £12.4bn up 2%

Leading businesses well-positioned in growing markets

•  Institutional Retirement: £11.8bn of Global PRT, with £10.4bn in the UK and continued momentum internationally

•  Asset Management: £1.2trn global AUM, of which Private Markets £75bn, up 32%; ANNR of £34m and average fee margin expansion to 9.1bps

•  Retail: Retail Annuities volumes of £1.8bn, and Workplace DC AUA up 21% to £114bn with net flows of £6.2bn, and a further £3.7bn of assets won to onboard in 2026.

Synergistic business model

•  Annuities and Workplace successes underpin Asset Management ANNR

•  c.80%[5] of UK PRT volumes transacted with our long-standing clients in Asset Management

•  15% increase in our Workplace members taking out a L&G annuity - a growing channel for L&G

Attractive sustainable capital returns

•  Dividend per share of 21.79p, up 2%, and £1.2bn buyback

•  Returning more than £5bn to shareholders over 2025-2027

Notes
The Company's Full Year Results ending 31 December 2025 are available at: http://www.rns-pdf.londonstockexchange.com/rns/1361W_1-2026-3-10.pdf

A copy of this announcement and the presentation slides can be found in "Results, Reports and Presentations", under the "Investors" section of our shareholder website at https://group.legalandgeneral.com/en/investors/results-reports-and-presentations.

A presentation to analysts and investors will take place at 9:30am UK time on 11 March 2026 at One Coleman Street, London, EC2R 5AA.  There will also be a live webcast of the presentation that can be accessed at https://group.legalandgeneral.com/en/investors.

A replay of the presentation will be made available on this website by 12 March 2026.

Financial Calendar	Final	Interim
Results announcement	11 March 2026	5 August 2026
Ex-dividend date	23 April 2026	20 August 2026
Record date	24 April 2026	21 August 2026
Last day for Dividend Reinvestment Plan elections	13 May 2026	4 September 2026
Annual General Meeting and General Meeting	21 May 2026	N/A
Dividend payment date	4 June 2026	25 September 2026

Enquiries

Investors                                                     

Andy Sinclair, Group Chief Strategy & Investor Relations Officer

[e-mail]

[phone]

Michelle Moore, Group Strategy
& Investor Relations Director

[e-mail]

[phone]

Gregory Franck, Investor Relations Director

[e-mail]

[phone]

Media
Natalie Whitty, Group Corporate Affairs Director

[e-mail]

[phone]

Sneha Patel, Director of External Communications

[e-mail]

[phone]

Lucy Legh
Headland Consultancy

[e-mail]

[phone]

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[1] The Group uses a number of Alternative Performance Measures to enhance understanding of the Group's performance as defined on pages 68-70.

[2] IFRS Profit before tax see Note 1.02.

[3] Pro forma Full Year 2025 ratio, allowing for the impact of the Meiji Yasuda transaction and the related £1bn share buyback.

[4] Store of future profit refers to the gross of tax Contractual Service Margin "CSM" and Risk Adjustment "RA" (net of reinsurance) under IFRS 17.

[5] Average over past three years.

 

END