L&G Half Year Results 2026

Legal & General Group Plc

05 August 2026

 

2026 Half Year Results

Simpler, more focused L&G delivers 11% Core Operating EPS growth

António Simões, CEO:

"We are making good progress in becoming a simpler, more focused L&G. Core operating profit grew 7%, core operating EPS increased 11%, and we have completed c.£450m of our £1.2bn buyback programme. We have improved dividend cover by earnings and capital generation. We are pleased to confirm a 2% interim dividend increase as we continue to deliver strong and sustainable shareholder returns.

The highlight of the first half was the performance in Asset Management, with fee-related earnings increasing 37%, supported by record Annualised Net New Revenue and a reduced cost-income ratio of 71%. In Institutional Retirement, we maintained our strict pricing discipline while writing or exclusive on £5.7bn of global PRT year to date. We continue to cement our leading positions in Retail. Workplace Pensions administered assets increased 27% year on year to £128bn and total UK DC assets under management reached £236bn.

Our scale and the connections between our businesses remain a clear competitive advantage, which we are building further through improvements in operating efficiency. We are on track to meet or exceed our strategic targets."

Strong financial performance[1]

•  Core Operating Profit of £918m up 7% and Core operating EPS up 11%

•  FY26 Core Operating EPS expected to be above the top end of our 6-9% target range

•  IFRS Profit Before Tax[2] of £1,997m reflecting a gain on the disposal of our non-retained US business

•  Solvency II Capital Generation (OSG) of £790m up 3% and SII OSG per share of 14.16p, up 7%

•  Solvency II Coverage Ratio of 201%, remaining well above our 160-190% operating target range

•  Asset Optimisation of £288m (up 36%); increasing our guidance to >£400m per annum

Leading businesses well-positioned in growing markets

•  Institutional Retirement: £5.7bn of Global PRT (pension risk transfer) written or exclusive as at end-July

• Asset Management: Cost income ratio reduced 4ppts to 71%; £1.2trn global AUM, of which Private Markets £79bn (up 22%); ANNR[3] of £23m and fee margin expansion to 9.6bps, total UK DC assets up 23% to £236bn

• Retail: Retail Annuities volumes of £1.2bn and Workplace net flows of £6.2bn as at end-July. Workplace DC Assets Under Administration up 27% to £128bn

Synergistic business model

•  >50% of Asset Management ANNR³ in first half of 2026 supported by controlled distribution[4]

•  c.98% of UK PRT volumes transacted with our long-standing clients in Asset Management in H1 2026 with c.90% of Annuity assets managed by Asset Management

•  c.95% of Workplace AUA managed by Asset Management, Private Markets Access Fund now over £3bn

Attractive sustainable capital returns

•  Interim dividend per share of 6.24p, up 2%, and £1.2bn buyback underway with c. £450m completed at end of July

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

Notes

Legal & General Group Plc's Half Year Results for the 6 months ending 30 June 2026 are available at

http://www.rns-pdf.londonstockexchange.com/rns/2894P_1-2026-8-4.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 10:00am UK time on 5 August 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 August 2026.

Financial Calendar
Ex-dividend date (2026 interim dividend)	20 August 2026
Record date	21 August 2026
Dividend payment date	25 September 2026
Q3 Trading Update	16 November 2026

Enquiries

Investors

Andy Sinclair, Group Chief Strategy & Investor Relations Officer [e-mail] [phone]

Gregory Franck, Investor Relations Director [e-mail] [phone]

Media

Sneha Patel, Director of External Communications [e-mail] [phone]

Jessica Bihari, Head of Group Media  [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 73-75.

[2] IFRS Profit before tax see Note 2.01.

[3] Annualised Net New Revenue.

[4] Controlled distribution refers to flows of assets from our PRT, individual annuities or Workplace businesses.

 

END