L&G is an insurer with a fossil fuel-style problem [Reuters]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
NASDAQ:AMEX Investor Relations:
merriam-webster.com/dictionary/legal
Company Research
Source: Reuters
LONDON, March 6 (Reuters Breakingviews) - António Simões has a busy to-do list. The new CEO of 14 billion pound ($18 billion) UK insurer Legal & General (LGEN.L) , opens new tab has taken over a company whose share price noticeably lags peers. Meanwhile, his golden goose – the booming “bulk annuities” business, where insurance giants buy pension obligations from companies – will eventually run out. In some ways, the former HSBC executive has inherited a healthy patient. His predecessor Nigel Wilson presided over a 360% total shareholder return during his decade in charge, fuelled by a roaring bulk annuities arm. In 2023, that business accounted for 43% of the company's 2 billion pound operating profit. Global revenues in that division also grew by more than 40% last year. Reuters Graphics Reuters Graphics Yet L&G's focus remains largely post-Brexit UK. That's one reason why the group lags more diversified European rivals like Allianz (ALVG.DE) , opens new tab and AXA (AXAF.PA)
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