The following is a summary of the Legal & General Group Plc (LGGNY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Legal & General posted an operating profit of £1.7 billion for 2023.

• There was a noteworthy increase in new business volumes, predominantly in institutional retirement and the PRT business.

• The company's solvency ratio was reported as 224%.

• Full-year dividends were raised by 5% to £20.34, signifying satisfactory financial health.

• Legal & General's institutional retirement segment saw a prosperous year in the UK.

• Success in generating capital was demonstrated, with a steady operating profit across divisions such as LGRI (£886 million) and retail insurance (£436 million).

• Capital generation of £1.8 billion allowed the company to reach a durable balance sheet with a Solvency II coverage ratio of 224%.

• Legal & General Group Plc aims to sustain dividends growth by 5% for 2024.

Business Progress:

• The company's continued strategy for diversification and international expansion is showing positive results, particularly in their business operations.

• Legal & General has enhanced its standing in real estate equity and private credit, including the launch of a clean power fund raising €400 million with NTR.

• By implementing funded reinsurance, the company has managed to effectively contribute towards its financial standing.

• The protection business witnessed improvements in the U.S. market. However, retail protection slowed down due to rate changes and a sluggish mortgage market.

• Legal & General anticipates significant growth in the global private assets market, which is predicted to grow by £9 trillion over the next four years.

• The company succeeded in handling unrealized losses and showed resilience in managing its retail business.

• Legal & General plans to strategically invest in technology enhancements across its business units to stay competitive.

• The company anticipates a continuous rise in the Bulk Purchase Annuity market competition and perceives it as a testament to the sustainability of their business model.

• Legal and General Group expects to achieve higher returns on risk moving forward, aiming for an operating profit of £600 million to £700 million in total by the end of 2025.

More details: LEGAL & GENERAL GROUP SPON ADR EACH CNV INTO 5 ORD GBP0.025 IR

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