Legal & General Group (LGEN)

Up
Share Price:
305.00p
Market Cap:
£16,853m
Change Today:
5.80p
Sector:
Insurance

Legal & General flags top-end full-year earnings growth

By Josh White

Date: Thursday 23 Oct 2025

LONDON (ShareCast) - (Sharecast News) - Legal & General said in an update on Thursday that it expects to deliver full-year 2025 core operating earnings per share growth at the higher end of its 6% to 9% target range, alongside operational surplus generation growth of more than 3%, as it reported solid progress across its business lines.
In a trading update released alongside an investor presentation on its retail division, the FTSE 100 group said it had written or is exclusive on £11bn of pension risk transfer (PRT) volumes so far this year, including £10.2bn in the UK.

Its asset management arm had reached £71bn in private markets assets under management, delivering annualised net new revenue of £29m.

Retail had also performed strongly, with over £1.2bn of annuities written and workplace defined contribution (DC) net flows of £5bn so far this year.

Legal & General said it has a "good cadence" of workplace DC scheme wins, with £3bn of new scheme assets due to transition to the group within the next 18 months.

The company added that assets in its corporate investments unit had been reduced to around £500m, from £2bn originally, following 15 disposals since the unit's creation in mid-2024.

Speaking at an "investor deep-dive" focused on the retail business, Legal & General said the division was well placed to benefit from structural shifts in the UK retirement landscape, targeting compound annual operating profit growth of 4% to 6% between 2024 and 2028, and £40bn to £50bn of workplace DC net flows over the same period.

The group said the retail arm, which serves 12.4 million customers across workplace, annuities, lifetime mortgages and protection, stood to benefit as UK workplace DC assets were expected to double to £1.5trn by 2034, while annual retail annuity volumes rise 2.5 times to £20bn.

It added that it was "ideally positioned to seize this opportunity as the UK's leading DC and retirement platform", managing more than £300bn of retail wealth assets and over £200bn of DC assets.

"As our workplace portfolio matures and assets scale, our tailored digital guidance and retirement solutions will generate increased flows to drawdown and annuities at retirement - strengthening our leading position in open market annuity sales," the company said, adding that investment in new technologies will continue to drive operational efficiency.

Legal & General said it expected growth in retail DC and annuity assets to contribute more than 40% of cumulative asset management revenue targets, with the proportion of retail profit from fee-based earnings set to rise to 40% by 2034 from less than 15% this year.

It also predicted that workplace DC operating margin would double over the period.

The company said retail was expected to become the primary growth driver of its UK annuity portfolio over the next decade, with long-term portfolio growth of 5% to 6% annually as PRT volumes stabilised.

Legal & General said it currently manages £1.1trn in total assets, with a market capitalisation of around £13.8bn as of 22 October.

At 0908 BST, shares in Legal & General were down 0.25% at 241.6p.

Reporting by Josh White for Sharecast.com.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

LGEN Market Data

Currency UK Pounds
Price 305.00p
Change Today 5.80p
52 Week High 316.40p
52 Week Low 233.70p
Volume 17,026,642
Shares Issued 5,526m
Market Cap £16,853m

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. full sector star
  3. empty sector
  4. empty sector
  5. empty sector
Price Trend
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. empty sector
  4. empty sector
  5. empty sector
Income
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. half sector star
  5. empty sector
Growth
market
  1. full market star
  2. half market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Price Chg 6m
market
  1. full market star
  2. full market star
  3. full market star
  4. half market star
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. empty sector
  4. empty sector
  5. empty sector
P/E
market
  1. half market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
PEG
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. half sector star
  5. empty sector
Dividend Yield
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. half sector star
EPS Growth
market
  1. half market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Operating Margin
market
  1. full market star
  2. full market star
  3. half market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. empty sector
  4. empty sector
  5. empty sector