Legal & General Group 주식 (OTC: LGGNY)

에 대한 최신 뉴스 Legal & General Group (OTC:LGGNY) 주식

LEGAL & GENERAL GROU

Legal & General Group PLC operates across four broad business areas of retirement, investment management, capital investment, and Retail. The retirement business provides guaranteed retirement income for corporate pension scheme members. The Investment Management business provides investment management services for both individuals and corporations, including managing pension funds. Capital investment uses customers' pension assets, as well as the group's shareholder capital, to make long-term investments in assets such as clean energy, housing, and SME finance. The Retail business provides of UK retail retirement and protection solutions and United States brokerage term life insurance. The majority of its assets under management are derived from the United Kingdom and Europe.

LEGAL&GENL GRP PLC S/ADR by Legal & General Group Plc

Legal & General Group PLC

Legal &amp; General Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LGGNY#OTC">LGGNY</a>) has agreed to <a target="_blank" href="https://group.legalandgeneral.com/en/newsroom/press-releases/l-g-announces-the-sale-of-its-us-protection-business-to-meiji-yasuda-and-the-creation-of-a-long-term-strategic-partnership-for-a-valuation-of-2-3bn" rel="noreferrer noopener">sell </a>its US insurance entity, comprising its US protection and US Pension Risk Transfer businesses, to long-term partner Meiji Yasuda for an equity value of 1.8 billion British pounds ($2.3 billion) payable in cash at completion.
Following completion, the Japanese mutual life insurance company will own L&amp;G&#8217;s US protection business and have a 20% economic interest in its US PRT business. L&amp;G will retain 80% of existing and new PRT through reinsurance arrangements.
As part of the deal, Meiji Yasuda plans to acquire approximately 5% of L&amp;G Group&#8217;s shares and expand collaboration in asset management. Following completion, L&amp;G intends to execute an additional 1 billion British pound share buyback, contributing to its goal of returning approximately 40% of its market capitalization to shareholders between 2025 and 2027.
L&amp;G will allocate 400 million British pounds to fund the US PRT reinsurance arrangement, with the remaining proceeds used for strategic investments. The deal is expected to increase L&amp;G&#8217;s Solvency II ratio by 22% at completion and 7% post-buyback.
The sale aligns with L&amp;G&#8217;s long-term growth strategy, enhancing its US PRT and global asset management businesses while reinforcing its core areas—Asset Management, Institutional Retirement, and UK Retail.
L&amp;G maintains its 2024 guidance for mid-single-digit core operating profit growth and remains on track to achieve a 6-9% EPS CAGR (2024-2027) and&gt;20% Return on Equity (2025-2027).
The sale is projected to generate over 1 billion British pounds in IFRS profit, with anticipated 2024 US statutory net assets of the businesses being sold at $850 million.
&#8220;Today&#8217;s announcement reflects our commitment to value creation and shareholder returns as we expect to distribute c. 40% of our market cap through dividends and share buybacks over the next three years,&#8221; commented António Simões, Group Chief Executive Officer of Legal &amp; General.
This agreement marks a significant step in L&amp;G&#8217;s strategic expansion and shareholder value creation, reinforcing its global presence and capital strength.
Price Action: LGGNY shares traded higher by 2.04% at $15.47 at last check Friday.
Photo via Shutterstock.

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Legal & General Sells US Protection Business, Forms Strategic Partnership With Japan's Meiji Yasuda: Details

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