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| Company Summary for Legal & General Group PLC |
HQ Address
One Coleman Street
London
EC2R 5AA |
Telephone Number
Fax Number
Website
Email
Number Of Employees
Number Of UK Locations |
0203 1242000
NA
www.legalandgeneralgroup.com
NA
8500
7 |
| Legal & General is a UK risk, savings and investment group. It provides life assurance and other financial protection products, annuities and long-term savings products including ISA’s and pensions. With over £250 billion in funds under management, it is also the largest investor for UK pension funds. Legal & General has over 5.5 million UK customers. Its products are sold through over 30 bank and building society relationships, through Independent Financial Advisers and also directly to customers. Legal & General Assurance Society Limited, its principal operating company, is one of Europe’s top rated life companies for financial strength, with an AA rating from Standard & Poor’s and Aa1 from Moody’s. |
| Activities in Sector(s) |
| Banks & Financial service : |
Financial services and accountants |
| Turnover in the Banking & Financial service sector has grown a solid 19% to £473.9bn in the past year and profits have increased by 20% to £83.1bn. Employee numbers over the same period have increased by 14% to a total of around 1m people. |
| Insurance & Assurance : |
Insurance brokers |
| Turnover in the Insurance and Assurance sector grown by 50% in the past year, rising to £206.7bn, with profits remaining stable at around £10.4m. Employee numbers have also remained relatively stable, dropping by only 1% to reach approximately 570,000 people over the same time period, indicating high productivity as decreased staff numbers have made a significant positive impact on turnover in the sector. |
|
| Presences in Region(s) |
| South East(5), Wales(1), West Midlands(1) |
| Key Financial Data |
Latest |
Year -1 |
Year -2 |
Year -3 |
Year -4 |
| Turnover |
| UK Turnover |
| Overseas Turnover |
| Cost of Sales |
| Operating Profit |
| Profit Margin |
| Remuneration |
| Land & Building |
| Fixtures & Fittings |
| Plant & Vehicles |
| Stock & W.I.P |
| Short Term Loans & Overdrafts |
| Hire Purch. & Leas. (short t.) |
| Hire Purchase & Leas. (long t.) |
|
| £30,989m |
| NA |
| NA |
| NA |
| £1,589.0m |
| 5.13 |
| £379.0m |
| NA |
| NA |
| NA |
| NA |
| £2,049.0m |
| NA |
| NA |
|
| £17,239m |
| NA |
| NA |
| NA |
| £789.0m |
| NA |
| £315.0m |
| £3,741.0m |
| £23.0m |
| NA |
| NA |
| £1,394.0m |
| NA |
| NA |
|
| £118.3m |
| NA |
| NA |
| NA |
| £111.7m |
| NA |
| £298.0m |
| NA |
| £26.0m |
| NA |
| NA |
| £1,475.0m |
| NA |
| NA |
|
| £20,905m |
| NA |
| NA |
| NA |
| £-109.0m |
| NA |
| £283.0m |
| NA |
| NA |
| NA |
| NA |
| £516.0m |
| NA |
| NA |
|
| £20,631m |
| NA |
| NA |
| NA |
| £-82.0m |
| NA |
| £255.0m |
| NA |
| NA |
| NA |
| NA |
| £515.0m |
| NA |
| NA |
|
| Key Employee Data |
Latest |
Year -1 |
Year -2 |
Year -3 |
Year -4 |
| Number of Employees |
| Wages & Salaries |
| Pension Costs |
| Directors' Remuneration |
| Highest Paid Director |
| Average Remuneration per Employee |
| Turnover per Employee |
| Profit per Employee |
|
| 9273.00 |
| £283.0m |
| £62.0m |
| £7.2m |
| £2.0m |
| 40,871 |
| 3,341,853 |
| 171,358 |
|
| 8807.00 |
| £253.0m |
| £31.0m |
| £5.2m |
| £1.4m |
| 35,767 |
| NA |
| 73,351 |
|
| 8547.00 |
| £243.0m |
| £27.0m |
| £4.8m |
| £1.4m |
| 34,866 |
| NA |
| 54,873 |
|
| 8873.00 |
| £239.0m |
| £18.0m |
| £4.5m |
| £1.4m |
| 31,895 |
| NA |
| -11,946 |
|
| 8453.00 |
| £217.0m |
| £15.0m |
| £4.2m |
| £1.2m |
| 30,167 |
| NA |
| -13,486 |
|
| Company News |
| 15 Jan 2008 |
Record year – £52.6bn new business – 8,500 staff |
| Legal & General have seen a record quarter for new business in UK life and pensions. Sales were 8% higher in 2007 to £1,160m, despite a fall-off in the sale of protection products. Protection product sales eased 3% to £223m from £231m, with group protection products holding steady while individual protection sales eased, reflecting the softening UK housing market and lower demand for mortgage protection products. Sales of annuities rose 15% to £200m on an Annualised Premium Earnings (APE) basis, with bulk purchase annuities having a record fourth quarter and a record year. Individual annuities also had a record year, with sales up 24%. Legal & General Investment Management recorded gross new business of $20.2bn in the fourth quarter, capping a record year in which new business rose 155% to £52.6bn. Total worldwide sales fell to £1.62bn for the full year, down from £1.84bn the previous year. In the fourth quarter sales fell by 18% to £429m. Detailed new business figures for 2007 will be released on the 24 January 2008. Legal & General is a UK risk, savings and investment group. It provides life assurance and other financial protection products, annuities and long-term savings products including ISA’s and pensions. |
| 30 Nov 2007 |
Looking at outsourcing some IT functions - 120 jobs at risk – Decision expected early 2008 |
| Legal & General Plc is considering outsourcing some of its IT software functions in a move which could affect around 120 jobs. The British insurer is understood to be conducting a review of its systems and is examining a number of options to partner with a specialist third-party provider. One of these could involve L&G moving staff off its payroll and passing them on to the IT specialist, as opposed to making sweeping redundancies. The group's call-centres will remain in the UK, but 'research and development' roles are considered to be the most likely to be targeted. Software developers creating packages for new insurance and pension products are the most vulnerable to the changes and L&G’s Hove office, which employs 120, is set to be at the centre of any action. A decision to outsource some of the group's IT software functions would be a major departure for the company, which has contractors in place but tends to run most of its operations itself. A decision before Christmas is unlikely but L&G is believed to have begun briefing staffing unions, such as Unite, about the potential changes. |
| 27 Jul 2007 |
Planning 31bn buyback of shares – Profit up to £589m – Business growth of 20% – Revenue £661m |
| Legal & General, the insurance group, is planning to buy back £1bn of shares alongside a 5% rise in first half operating profit. The return of capital is expected to begin shortly, but, could potentially last beyond July 2008. Operating profit before tax for the six months to 30 June rose to £589m up from £560m a year ago. Worldwide new life and pensions business grew by 20% to £661m, with UK life and pensions volumes up 21% year on year thanks to strong growth in pensions, investment bonds and individual annuities. |
| 26 Jul 2007 |
Innovative service to be rolled out – Provide speedy access to quotes |
| Legal & General Group Plc is now rolling-out its innovative GIology general insurance quote and apply service to a further 5,000 mortgage advisers. The point of sale system provides mortgage advisers with speedy access to indicative household insurance quotes in a matter of two clicks. The comprehensive range of products available to advisers includes the new mortgage payment protection insurance (MPPI) cover, which was recently awarded a five star rating by defaqto, so is considered by them to be one of the best MPPI products available. GIology enables advisers to obtain indicative quotes on Buildings and Contents cover, Buy to Let and Mortgage Payment Protection Insurance, either on or offline. |
| 17 Jul 2007 |
Key information not being disclosed – Welcomes moves to improve customer confidence |
| Legal & General Group Plc has reported that millions of people are not getting the most out of their critical illness insurance as they are not disclosing key information. While application forms for cover provide clear, unequivocal warnings as to the disclosure of conditions, many people are still not making sure their insurance company knows all the relevant details and could be at risk of being turned down in the event of a claim. L & G has paid over £92 million in critical illness claims (83.3%) in 2006. Of the declined claims, 12.2% were for non-disclosure. The company welcomes any move by a life insurer to improve customer confidence in critical illness cover by disclosing vital information. |
| 29 Jan 2007 |
42% rise in worldwide sales worth £1.84bn – future promising |
| Legal & General, has reported that it exceeded expectations in 2006 with a 42% rise in worldwide new business sales to £1.84bn. The group is now well positioned in a number of markets with good long-term growth prospects including UK savings, after achieving nearly £11bn worth of insurance bond, pension and unit trust new premiums in 2006, including £4bn in the final quarter. New business sales, which are worked out using the industry standard measure of all regular premiums plus 10% of single premiums, were up 46% to £1.74bn in the UK - ahead of the £1.58bn which had been expected. Legal was also buoyed by a healthy UK housing market, as sales of mortgage-related products helped protection sales grow by 22% during the year and by more than 30% in the fourth quarter. Individual annuity sales also improved during the second half of the year, while Legal's bulk annuities business recorded its first-ever £1bn year. The company has grown its business in recent years through distribution agreements with banks and building societies, and also sells mortgage protection products through tie-ups with estate agency groups. Legal expects to build further on the company's strong position in the sector as customers continue to increase their savings and recent pension reforms continue to support the market into 2007. Tim Breedon is the Chief executive of Legal & General. |
| 22 May 2006 |
Legal & General Group plc strong UK new business results in 2005 – Growth in savings market – Restructuring management team |
| 17 Mar 2006 |
Legal & General 69% profit increase from life and pensions sales to £801 million – Increase annual operating profits by 43% to £1.092 billion – New life and pensions business rose by 20% to £331 million – 41% increase in profits at investment management sector to £103 million – Added £17 billion of new funds during financial year – Market value more than £8.7 billion – Confident economic outlook. |
| 27 Jan 2006 |
Legal & General had record year for new business - increasing annual sales by nearly a third to £1.3 billion – market value of just under £3.8 billion – Britain's third-largest insurer – new business from individual life insurance, savings, pensions and investment policies past the £1 billion during 2005 – boosted by recovery in UK demand for savings and pension products – predict further growth in 2006 – Investment Management brought in £17.1 billion of new assets to manage 2005 – nearly £7 billion in fourth quarter – life insurance and pensions new sales to individuals rose by 16 % to £710 million – investment policies sales leaped 76 % to £315 million. |
| 30 Jun 2006 |
Turnover is £30,989m in the current year, an increase from £17,239m last year and representing a growth of 50.2% over the past five years. |
| 30 Jun 2006 |
Short Term Loans & Overdrafts is £2,049.0m in the current year, an increase from £1,394.0m last year and representing a growth of 297.9% over the past five years. |
| 30 Jun 2006 |
Average Remuneration per Employee is 40,871 in the current year, an increase from 35,767 last year and representing a growth of 35.5% over the past five years. |
| 30 Jun 2006 |
Highest Paid Director is £2.0m in the current year, an increase from £1.4m last year and representing a growth of 67.4% over the past five years. |
| 30 Jun 2006 |
Directors' Remuneration is £7.2m in the current year, an increase from £5.2m last year and representing a growth of 70.9% over the past five years. |
| 30 Jun 2006 |
Pension Costs is £62.0m in the current year, an increase from £31.0m last year and representing a growth of 313.3% over the past five years. |
| 30 Jun 2006 |
Wages & Salaries is £283.0m in the current year, an increase from £253.0m last year and representing a growth of 30.4% over the past five years. |
| 30 Jun 2006 |
Number of Employees is 9,273.0 in the current year, an increase from 8,807.0 last year and representing a growth of 9.7% over the past five years. |
| 30 Jun 2006 |
Remuneration is £379.0m in the current year, an increase from £315.0m last year and representing a growth of 48.6% over the past five years. |
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