Summary
RESOLUTION and Friends Provident have spent this week promoting their proposed merger on the grounds that the combination creates a group with capital, growth prospects and a wellmanaged back book. Today, Legal General demonstrated that it already has them and in abundance where capital is concerned.
The key feature of today's half-year announcement is a 1 billion share buyback which, though anticipated by shareholders, is nonetheless highly unusual. Even those with memories going back decades in the industry could not remember a previous case of a UK life office returning capital to shareholders. There have been a few recent cases overseas, but nothing here.See the full content of this document
Extract
Capital-Rich Lg Is a Real Power for the Good
It is very much part of the evolving strategy of the group under chief executive Tim Breedon.
His thesis is that a successful modern savings, investments and protection company a designation he prefers to the more trad...See the full content of this document
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