Loading…
UK insurer and asset manager providing life insurance, pensions (incl. bulk annuities) and one of the world's largest institutional asset managers (LGIM).
UK insurer and asset manager providing life insurance, pensions (incl. bulk annuities) and one of the world's largest institutional asset managers (LGIM).
In bulk annuities, a pension scheme pays a lump sum and L&G takes over its pension payments, earning the margin between what it makes investing that money and what it pays out; asset management earns fees on money managed. It agreed in 2025 to sell its US protection business to Meiji Yasuda to concentrate on UK pensions, asset management and savings.
In one line: A UK version of a large life insurer/asset-manager combo like Prudential Financial (US).
Moat: narrow (scale, brand, distribution). LGIM's scale as a top global asset manager and leadership in UK bulk annuities give durable fee/float advantages.
Headquarters: London, UK · Founded: 1836
Size Legal & General (LGEN.L) is a United Kingdom Financials company (Multi-Line Insurance) with a market value of $21.9B, the 34th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £304.70 on 6 Nov 2026.
Performance Over six months the shares gained 24.3%, against +9.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 136.6% over the last twelve months (peer median +6.5%); the operating margin is 1.8% (peer median 11.3%).
Valuation It trades at 7.73× book value against a peer median of 1.60× (most expensive of 21).
Price implies The share price implies a return on equity of about 70.7%; Legal & General delivers 26.2%, so the price asks more than the business earns today.
Credit Legal & General has 9 bonds outstanding ($5.23B), rated BBB+ by the agencies and trading like AAA at a weighted spread of 63 bp.
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £74.1B | £24.0B | £23.2B | £25.8B | £34.1B |
| Revenue growth | — | +4% | -10% | -24% | — |
| Net income | £652M | £477M | £22.0M | £435M | £760M |
| Free cash flow | £2.03B | £4.50B | -£4.54B | -£14.5B | £20.3B |
| Capital expenditure | £192M | £51.0M | £95.0M | £237M | £187M |
| Total debt | n/a | £24.9B | £28.3B | £31.4B | £37.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Legal & General LGEN.L | $21.9B | +24% | +137% | 26% | 7.73× | 70.7% |
| Aviva AV..L | $29.5B | +18% | +86% | 7% | 2.46× | 23.8% |
| Prudential 2378.HK | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% |
| M&G MNG.L | $10.3B | +7% | +68% | -4% | 2.91× | 32.8% |
| Standard Life SDLF.L | $12.5B | +25% | +135% | -179% | 38.09× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LGEN.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | +2.9% | 9th highest of 21 |
| 6-month return | +24.3% | +9.1% | highest of 21 |
| Return on equity | 26.2% | 15.7% | 2nd highest of 21 |
| Price / book | 7.73× | 1.60× | most expensive of 21 |
| Trailing P/E | 27.0× | 10.9× | 4th most expensive of 20 |
| ROE the price implies | 70.7% | 10.9% | most demanding of 21 |
| ROE delivered | 26.2% | 14.6% | 2nd highest of 20 |
| Bond spread | 63 bp | 80 bp | 3rd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Legal & General LGEN.L | United Kingdom | $21.9B | +24% | +137% | 26% | 7.73× | 70.7% | 26.2% |
| New China Life Insurance 601336.SS | China | $21.7B | -19% | +19% | 22% | 1.27× | 13.6% | 22.4% |
| Unipol Assicurazioni UNI.MI | Italy | $23.8B | +13% | +7% | 17% | 1.62× | 14.9% | 16.9% |
| Helvetia Baloise HBAN.SW | Switzerland | $27.0B | +5% | +54% | 4% | 1.80× | 4.8% | 4.0% |
| ASR Nederland ASRNL.AS | Netherlands | $17.3B | +14% | +6% | 13% | 1.74× | 8.3% | 13.1% |
| W. R. Berkley WRB | United States | $27.9B | +16% | +1% | 19% | 2.91× | 12.8% | 19.2% |
| Cincinnati Financial CINF | United States | $28.5B | +15% | +10% | 17% | 1.76× | 10.6% | 16.9% |
| Aviva AV..L | United Kingdom | $29.5B | +18% | +86% | 7% | 2.46× | 23.8% | 6.8% |
| Powszechny Zaklad Ubezpieczen Spolka Akcyjna PZU.WA | Poland | $16.1B | +15% | +1% | 20% | 1.83× | 19.5% | 19.5% |
| Prudential 2378.HK | Hong Kong | $30.8B | -24% | +30% | 19% | 1.54× | 11.3% | 19.3% |
| Prudential plc Sponsored ADR PUK | United States | $31.7B | -21% | +39% | 19% | 1.56× | 11.4% | 19.2% |
| Brookfield Wealth Solutions BNT.TO | Canada | $14.9B | -8% | -18% | 1% | 0.70× | 9.4% | 0.7% |
| Suncorp SUN.AX | Australia | $14.9B | +21% | -3% | 10% | 2.08× | 11.7% | 9.8% |
| Gjensidige Forsikring GJF.OL | Norway | $14.7B | +9% | +7% | 30% | 5.73× | 19.1% | 29.9% |
| Mapfre MAP.MC | Spain | $14.1B | -2% | +5% | 12% | 1.26× | 8.4% | 12.4% |
| Arch Capital ACGL | United States | $36.6B | +14% | -5% | 19% | 1.58× | 8.3% | 18.7% |
| CNA Financial CNA | United States | $12.8B | +9% | +2% | 10% | 1.25× | 7.2% | 9.6% |
| Aegon AGN.AS | Netherlands | $12.7B | +4% | +16% | 10% | 1.25× | 8.2% | 10.5% |
| Unum UNM | United States | $12.2B | -5% | -5% | 3% | 1.52× | 8.1% | 2.6% |
| Globe Life GL | United States | $12.1B | +4% | +6% | 21% | 2.08× | 11.7% | n/a |
| Sompo 8630.T | Japan | $39.6B | +17% | +41% | 15% | 1.14× | 6.2% | 14.6% |
Legal & General has 9 bonds outstanding with $5.23B face value. The agencies rate it BBB+; its bonds trade like AAA. Weighted yield 5.46%, a spread of 63 bp over government bonds.