Legal & General (L&G), a prominent British life insurer, has revealed plans for a £200 million share buyback and a merger of its investment units, aiming to enhance returns. Despite these moves, the announcement left investors wanting more. L&G intends to consolidate Legal & General Investment Management, a major player in the UK stock market, with its alternative asset platform, Legal & General Capital. This strategic shift also involves the departure of LGIM CEO Michelle Scrimgeour.
The company aims for a 5% dividend per share growth in 2024, followed by 2% annually until 2027, alongside more buybacks. L&G also plans to write £50-65 billion in UK bulk annuities by 2028 to drive asset management growth.
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