Legal & General Group plc published an analyst Q&A transcript for its 2025 full-year results presentation, featuring Group CEO António Simões alongside senior executives Laura Mason, Andrew Kail, Eric Adler and Gareth Mee, with the session facilitated by Andy Sinclair and attended by analysts from firms including JPMorgan, RBC Capital Markets, BNP Paribas, Barclays, Goldman Sachs, Deutsche Bank, UBS, Mediobanca, KBW and others. Management focused on capital returns and solvency, stressing that dividends remain the priority and that share buybacks will be assessed against the group’s disclosed 160-190% Solvency II coverage range, market conditions and growth opportunities, particularly in pension risk transfer $(PRT)$. Simões said: “My priority is a sustainable growing dividend,” adding that future buyback decisions will depend on “the coverage ratio… the market conditions and what are the business opportunities ahead of us.” He also confirmed buybacks can still be considered within the range: “Yes, they are possible.” Executives also discussed investment variances and restructuring, saying Corporate Investments Unit impacts should fade, with the CFO stating the group is “drawing a line today on that. So just expect that to be zero going forward,” while noting some M&A and transformation-related variance will remain. On asset management, Adler said the turnaround in net new revenue is progressing faster than expected, with about “10-ish million… from true arm’s length third party” sources despite ongoing LDI outflows. On the Blackstone partnership for North American private credit, Mee said it provides “diversified sourcing channels” and cited a first investment: “lending money on a triple net lease… called Ahold,” noting a “significant premium” versus public markets. Other topics included PRT competitiveness and pricing discipline, workplace flows being “lumpy” due to scheme timing rather than seasonality, and management’s view that near-term yield assumptions are “not a headwind for 2026.” The full transcript can be accessed through the link below.
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