Legal & General reported a 6% rise in full-year core operating profit to £1.62bn (£1.65bn expected). Performance was driven by continued growth in the institutional retirement and retail divisions, while asset management profits were broadly flat.
Pension risk transfer (bulk annuity) volumes increased to £11.8bn over the year. Assets under management rose 5% to £1.2trn.
The Solvency II coverage ratio, a measure of balance sheet strength, fell from 232% at the end of 2024 to 210%. That reflects future dividend payments, and a new £1.2bn buyback that was supported by the sale of its US insurance unit.
A full-year dividend of 21.79p was announced, up 2%.
Growth in 2026 core operating EPS is expected to be at the top end of the 6-9% three-year target range (up 9% in 2025).
The shares fell 5.3% in early trading.
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Legal & General key facts
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