Legal & General Group Plc L&G completes acquisition of New Life (1807J)
01 April 2015 - 1:14PM
UK Regulatory
TIDMLGEN
RNS Number : 1807J
Legal & General Group Plc
01 April 2015
Legal & general COMPLETES ACQUISITION OF NEW LIFE HOME
FINANCE LIMITED
Legal & General Group plc ("Legal & General") has today
completed the acquisition of New Life Home Finance Limited
("Newlife") for a consideration of GBP5m following receipt of FCA
approval.
Newlife, a privately owned UK-based provider of lifetime
mortgage products, was founded in 2003 to manufacture and provide
lifetime mortgages designed to assist homeowners to raise cash
against the security of their property while continuing to own and
live in their homes.
Kerrigan Procter, Managing Director, Legal & General
Retirement said:
"I'm delighted the acquisition has been completed and welcome
the Newlife team to Legal & General. This transaction means
Legal & General can participate fully in the lifetime mortgage
market which will also provide another attractive source of direct
investment assets to back Legal & General annuity liabilities.
We have been pleased with the number of applications Newlife has
received since we became the sole funder on 9th February 2015 and
the positive response we have had from lifetime mortgage advisers
to our entry into the market."
- ENDS -
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Stephen Thomas Investor Relations Manager 020 3124 2047
Media:
John Godfrey Corporate Affairs Director 020 3124 2090
Richard King Head of Group Corporate Communications 020 3124
2095
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider
of insurance, savings and investment management products in the UK.
The Group has a market capitalisation of GBP17bn (as at 31(st)
March 2015) and is responsible for investing GBP709bn worldwide (as
at 31st December 2014) on behalf of investors, policyholders and
shareholders. We have over seven million customers in the UK for
life assurance, pensions, investments and general insurance plans
and over one million customers in the US who rely on us for life
assurance. In 2014, Legal & General's operating profit (on the
IFRS basis) was GBP1,275m and earnings per share were 16.70p for
the period, an increase of 10% for both respectively.
For more information on Legal & General, please see
http://www.legalandgeneralgroup.com/
New Life Home Finance Limited
Newlife was originally formed in 2003 with the objective of
capitalising on the growing opportunities emerging in the equity
release market. It very quickly established itself as one of very
few lenders specialising in providing award winning equity release
products to the over 60s.
In 2013 Newlife Group was granted full permission by the
Financial Conduct Authority (FCA) to administer regulated mortgages
from completion to redemption and the business now operates as a
full service provider in the retirement market by retailing,
underwriting, completing and administering lifetime mortgages and
home reversion plans. Its products are retailed exclusively through
a fully authorised and regulated panel of more than 700
intermediaries which meet stringent criteria. All of its lifetime
mortgages and home reversions comply with the Equity Release
Council Statement of Principles.
Newlife Group is a member of the Council of Mortgage Lenders
(CML), is authorised and regulated by the Financial Conduct
Authority (FCA) and is also a member of the Equity Release Council,
the equity release industry trade body.
For more information on Newlife, please see
http://www.newlife-uk.com/
Forward-looking statements
This announcement may contain certain forward-looking statements
relating to Legal & General, its plans and its current goals
and expectations relating to future financial condition,
performance and results. By their nature, forward-looking
statements involve uncertainty because they relate to future events
and circumstances which are beyond Legal & General's control,
including, among others, UK domestic and global economic and
business conditions, market related risks such as fluctuations in
interest rates and exchange rates, the policies and actions of
regulatory and Governmental authorities, the impact of competition,
the timing impact of these events and other uncertainties of future
acquisition or combinations within relevant industries. As a
result, Legal & General's actual future condition, performance
and results may differ materially from the plans, goals and
expectations set out in these forward-looking statements and
persons reading this announcement should not place reliance on
forward-looking statements. These forward-looking statements are
made only as at the date on which such statements are made and
Legal & General Group Plc does not undertake to update
forward-looking statements contained in this announcement or any
other forward-looking statement it may make.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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