Legal & General Group Plc L&G COMPLETES THE SALE OF COFUNDS TO AEGON (1223T)
03 Januar 2017 - 8:30AM
UK Regulatory
TIDMLGEN
RNS Number : 1223T
Legal & General Group Plc
03 January 2017
LEGAL & GENERAL COMPLETES THE SALE OF COFUNDS AND IPS TO
AEGON
As previously notified on the 11(th) August 2016, Legal &
General Group plc ("Legal & General") has today announced the
completion of the sale of Cofunds and IPS to Aegon.
This is the third transaction completed with Aegon by Legal
& General. These transactions are the acquisition of Aegon's
GBP2.9 billion annuity back book, the 5 year individual annuity
distribution agreement for Aegon pension customers with Legal &
General, and the acquisition of Cofunds and IPS by Aegon.
Legal & General's strategy is focused on scalable businesses
in growth markets, where it can deliver attractive returns on
capital. Legal & General has developed a market leading,
scalable, international define contribution business. As Cofunds is
at a point it requires significant upgrade in technology to exploit
its leadership position, its long-term ownership and growth
potential are best achieved under the ownership of a specialist
wealth platform provider.
ends
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Sujee Rajah Investor Relations Manager 020 3124 2047
Media:
Richard King Head of Group Corporate Communications 020 3124
2095
Notes to editors:
Legal & General Group Plc:
1. 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 GBP14.74bn (as
at 30 December 2016) and is responsible for investing GBP841.5bn
worldwide (as at 30 June 2016) on behalf of investors,
policyholders and shareholders.
2. Legal & General has 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.
3. In 2015, Legal & General's operating profit (IFRS basis)
was GBP1,455m and adjusted earnings per share were 18.58p for the
period, an increase of 14% and 11% respectively. For H1 2016 Legal
& General's adjusted operating profit was GBP822m, an increase
of 10%, profit before tax attributable to equity holders was
GBP826m, an increase of 23%, adjusted earnings per share were
11.20p for the period, an increase of 14%, and net cash generation
of GBP727m, an increase of 16%.
For more information on Legal & General, please see
http://www.legalandgeneralgroup.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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