2019 results: EPS1 up 16% to 28.7p, ROE 20.4%, record Pension Risk Transfer sales of £11.4bn and LGIM external net flows of £86bn

Our five growing, profitable and increasingly international businesses compete in attractive, growing markets and work together to deliver economically and socially useful customer solutions. Society’s increasing focus on net zero carbon, ESG investing and levelling up through investment in all regions plays to our strengths, creating future growth opportunities.

Having delivered EPS growth of 16% to 28.7p, dividends up 7% to 17.57p, and a 20% plus ROE, we are well - positioned for the future and we remain ambitious.Nigel Wilson, Group Chief Executive

Financial highlights²

• Operating profit from continuing divisions^3,4 up 17% to £2,514m (2018: £2,152m)
• Operating profit³ of £2,131m, up 12% (2018: £1,902m)
• Earnings per share¹ of 28.66p, up 16% (2018: 24.74p)
• Return on equity at 20.4% (2018: 22.7%)
• Full year dividend up 7% to 17.57p per share (2018: 16.42p)
• Profit after tax up 16% to £1,700m (2018: £1,468m) excluding mortality reserve release, including mortality reserve release profit after tax⁵ was £1,834m (2018: £1,827m)
• Net release from continuing operations up 15% to £1,606m (2018: £1,396m)
• Solvency II operational surplus generation up by 9% to £1.6bn (2018: £1.4bn)
• Solvency II coverage ratio⁶ of 184% (2018: 188%)

Business highlights

• Pension Risk Transfer sales⁷ of £11.4bn (2018: £9.1bn), including $1.1bn of US PRT (2018: $0.8bn)
• Individual annuity sales up 22% to £970m (2018: £795m)
• Group-wide Direct Investment up 34% at £25.7bn (2018: £19.2bn)
• LGIM AUM up 18% at £1,196bn (2018: £1,015bn)
• LGIM external net flows of £86.4bn (2018: £42.6bn)
• Insurance GWP up 6% to £2,729m (2018: £2,580m)