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S&P upgrades Legal & General Reinsurance to ‘AA-’ to reflect core status; Outlook stable
Legal & General Reinsurance (L&G Re) announces today that ratings agency Standard & Poors (S&P) has upgraded its long-term financial strength rating from ‘A+’ to ‘AA-‘.
8 Feb 2021
Since L&G Re was formed in 2014, it has become an integral part of the Legal & General group's reinsurance strategy and S&P now considers L&G Re to be a core component of the group.
In 2019, L&G Re reported total profit and comprehensive income of £455 million on an IFRS basis versus the group's total profit after taxes of £1,810 million (about 25% of the group's total). In addition, L&G Re's equity accounted for about 14.5% of group shareholder's equity at year-end 2019.
L&G Re’s ratings upgrade by S&P aligns it with the ratings on the group’s other core operating entities. The stable outlook also parallels S&P’s outlook on the other members of the L&G group.
Further information
Margrit Williams
Director of External Engagement
Legal & General Capital
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Institutional Retirement works with trustees and sponsoring companies of defined benefit (DB) pension schemes of all sizes to settle their pension obligations and secure scheme members’ benefits, through a full range of buy-ins, buyouts and other de-risking solutions. Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level. Legal & General is the UK’s longest-standing active bulk annuity provider.
Our UK Retirement annuity book stands at an estimated £86.1 billion at 31 December 2023. Across the group over £30 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing. Legal & General provides income and pension security to more than a million retirement customers around the world.