Press releases
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 over £1.2 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2022
Legal & General Retirement Institutional (LGRI) 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 UK Retirement annuity book stands at over £89 billion as at 9 March 2022, of which over £28 billion is invested in direct investments that deliver positive social and environmental impacts, such as clean energy and affordable housing.
Our Client Services’ 12-month rolling Net Promoter Score (NPS) is above +70, which is widely regarded as being at a “world class” level.
*at 31 Dec 2021