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-‘.
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, L&G 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 FY25) of which c. 43% (c. £0.5 trillion) is international. We have a highly synergistic business model, which continues to drive strong returns. We are a leading player in Institutional Retirement, in Retail Savings and Protection, and in Asset Management through both public and private markets. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.