Legal & General plc (LGEN) - Full Year Results.

[idpickering]

Core operating profit up 6%, executing our growth strategy with a sharper focus and enhanced returns, with a £500m buyback
António Simões, CEO:

"2024 has been a year of significant strategic progress and strong financial performance. We delivered 6% growth in our core operating profit and core EPS, alongside excellent new business volumes, while investing for the future.

We are seeing positive commercial momentum as we execute our strategy with rigour and pace. By sharpening our focus and simplifying our portfolio - through the sale of Cala and US Protection - alongside our strategic partnership with Meiji Yasuda and our investment in Taurus, we are strengthening our ability to generate sustainable growth in our core businesses: Institutional Retirement, Asset Management and UK Retail. We stated at our Capital Markets Event that we intended to return more to shareholders and that is exactly what we are doing. Our clear capital allocation framework supports our plan to return over £5 billion over the next three years, through dividends and buybacks.

Looking ahead, our momentum demonstrates why we are confident in our ability to deliver on our ambitious targets, directing our capital and expertise where they can create lasting value, and making a meaningful impact for customers, shareholders and communities."

https://www.investegate.co.uk/announcem ... -1/8774547


L&G Full Year Results 2024 Part 2.

Subsequent to 31 December 2024, the directors declared a final dividend for 2024 of 15.36 pence per ordinary share. This dividend will be paid on 5 June 2025. It will be accounted for as an appropriation of retained earnings in the year ended 31 December 2025 and is not included as a liability in the Consolidated Balance Sheet as at 31 December 2024.

https://www.investegate.co.uk/announcem ... -2/8774701

I hold these in my HYP, and know others here do too.

Ian.

[vand]

A 6% increase in bottom line is perhaps slightly underwhelming, but solid enough. It's a 5% increase in the final dividend from last year, maintaining their recent 5% divi growth rate, so HYPers should be happy enough.

[funduffer]

A 6% increase in bottom line is perhaps slightly underwhelming, but solid enough. It's a 5% increase in the final dividend from last year, maintaining their recent 5% divi growth rate, so HYPers should be happy enough.

Indeed.

I have held LGEN for 9 years. No cuts, over 5% dividend CAGR. Small capital loss, but who cares? It keeps on delivering income.

FD

[Gerry557]

The divi is going to be plus 2 percent going forward but probably more buyback to compensate.

[Padders72]

The divi is going to be plus 2 percent going forward but probably more buyback to compensate.

This is true but since the yield is currently approaching 9%, there is scope for a solid total return gain even when this is the case.

[midgesgalore]

A 6% increase in bottom line is perhaps slightly underwhelming, but solid enough. It's a 5% increase in the final dividend from last year, maintaining their recent 5% divi growth rate, so HYPers should be happy enough.

Indeed.

I have held LGEN for 9 years. No cuts, over 5% dividend CAGR. Small capital loss, but who cares? It keeps on delivering income.

FD

It has been good for me too, with my first purchase back in April 2006 with copious top - up purchases.
The only cuts in the tenure in my portfolio started in June 2009, lasting to May 2012. where the full annual dividend of 5.97p recovered and surpassed to 6,4p. Since then (except the hold during the covid crisis) the annual dividend has done really well in reaching 21.36p when paid in June later this year.

A very acceptable income stock but not a total return to shoot the lights out.
My total return with be around 55% by then - assuming the price doesn't move much

midgesgalore

[daveh]

Indeed.

I have held LGEN for 9 years. No cuts, over 5% dividend CAGR. Small capital loss, but who cares? It keeps on delivering income.

FD

It has been good for me too, with my first purchase back in April 2006 with copious top - up purchases.
The only cuts in the tenure in my portfolio started in June 2009, lasting to May 2012. where the full annual dividend of 5.97p recovered and surpassed to 6,4p. Since then (except the hold during the covid crisis) the annual dividend has done really well in reaching 21.36p when paid in June later this year.

A very acceptable income stock but not a total return to shoot the lights out.
My total return with be around 55% by then - assuming the price doesn't move much

midgesgalore

I bought 3 tranches in 2016 at 200 and a bit with the bit being either side of todays price. So the share price has basically been flat for 8 years, but they have paid a steadily rising dividend since that went from 7.5 units in 2017 (1st full year) to 10.6 units in 2024, which is a very nice growth in the dividend. The share price must start to catch up at some point mustn't it?

[Arborbridge]

A very acceptable income stock but not a total return to shoot the lights out.
My total return with be around 55% by then - assuming the price doesn't move much

midgesgalore

Agreed - a good stock for those living on dividends.

We should all note that those who come in shooting the lights out, usually end up in gaol (or jail, in the best Westerns, I believe).

[johnstevens77]

I bought a tranch this month from sale of Dunedin Income Growth. Better annual dividend increases and higher yield.

John

[micrographia]

I started buying LGEN in 2015 when it was on a forecast yield of 5%. Brought it up to a full holding in my HYP by the end of 2017 and occasionally topped up since. Last was in 2023 and it's next on my buy list to bring up to a full holding again. Like others, pretty much breaking even on capital. Been an excellent HYP share, but for most of the last few years it's been competing with PHNX and MNG for top ups. Financials as a whole are now approaching my limit for contribution to income stream, so it may well be my only purchase from the sector this year.

EEM