Legal & General Plc ("Legal & General" or the "Group") today provides investors and analysts with an update on our transition to IFRS 17. Access slides here: link
No Change To Strategy, Solvency Or Dividends
IFRS 17 - a global standard implemented by the sector on 1 January 2023 - is an accounting change which does not affect our strategy, solvency or dividends. The Board's confidence in the Group achieving its 5-year ambitions remains unchanged. IFRS 17 does not change the underlying economics of our insurance contracts. It does not impact LGIM or LGC. It only impacts the reporting of our annuity and protection businesses (LGRI, Retail), changing the timing of recognition of earnings from these products but not the quantum.
On Track To Achieve Our Ambitions
We remain on track to achieve our 5-year ambitions. Over 2020-2024, we expect to generate £8-9bn of capital, to grow EPS faster than DPS[1], and cumulatively for net surplus generation to exceed dividends. As previously stated, the Board's aim is to continue to grow the dividend at 5% per annum to FY24.
https://www.investegate.co.uk/announcem ... te/7613216
Also posted on Company News here; viewtopic.php?p=599961#p599961
LGEN are my largest holding in capital value terms in my 28 share HYP, in fact, they're a double holding. I'm reassured by the comment above regarding the LGEN dividend.
Ian.