Legal & General outstrips its five-year EPS growth ambition

Legal & General has reported buoyant results for 2019. The company said its strategy of inclusive capitalism, underpinned by structural growth drivers, has enabled it to achieve its five-year EPS growth ambition in four years, growing 58 percent since 2015.

The company’s 2019 profit after tax was up 16 percent to £1.7 billion (2018: £1.4 billion). Insurance gross written premiums were up 6 percent to £2.7 billion, compared to £2.5 billion in 2018. Operating profit was £2.1 billion, up 12 percent from the 2018 figure of £1.9 billion.

Legal and General Investment Management external net flows were £86.4 billion, compared to £42.6 billion in 2018.

“Our five growing, profitable and increasingly international businesses compete in attractive, growing markets and work together to deliver economically and socially useful customer solutions,” said group CEO Nigel Wilson. “Society’s increasing focus on net zero carbon, ESG investing and levelling up through investment in all regions plays to our strengths, creating future growth opportunities. Having delivered EPS growth of 16 percent to 28.7p, dividends up 7 percent to 17.57p, and a 20 percent plus ROE, we are well-positioned for the future and we remain ambitious.”