Legal & General Group PLC (OTCPK:LGGNY)
$ 14.453 0.08 (0.56%) Market Cap: 16.85 Bil Enterprise Value: 4.68 Bil PE Ratio: 48.34 PB Ratio: 3.36 GF Score: 42/100
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Legal & General Group PLC IFRS 17 Investor and Analyst Event (Pre-Recorded) Transcript

Nov 29, 2022 / 02:00PM GMT
Release Date Price: $15.23 (-0.39%)
Stuart Jeffrey Davies
Legal & General Group Plc - CFO & Executive Director

Good afternoon, everyone. Welcome to our IFRS 17 Education Event. The aim today is to provide an introduction to IFRS 17 and show how it applies to Legal & General. We will talk you through our approach and some of the decisions we have made and how these will indicatively impact the balance sheet and P&L.

Before I start, please note that the usual forward-looking statements apply. The information and numbers are preliminary, unaudited and subject to change as we continue to refine the output.

Some headline messages to start. IFRS 17 is an accounting change only. It does not lead to a change in the underlying economics of our annuity and protection businesses. It simply changes the timing of profit recognition. It does not impact earnings from our non-insurance businesses like LGIM or LGC. And more generally, it does not impact our strategy or our solvency position. It does not impact capital or cash generation, and it does not impact our dividend-paying capacity or appetite.

IFRS 17

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