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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Legal & General Plc    LGEN   GB0005603997

LEGAL & GENERAL PLC

(LGEN)
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Legal & General : L&G CEO backs changes to UK insurance rules after Brexit transition

11/24/2020 | 06:38am EST
FILE PHOTO: Nigel Wilson, CEO of Legal & General Group PLC, speaks during an event to launch the private finance agenda for the 2020 United Nations Climate Change Conference (COP26) at Guildhall in London

LONDON (Reuters) - Nigel Wilson, CEO of British insurer Legal & General, said on Tuesday he backed potential changes to the way the industry is regulated after Britain's Brexit transition period with the European Union ends in December.

Wilson told the Reuters Events Future of Insurance Europe conference he supported a Bank of England review into the EU's so-called Solvency II capital rules currently in operation, including potentially expanding the range of assets insurers could hold.

"There's a good positive feeling that actually giving us access, and the right to invest, in lots of different and new asset classes is a much better solution than... buying old asset classes," Wilson said.

Solvency II is an EU law that dictates the amount of capital an insurer must hold against its asset portfolio to ensure it has enough protection against insolvency, with liquid assets treated more favourably than illiquid ones like infrastructure.

Wilson said other parts of the current EU Solvency II regime were "overly technical" and could be "moderated" whilst still reaching the same or better outcome, and would not be "capital arbitrage or regulatory arbitrage".

"This is just giving us less requirement to do excessive structuring, which I think we and the regulators would agree is the right thing to do."

Wilson also said the "very bizarre" rules around the so-called risk margin could comfortably be changed.

The rules had required some companies to hold more capital than peers in other countries, he said.

The risk margin refers to the potential cost for a failing insurer to transfer its policies to a third party and does not cover actual expected claims.

(Reporting by Simon Jessop; editing by Carolyn Cohn and Jane Merriman)

By Carolyn Cohn and Simon Jessop


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.03% 0.88528 Delayed Quote.-0.60%
LEGAL & GENERAL PLC -3.03% 250 Delayed Quote.-3.16%
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Financials
Sales 2020 32 991 M 45 159 M 45 159 M
Net income 2020 1 664 M 2 277 M 2 277 M
Net Debt 2020 1 149 M 1 572 M 1 572 M
P/E ratio 2020 8,89x
Yield 2020 7,10%
Capitalization 14 840 M 20 338 M 20 314 M
EV / Sales 2020 0,48x
EV / Sales 2021 0,38x
Nbr of Employees 8 542
Free-Float 97,4%
Chart LEGAL & GENERAL PLC
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Technical analysis trends LEGAL & GENERAL PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 279,56 GBX
Last Close Price 2,50 GBX
Spread / Highest target 15 100%
Spread / Average Target 11 082%
Spread / Lowest Target 6 500%
EPS Revisions
Managers and Directors
NameTitle
Nigel David Wilson Group Chief Executive Officer & Executive Director
John Kingman Chairman
Jeff Davies Group Chief Financial Officer & Executive Director
Julia Susan Wilson Senior Independent Non-Executive Director
Lesley Mary Samuel Knox Independent Non-Executive Director
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