LONDON (ShareCast) - (Sharecast News) - Financial services and investment group Legal & General has maintained profit guidance for the full year and hinted at more returns for shareholders than previously announced.
Alongside a "deep dive" statement covering its Institutional Retirement division on Wednesday, L&G said it expects to return to shareholders a proportion of the capital not deployed on strain this year.

"This will form part of the board's wider consideration of buyback capacity, which will be set out at the FY24 results in March 2025 and would be incremental to the capital return intentions indicated at the Capital Markets Event in June," the company said.

Meanwhile, L&G said it was making "good progress" against its refreshed strategy and financial targets announced in June, which set out a vision for a simplified business structure and enhanced shareholder returns.

The company said it was on track to hit its guidance for mid-single-digit growth in operating profit in 2024, up from the £1.67bn reported in 2023.

Core operating earnings per share are estimated to increase at a CAGR of 6-9% over 2024 to 2027, operating return on equity between 2025 and 2027 should be more than 20% while the cumulative Solvency II capital generation should be £5-6bn between 2025 and 2027, L&G said.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE