However, the insurer and the pension provider are very diversified, with UBS analysts predicting growth in non-life and life insurance. Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and wealth management company headquartered in London, England. Products and services include investment management, lifetime mortgages (a form of equity release), annuities, annuities and life insurance. As of January 2020, it will no longer offer general insurance following the sale of Legal & General Insurance to Allianz.  It operates in the United Kingdom and the United States and has investment management firms in the Gulf region, Europe and Asia. Legal & General was founded in June 1836 by Sergeant John Adams and five other lawyers in a café in Chancery Lane.  Originally called the New Law Life Assurance Society, the company was limited to those who worked in the legal profession. The name was changed to Legal & General Life Assurance Society to reflect that the policies were available to the general public, but ownership of the shares was limited to those who worked in the legal profession. The group expanded into the UK and quickly began acquiring foreign life insurance companies by buying a retirement business from the Metropolitan Life Assurance Company of New York in the 1930s.  In May, Aviva CEO Amanda Blanc was forced to face sexist interjections from shareholders at the London AGM. With over a trillion pounds of assets under management (£1.4 trillion to be exact), L&G is one of the largest investment management firms in all of Europe. Their business is focused not only on the UK, but also on the US and internationally.
Legal & General Group was once an insurance company, but now most of its revenue comes from the investment management branch. The agreement to sell the insurance business was first announced in 2019 and in 2020 the Group sold the remaining part of L&G`s non-life insurance business to Allianz. Premiums start at £5 per month and depend solely on your age and smoking status (no medical information is required). Following our recent update on Aviva (AIVAF, OTCPK: AVVIY), we continue today with another UK entity called Legal & General Group Plc (LGGNF, OTCPK: LGGNY). The company operates in four divisions: however, most of the company`s investments and liabilities are very long-term. This seems to provide some protection against short-term events such as last year`s stock market crash. In 2019, following previous speculation, the company agreed to sell its general, legal and general insurance businesses to Allianz Insurance, while acquiring the remaining 51% in Liverpool Victoria General Insurance (LV=), of which it already owned 49%.  The acquisition came into effect on January 1, 2020, when Legal & General Insurance`s holding company was renamed Fairmead Insurance.  The existing policies will be merged into Allianz Insurance`s LV= subsidiary as part of an expanded business. Legal & General`s Birmingham office became an LV = location. This avoids a significant financial burden on loved ones and ensures that they can stay in the family home. In 2008, Legal & General bought Suffolk Life, a provider of self-invested retirement products, sold Suffolk Life in 2016 and also outsourced its IT development activities to TCS (Tata Consultancy Services).  The company established a joint venture with two Indian public sector banks, Bank of Baroda and Andhra Bank, in 2009 to establish IndiaFirst Life Insurance Company in India and outsource certain IT operations to IBM in October 2010.  In 2013, the company bought Lucida Life, a pension buyback company, for £151 million.   www.abi.org.uk/news/news-articles/2021/05/record-amount-paid-out-to-help-families-cope-with-bereavement-ill-health-and-injury/ Other executives include Jeff Davies (group CFO), Michelle Scrimgeour (CEO of Legal & General Investment Management, the company`s investment management arm) and Kerrigan Procter (CEO of the group`s investment business). Together with Nigel Wilson, they form the Board of Directors of Legal & General.  At Reasassure, we can perform this tedious process and never charge a fee for our service. Although they offer a very similar range of services, they are both independent companies and in no way connected to each other.
Disclosure: I/we do not have any similar shares, options or derivative positions in any of said companies and do not intend to open such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinion. I don`t receive any compensation for this (except from Seeking Alpha). I have no business relationship with a company whose shares are mentioned in this article. Aviva CEO Amanda Blanc has left her mark on the company since taking office in July 2020. After years of timid restructuring by former bosses, Blanc sold eight of the group`s international businesses in less than a year, bringing in £7.5 billion. In 2014, there was a “shocking” announcement that Legal & General would leave one of the approximately 300 member companies of the Association of British Insurers (ABI) due to the “decision to transfer its investment activities to the Investment Management Association”.  In the same year, the group sold its real estate brokerage business Xperience, which included 89 offices and 75 franchisees and operated as CJ Hole, Ellis and Co, Parkers and Whitegates, to Martin & Co. for £6 million This means that no work will be outsourced and any questions you have about the process can be answered directly. Typically, this will save you about 25% of your premiums each month. Going back to Comps` analysis, here`s what we note: A combination of extraordinary circumstances gives life insurance majors a new life of, well, life.
A combination of better actuarial assumptions – e.g. More and more people are dying earlier because of the pandemic – in addition to excellent market returns and divestitures, the sector`s bank balances have been depleted of cash to distribute to shareholders. Aviva (AV.) and, to a lesser extent, Legal & General (LGEN) have both benefited from reductions in their domestic markets and have committed to increased distributions and share buybacks. Therefore, stoic and solid stability is the name of the game, and it is these qualities, along with the long-term security and stability of the dividend, that make L&G our choice of revenue majors in this sector. From a sectoral perspective, this difference in revenue sources is the main reason for the different returns. The most important elements that make up Legal & General`s operating profit are: The company became a wholly owned division of Legal & General Group plc in the 1970s.  Legal & General Group, founded Legal & General America as a holding company in 1981 and purchased the Government Employees Life Insurance Company (GELICO) and its subsidiary in New York. The name GELICO was changed to Banner in 1983. William Penn was acquired by Legal & General Group Plc in 1989 as a wholly-owned subsidiary of Banner Life Insurance Company. She bought the Dutch branch of Contrast Assurance Group and also founded a company in France in the 1980s.  Phoenix Group announces restructuring of executive committee New Chancellor promises “Big Bang 2” to strengthen City of London With a share price of 423 pence, Aviva is trading at eight times expected earnings with a dividend yield of 5.7%. I think the stock still looks decent, but it`s not as cheap as it used to be.