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By Michael Susin
The Legal & General Group PLC on Friday welcomed the reform budget II set out by British Chancellor Jeremy Hunt in the Autumn Statement, and said it expects its work to be the same for the year. all to expectations.
“We believe that the proposals … represent good progress, and we will be able to make the necessary investments, including things: develop new infrastructure, and have part of the British government’s reform agenda, and supporting climate change,” he said.
The company expects the growth of profits for 2022 to be equal to the 8% posted in the first half and see a capital increase of 1.8 billion pounds ($2.14 billion).
Law & General estimates the coverage ratio as of Nov. 11 to be between 225% and 230%, mostly reflecting higher interest rates and operating balance issuance. The change to the risk margin is expected to increase the leverage ratio by 3 to 4 percentage points.
The company said its pension risk transfer business continues to grow with GBP9.3 billion of ongoing or secured negotiations, on top of GBP7.2 billion of global pension risk transfer awarded in 2021.
Write to Michael Susin at michael.susin@wsj.com
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