market cap ($bn)market cap ($ rights issue · legal & general group plc market capitalisation...

LEGAL & GENERAL GROUP PLC

Market cap ($bn) Rights issue

2007 2017

RBS 109.9 39.0 2008 - £12bn

Lehman Brothers 29.1 - 2008 - $8bn

BoAML 224.9 254.2 2008 - BoA bought ML - $50bn

Deutsche Bank 65.6 33.1 2017 - $8.6bn

UBS 108.2 63.1 2008 - $15.5bn

Market cap ($bn)

2007 2017

Amazon 33.0 469.9

Apple 120.4 847.4

Facebook - 499.5

Google 160.8 654.2

Microsoft 269.4 569.5


Market capitalisation versus book value

Market cap

(£bn)

Book value

(£bn)

Market cap/ BV

% Rights Issue/Cash call

2007 2017 2007 2017 2007 2017

Barclays 41.9 32.7 21.0 56.2 200 58 2008 - £11.8bn, 2013 - £5.8bn

RBS 54.5 30.1 41.5 49.2 131 61 2008 - £12bn

Standard Chartered 21.5 25.5 19.0 51.1 113 50 2008 - £1.8bn, 2010 - £3.3bn, 2015 - £3.3bn

0

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Sep07

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Mar11

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Aug17

JPM US Equity RBS LN Equity

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100

150

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250

300

Sep07

Apr08

Nov08

Jun09

Jan10

Aug10

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Apr15

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PRU LN Equity PRU US Equity


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Our active manufacturing and management of long

duration assets and liabilities sits at the heart of our business, creating competitive advantage, market leading positions and increasing relevance

to all our stakeholders

Innovating efficiently and accelerating the evolution of

our business model, with excellent execution and a

positive culture, has resulted in consistently improving

financial performance

For 180 years, L&G has

prospered through

manufacturing and distributing

economically and socially

useful products and services

to our customers

Our successful growth strategy is based around six long term and increasingly important macro-economic and demographic drivers of

growth


Operating profit £m Divisions H1 2017 % Market position and share2

Asset

Management

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•

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Insurance

•

•

•

•

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Savings •


• •

• •

• •

• •


654

2075

2007 2017*

Earnings per share (p)

12.4 13.8

15.2 16.7

18.2

21.2

15.9

2011 2012 2013 2014 2015 2016 H1 2017 2020

A positive start: 2016 EPS up 17%, RoE 19.6%

H1 2017 EPS up 41%

Consensus

RoE % 14.9 15.4 16.1 16.9 17.7 19.6


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12 LEGAL & GENERAL GROUP PLC


199

8

199

9

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

1Q

13

3Q

13

1Q

14

3Q

14

1Q

15

3Q

15

1Q

16

3Q

16

1Q

17

NO

R

LU

X

BE

L

US

A

CA

N

SW

E

FIN

FR

A

AU

T

ITA

NLD

UK

1900 1960 1990 > 2010


Growth drivers Legal & General’s Actions Broader Economic Potential

Ageing

demographics

•

•

•

Globalisation of

asset markets

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Creating real assets •

•

•

Welfare reforms •

•

•

Technological

innovation

•

•

•

Today’s capital •

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•

Sep 0

7

Feb

08

Jul 08

De

c 0

8

Ma

y 0

9

Oct 09

Ma

r 10

Aug 1

0

Jan 1

1

Jun 1

1

No

v 1

1

Apr

12

Sep 1

2

Feb

13

Jul 13

De

c 1

3

Ma

y 1

4

Oct 14

Ma

r 15

Aug 1

5

Jan 1

6

Jun 1

6

No

v 1

6

Apr

17

Sep 1

7

No

rma

lise

d s

hare

price


10 YEAR TSR

Legal & General 173%

FTSE 350 Life 115%

FTSE 100 77%

market cap ($bn)market cap ($ rights issue · legal & general group plc market capitalisation...

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