London, July 7, 2026, 17:02 (BST)
- Legal & General was quoted at 293.90p to sell and 294.00p to buy, up 0.19%, after touching 295.80p.
- The latest weekly buyback took total spend to £425.9 million, 35.5% of the £1.2 billion plan.
- The programme has retired 165.6 million shares so far, about 3.0% of post-cancellation voting rights.
- A £500 million Restricted Tier 1 contingent convertible note is due for trading admission on July 8.
Legal & General Group Plc LON:LGEN has spent more than a third of its £1.2 billion buyback while its share price stands less than 3% from its year high. For income funds, the price paid in the buyback has become the main near-term number.
The London cash session had ended at the dateline. The London Stock Exchange’s normal weekday trading hours are 0800 to 1630 local time.
AJ Bell’s delayed feed showed Legal & General at 293.90p to sell and 294.00p to buy, up 0.19%. The day’s high was 295.80p. The year high was 302.30p and the year low was 217.20p. Its market value was £16.07 billion and the quoted dividend yield was 7.56%.
The company said on Monday it had bought 6.06 million shares from June 29 to July 3 through Barclays Capital Securities. The shares will be cancelled, taking total issued share capital and voting rights to 5.54 billion.
Company buyback records show the average purchase price in the latest week at £2.8790 and total programme spending at £425.94 million by July 3. The following figures combine those records with the latest delayed price.
| Buyback measure | Latest week | Since programme start | Investor read-through |
|---|---|---|---|
| Shares bought | 6.0619 million | 165.5708 million | Total equals about 3.0% of current voting rights |
| Average price | £2.8790 | £2.6156 | Current sell quote is 2.1% above latest-week average and 12.4% above programme average |
| Cash used | £17.45 million | £425.94 million | 35.5% of the £1.2 billion plan has been spent |
| Cash left | — | about £774.1 million | Static value at 293.90p equals about 263 million shares |
That matters because the buyback is still working below the current market price. If the stock stays near 294p, each remaining pound retires fewer shares than it did earlier in the programme, when the average price was about 262p.
The capital side is active too. Legal & General published an offering memorandum for the issue on July 7 of £500 million of Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes and applied for admission to the London Stock Exchange’s International Securities Market from July 8.
The equity and debt actions sit on a March capital-return plan. Chief Executive António Simões said then that L&G had made “meaningful progress in reshaping L&G”; the company said the £1.2 billion buyback plus planned dividend growth would take planned shareholder returns to £2.4 billion over the next year. Legal & General Group
Full-year numbers give the buyback room to matter. Core operating profit rose 6% to £1.62 billion, core operating EPS rose 9%, the pro forma Solvency II coverage ratio was 210%, and the dividend per share was 21.79p, up 2%.
The yield story is less cheap than it looks on a five-year screen. A July 6 London Stock Exchange/FTSE Russell tear sheet put the trailing 12-month dividend yield at 7.43%, below its observed median of 8.11% since 2021; the observed range was 5.79% to 9.51%.
Against large London-listed peers, Legal & General still had the richest quoted yield. It did not have the lowest earnings multiple.
| Stock | Delayed sell quote | Day move | Dividend yield | Market value | P/E | Gap to year high |
|---|---|---|---|---|---|---|
| Legal & General Group Plc LON:LGEN | 293.90p | +0.19% | 7.56% | £16.07 billion | 35.33 | 2.8% |
| Aviva PLC LON:AV. | 679.00p | +0.47% | 6.10% | £20.31 billion | 24.32 | 3.1% |
| M&G PLC (LON:MNG) | 345.70p | +0.32% | 6.14% | £8.25 billion | 27.15 | 0.7% |
| Prudential PLC LON:PRU | 1,033.00p | -1.06% | 1.94% | £25.69 billion | 8.72 | 16.6% |
At 293.90p, the remaining £774.1 million equals about 263 million shares before costs and price moves, around 4.8% of current voting rights.
