London, June 24, 2026, 14:04 BST
- Shares slip 0.2% to 285.2p, about 6% below their 2026 high.
- Latest buyback spend is 92% below the programme’s busiest week.
- L&G has used £395.2 million of its £1.2 billion authorisation.
Legal & General Group Plc shares edged 0.2% lower to 285.2 pence in Wednesday afternoon trade. The stock was about 5.7% below its 302.3p high for the year. The company was valued at £15.63 billion and carried a quoted dividend yield of 7.56%.
A June 22 filing showed the insurer bought 1,988,916 shares from June 15 through June 17 as part of its share buyback, in which it purchases and cancels its own stock. The latest purchases reduced the number of shares in issue to 5.546 billion.
L&G spent £5.62 million in the latest period, 92% less than the £72.21 million used in the programme’s busiest week from April 27 to May 1. Since March, it has spent £395.2 million, or 32.9% of the authorisation, on 154.9 million shares at an average price of 257.44p. The current price is about 11% above that average. The cancellations have cut the pre-programme share count by about 2.7%. The remaining £804.8 million equals roughly 5.1% of Wednesday’s market value.
Chief Executive António Simões called the repurchase “the largest in our history” when it was announced in March. L&G reported 2025 core operating profit of £1.62 billion, up 6%, while core earnings per share rose 9%. It wrote £11.8 billion of pension risk transfer business, where an insurer takes responsibility for defined-benefit pension obligations. Legal & General Group
Aviva, a UK peer, resumed a £350 million buyback in March. L&G’s programme is more than three times larger in cash terms, though the two insurers have different business mixes.
The shares already trade above the median 12-month target of 257p from 13 analysts. Estimates range from 185p to 353p.
But the buyback does not remove balance-sheet and earnings risk. L&G’s reported Solvency II ratio — capital held against its regulatory requirement — fell to 203% from 232% for 2025, while the pro forma figure was 210%. A weaker credit market or lower equity prices could cut capital generation. More competition in bulk annuities could squeeze returns on new pension deals.
L&G is due to report half-year results at 0700 BST on August 5. Its shares are scheduled to trade without entitlement to the next dividend from August 20.
