LONDON, July 2, 2026, 20:01 BST
- Legal & General Group Plc (LON:LGEN) finished 1.75% higher at 291.4p. Trading volume was 48% of the 65-day average.
- The company had used up 34% of its £1.2 billion buyback by June 26, paying an average price of 257.44p.
- Legal & General said in a July 1 voting-rights notice that issued shares and voting rights stood at 5.540 billion after more cancellations on June 29 and 30.
- L&G lifted its bond tender cap to £500 million, up from £200 million, right after it priced new restricted Tier 1 notes.
Legal & General Group Plc (LON:LGEN) climbed 1.75% to 291.4p Thursday, putting the stock 3.6% under its 52-week top of 302.3p. The FTSE 100 closed up 1.67% at 10,652.87 as weaker U.S. jobs numbers eased pressure from possible Fed rate hikes.
L&G shares changed hands at less than half their usual volume, with 12.71 million shares traded, MarketWatch data showed. That’s 48% of the 65-day average of 26.72 million. Even so, the stock moved with the wider UK market rally.
| Thursday tape | Legal & General | FTSE 100 |
|---|---|---|
| Close | 291.40p | 10,652.87 |
| Day move | up 1.75% | up 1.67% |
| Day range | 286.40p to 291.90p | 10,436.76 to 10,694.94 |
| One-month move | up 7.05% | up 3.10% |
| Volume | 12.71 million, 48% of 65-day average | — |
The buyback numbers are less talked about. L&G picked up 157.5 million shares up to June 26, spending £408.5 million, or 257.44p apiece on average. Shares ended Thursday 13.2% higher than that buyback average. That’s about £50.5 million in added market value versus what the company paid.
| Capital item | Latest disclosed or calculated figure |
|---|---|
| Buyback authorisation | £1.2 billion |
| Spend through June 26 | £408.5 million |
| Buyback spent | 34.0% of plan |
| Shares bought through June 26 | 157.5 million |
| Average buyback price | 257.44p |
| Extra shares bought June 29-30 | 1.1 million |
| Latest issued shares/votes after cancellation | 5.540 billion |
| SAYE shares admitted July 1 | 2.9 million |
That affects per-share figures. Legal & General put 2.915 million new ordinary shares into its Sharesave Scheme for the May 30-June 30 window. That’s about 0.053% of the current voting rights, and around 1.8% of buybacks so far this year. The buyback still pulls the share count lower overall, not the shares from the employee scheme.
The smaller equity isn’t the full picture on capital. L&G bumped up the cap on its multi-series bond tender to £500 million from £200 million right after it priced new sterling fixed-rate reset perpetual restricted Tier 1 contingent convertible notes. The offer includes a $850 million 2047 subordinated note with sterling bonds due 2031, 2033, and 2041; any debt bought will be cancelled.
For shareholders, the buyback and the tender land in different places on the balance sheet. The buyback cuts the equity denominator. The tender moves the debt stack and changes when redemptions are expected. At Thursday’s price, the £791.5 million left in the buyback program would pick up about 272 million shares if used at that price. That works out to around 4.9% of the current voting-rights base.
The March solvency numbers missed the mark. L&G posted a 210% pro-forma Solvency II coverage ratio, falling short of the 221% consensus from Visible Alpha. RBC Capital Markets analysts said it was a “significant” miss. But CEO Antonio Simoes told Reuters the company was “very comfortable” with its solvency ratio, adding: “In two years, we’ve reshaped the company.” Morningstar
L&G’s consensus page, updated on March 5, shows 2026 core operating EPS at 24.24p and a 2026 dividend of 22.22p. With Thursday’s close at 291.4p, that puts the shares at about 12 times expected 2026 core operating earnings and gives a projected yield near 7.6%.
