LONDON, March 25, 2026, 14:35 GMT
Legal & General shares climbed Wednesday, after the British insurer and asset manager announced a strategic partnership with Manulife Wealth & Asset Management the previous day. The stock traded at 243.5 pence as of 13:15 GMT, showing a gain of roughly 1.8% from Tuesday’s 239.3p close, according to company and exchange data.
This latest deal lands as L&G keeps working to regain investor trust after missing key metrics in its March 11 results and revealing a softer solvency cushion—even with that record £1.2 billion buyback. Chief Executive Antonio Simoes claimed earlier this month, “in two years, we’ve reshaped the company.” Still, the stock has mostly drifted sideways since Simoes stepped in at the start of 2024. Over the same stretch, Aviva climbed nearly 44%, and the FTSE 100 rose around 34%, according to Reuters. Reuters
The partnership between Manulife and L&G stretches across distribution, investment management, and developing new products, with plans to include offerings in both public and private markets—think alternative credit, fixed income, multi-asset strategies, plus real estate and infrastructure. Eric Adler, chief executive at L&G Asset Management, described the deal as “another example” of the company’s habit of using its “build, partner or buy” approach to go after international growth. PR Newswire
Traditional fund managers are increasingly turning to that strategy, chasing higher-fee opportunities in private markets as squeezed margins persist in listed equities and bonds. Just last month, Reuters said Schroders had teamed up with Apollo to create new retirement and wealth products—another sign that partnerships are emerging as a preferred path for asset managers looking to expand.
Wednesday brought gains in a market that had already strengthened. By 10:28 GMT, the FTSE 100 was showing a 1.1% rise, helped by optimism over a possible Middle East ceasefire. Shares in L&G edged higher from the previous close, but stayed under their 52-week peak of 279.5p.
L&G posted a core operating profit of £1.623 billion for 2025, a 6% rise, while core earnings per share increased 9%. The company’s pro forma Solvency II coverage ratio stood at 210%, underscoring its capital position. Between March 16 and March 20, the group snapped up 7.2 million shares as part of its buyback programme, it announced on March 23.
Caution still dominates among sell-side analysts. Matt Britzman at Hargreaves Lansdown thought the market’s response after results was “a little harsh.” Over at AJ Bell, Dan Coatsworth described the profit miss as “not catastrophic.” Elsewhere, broker ratings gathered by Alliance News revealed Citigroup bumped its target price up to 249p on Tuesday but stuck to its neutral view. Hargreaves Lansdown
The new partnership hasn’t resolved the stock’s central debate. According to the Financial Times, KBW analyst William Hawkins labeled L&G’s solvency figure a “big miss.” If it takes a while for these deals to yield fees, or if market conditions deteriorate again, that lift on Wednesday could easily fade. Wall Street Journal
