IN BRIEF: Legal & General completes deal with Meiji Yasuda
Legal & General Group PLC - London-based insurer - Completes the sale of its US protection and US Pension Risk Transfer businesses, together its US insurance entity, to Japan's Meiji Yasuda Life Insurance Co for equity value of USD2.3 billion, with net proceeds of GBP1.8 billion. Also establishes a long-term partnership with Meiji Yasuda, which will acquire a 5% economic interest in L&G. Says the two firms offer a highly compelling US PRT proposition. Legal & General reports a solvency II capital generation of GBP1.2 billion and expects the proforma 2025 solvency II coverage ratio to increase by around 7 percentage points, allowing for an expected GBP1 billion share buyback from the sale proceeds. This brings its total planned share buyback value to GBP1.2 billion for 2026. Expects group IFRS profit exceeding GBP1.3 billion, reflecting the difference between sale proceeds and the US entity's adjusted carrying value in its balance sheet. Read More