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LEGAL & GENERAL GROUP PLC
Market cap ($bn) Rights issue
2007 2017
RBS 109.9 39.0 2008 - £12bn
Lehman Brothers 29.1 - 2008 - $8bn
BoAML 224.9 254.2 2008 - BoA bought ML - $50bn
Deutsche Bank 65.6 33.1 2017 - $8.6bn
UBS 108.2 63.1 2008 - $15.5bn
Market cap ($bn)
2007 2017
Amazon 33.0 469.9
Apple 120.4 847.4
Facebook - 499.5
Google 160.8 654.2
Microsoft 269.4 569.5
LEGAL & GENERAL GROUP PLC
LEGAL & GENERAL GROUP PLC
Market capitalisation versus book value
Market cap
(£bn)
Book value
(£bn)
Market cap/ BV
% Rights Issue/Cash call
2007 2017 2007 2017 2007 2017
Barclays 41.9 32.7 21.0 56.2 200 58 2008 - £11.8bn, 2013 - £5.8bn
RBS 54.5 30.1 41.5 49.2 131 61 2008 - £12bn
Standard Chartered 21.5 25.5 19.0 51.1 113 50 2008 - £1.8bn, 2010 - £3.3bn, 2015 - £3.3bn
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LEGAL & GENERAL GROUP PLC
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Our active manufacturing and management of long
duration assets and liabilities sits at the heart of our business, creating competitive advantage, market leading positions and increasing relevance
to all our stakeholders
Innovating efficiently and accelerating the evolution of
our business model, with excellent execution and a
positive culture, has resulted in consistently improving
financial performance
For 180 years, L&G has
prospered through
manufacturing and distributing
economically and socially
useful products and services
to our customers
Our successful growth strategy is based around six long term and increasingly important macro-economic and demographic drivers of
growth
LEGAL & GENERAL GROUP PLC
Operating profit £m Divisions H1 2017 % Market position and share2
Asset
Management
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Insurance
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Savings •
LEGAL & GENERAL GROUP PLC
LEGAL & GENERAL GROUP PLC
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LEGAL & GENERAL GROUP PLC
654
2075
2007 2017*
Earnings per share (p)
12.4 13.8
15.2 16.7
18.2
21.2
15.9
2011 2012 2013 2014 2015 2016 H1 2017 2020
A positive start: 2016 EPS up 17%, RoE 19.6%
H1 2017 EPS up 41%
Consensus
RoE % 14.9 15.4 16.1 16.9 17.7 19.6
LEGAL & GENERAL GROUP PLC
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12 LEGAL & GENERAL GROUP PLC
LEGAL & GENERAL GROUP PLC
199
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199
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1Q
08
3Q
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1Q
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3Q
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1Q
10
3Q
10
1Q
11
3Q
11
1Q
12
3Q
12
1Q
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3Q
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1Q
14
3Q
14
1Q
15
3Q
15
1Q
16
3Q
16
1Q
17
NO
R
LU
X
BE
L
US
A
CA
N
SW
E
FIN
FR
A
AU
T
ITA
NLD
UK
LEGAL & GENERAL GROUP PLC
1900 1960 1990 > 2010
LEGAL & GENERAL GROUP PLC
LEGAL & GENERAL GROUP PLC
Growth drivers Legal & General’s Actions Broader Economic Potential
Ageing
demographics
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Globalisation of
asset markets
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Creating real assets •
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Welfare reforms •
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Technological
innovation
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Today’s capital •
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Sep 0
7
Feb
08
Jul 08
De
c 0
8
Ma
y 0
9
Oct 09
Ma
r 10
Aug 1
0
Jan 1
1
Jun 1
1
No
v 1
1
Apr
12
Sep 1
2
Feb
13
Jul 13
De
c 1
3
Ma
y 1
4
Oct 14
Ma
r 15
Aug 1
5
Jan 1
6
Jun 1
6
No
v 1
6
Apr
17
Sep 1
7
No
rma
lise
d s
hare
price
LEGAL & GENERAL GROUP PLC
10 YEAR TSR
Legal & General 173%
FTSE 350 Life 115%
FTSE 100 77%