Legal & General Group plc

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Legal & General is a publicly-traded multi-national financial services company headquartered in London. It has operations in the UK and USA, with investment management businesses in the Gulf, Europe and Asia. Its products and services include life insurance, general insurance, pensions and investment management.
Legal & General Investment Management, the firm's asset management arm, is the 2nd largest institutional investment management firm in Europe, after BlackRock.

Corporate Political Engagement Rating:[1] Transparency International    B  

Climate Change Policy: Legal & General are financing the new Los Angeles Airport (LAX ConRAC) in the USA.ref

Company

Shareholders

Total float: 97.7%
Source: MarketScreener.svg, Mar.2020

Structure

All funds, investment vehicles, and finance-related companies are held in off-shore tax havens, such as Ireland, Jersey, Luxembourg and Bermuda.AR-2018, pp.213-223

Annuities:
  • Legal & General Retirement: time-limited annuity contracts with a guaranteed income; longevity insurance products for company pension schemes; lifetime mortgages.
Investment Management:
  • Legal & General Investment Management: index fund management; active fixed income and liquidity management; solution and liability driven investment; active equity; corporate pension scheme solutions; real estate funds.
Insurance:
  • Legal & General Insurance: insurance protection products, eg. health, disability, critical illness and accident; individual term assurance; savings and death benefits; and annuities.
  • General Insurance: household and accident, sickness, unemployment, and pet insurance products.

L&G is also involved in insurance agency and brokerage, institutional fund management, mortgage finance, housing development, and open ended investment businesses. It also engages in the real estate investment and trading, commercial lending, venture and development capital, private equity, investor alternative investment fund.

Timelines

Property

  • Jan.2019: purchased the long leasehold of a student halls of residence on St Aldate’s & Queen Street, which has been fully let to Christ Church College, University of Oxford, on behalf of Legal & General Retirement.ref
  • Oct.2018: Lineside Industrial Estate in Sussex was bought from Cording Real Estate Group, the European real estate investment and asset management firm.ref
  • Oct.2018: Waterfront Leisure scheme in Stafford was bought from developer LXB Retail Properties.ref
  • Sept.2018: Bruntwood SciTech: 50:50 partnership with Bruntwood Ltd to create the UK's largest property platform dedicated to driving science and technology growth in regional cities (aka business parks). Bruntwood SciTech’s portfolio has 500+ science and technology businesses, located in Manchester, Birmingham and Leeds, including the life science campus in Cheshire, Alderley Park.ref
  • Jul.2018: Exchanged contracts on our largest build-to-rent site to date, located in Woolwich, south-east London, in partnership with PGGM. (3rd BTR scheme in London, with other developments in Walthamstow and Croydon.)
  • Mar.2018: CALA Homes: acquired the remaining 52.1% shareholding, bringing it fully into the group.ref
  • Nov.2018: Lincam Pentland Ltd, a subsidiary of Edinburgh housebuilder S1 Developments Ltd, completed the sale of the proposed new 315 room (359 bed) student residence, formerly known as Pentland House, on a forward funding basis. The property will be leased to the University on a 20-year full repairing and insuring lease on completion, which is scheduled for Sept.2020.ref
  • 2018: purchased 4 govt-leased offices. HMRC continues as the main tenant.
  • Dec.2016: partnered with Newcastle City Council and Newcastle University to build and finance the Helix development.
  • Partnered with Inspired Villages Group and ‘Guild Living’, developers of later living accommodation.
  • Build-to-rent: has ~3,000 homes under construction or in planning, with sites in Bristol, Birmingham, Manchester, Salford, Glasgow, Bath, Brighton, Leeds and across London. Aims to have 6,000 homes in planning, development or operation by the end of 2019.

Energy

  • Mar.2019: took a 13% stake in Pod Point, an electric vehicle charge point operator.ref
  • Nov.2018: Hornsea Project One windfarm: provided ~£370m in long-term financing to support the USA's private equity firm Global Infrastructure Partners acquisition of 50% of the Hornsea Project One offshore wind farm from Orsted Wind Power.ref
  • 2018: Dudgeon Offshore Wind Ltd: joint venture.
  • Nov.2017: Walney Extension: provided ~£300m of long-term acquisition debt in support of Danish pension funds, PKA and PFA consortium’s £2bn purchase of 50% of the Walney Extension in the Irish Sea from Ørsted.ref

Transport

  • HS1: L&G are financing some of it.

Healthcare

  • x

Other

  • Pemberton Capital Advisors LLP, regno.OC359656, minority-owned by L&G, provides corporate lending for European mid-market businesses. Website
  • Legal & General Homes, house-building arm.
  • Dec.2006: Tragus Holdings was sold to the Blackstone Group. By that point, the business had grown to 163 restaurants.[1]
  • Jan.2005: Tragus Holdings was acquired from ECI Partners LLP by Legal & General Ventures. Tragus Holdings was the holdco for ~157 restaurants, including the Café Rouge, Bella Pasta, Mamma Amalfi, Abbaye, Leadenhall Wine Bar and Oriel brands.[2]

Articles

  • Nov.30.2018: 'UK housebuilding revolution': £65,000 prefab homes go into production. Iinsurance company Legal & General has built a vast factory outside Leeds which it said would build 3,500 homes a year, with the first 2 and 3-bedroom homes being delivered in the past few weeks. It said it intended to build similar factories in locations across the UK, which would turn L&G into a bigger builder than Persimmon or Barratt Developments. Patrick Cillinson, The Guardian.
  • Apr.27.2018: Legal & General aims to offer 3,000 affordable homes a year. Insurer says it will build and buy properties to address ‘chronic shortfall’ of affordable homes. The affordable homes business marks L&G’s latest move into the UK housing market, where it is becoming a significant player. The insurer is already investing about £1.5bn in the build-to-rent sector, with sites in Bristol, Edinburgh, Salford, Bath, Brighton, Leeds and Walthamstow. It aims to have 6,000 build-to-rent homes in planning, development or operation by the end of 2019. L&G has also promised to revolutionise the housebuilding industry by constructing thousands of prefab homes from its new modular housing factory in Leeds. The new affordable-homes business will become a subsidiary of Legal & General Capital, which focuses on areas where there has been a lack of investment and innovation. Angela Monaghan, The Guardian.

References

  1. ^ Corporate Political Engagement Index 2018. The new index of 104 multi-national companies, many of whom regularly meet with govt, has found nearly 75% are failing to adequately disclose how they engage with politicians. Only one company received the highest grade, with the average grade being "E" – representing poor standards in transparency. Transparency International UK, Nov.2018.