Legal & General: Everything you need to know
|1 Coleman Street, London EC2R 5AA, United Kingdom
||Asia, Belgium, Denmark, Finland, France, Germany, India, Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom, United States
|Gross written premiums
||£10,375 million (2021)
||Life, home, pet, and travel insurance
Nigel Wilson (CEO), Jeff Davies (chief financial officer), Michelle Scrimgeour (CEO, investment management), Kerrigan Procter (president, Asia-Pacific), Laura Mason (CEO, capital), Bernie Hickman (CEO, retail), Chris Knight (chief risk officer), Emma Hardaker-Jones (group HR director), John Godfrey (director of levelling up), Stephen Licence (group chief internal auditor), Geoffrey Timms (group general counsel & company secretary), Andrew Kail (CEO, retirement international)
About Legal & General
Legal & General is a financial services group and investor with businesses across Europe, the Middle East, Asia, and the USA. It operates in five segments:
- Retirement Institutional (LGRI) works with advisers, companies, and pension fund trustees to protect the corporate pensions of people by providing secure pension incomes.
- Retirement Retail (LGRR) helps customers who are looking for financial security in later life by providing annuities and lifetime mortgages.
- Legal & General Capital (LGC) manages customer and shareholder assets and focuses on improving returns by putting money into direct investments.
- Investment Management (LGIM) offers investment management services for corporate pension schemes, with assets of over £1 trillion.
- Insurance (LGI) provides coverage for life, disability, critical illness, and long-term sickness.
Legal & General’s business strategy focuses on six “global growth drivers”: ageing demographics, creating real assets, globalization of asset markets, welfare reforms, current capital, and technological innovation.
History of Legal & General
Six lawyers founded Legal & General in June 1836 to provide financial services in the UK. Over the years, it has focused on delivering quality products and services to its customers, giving back to society through its corporate social responsibility (CSR) initiatives, and creating value for its shareholders.
In 2010, Legal & General launched its IndiaFirst joint venture, which sold 130,000 policies in its first year of operation. In 2011, the group completed its first billion bulk annuity deal with the Turner and Newall pension scheme to continue paying pensions to members.
In 2012, the group welcomed its first retirement customers in the government’s new auto-enrolment scheme and launched Skyman, a digital app that highlights the importance of insurance. In 2013, it acquired 46.5% of UK house building company CALA Homes. In 2017, it boosted its US assets to $189 billion, expanded its US pension risk transfer business, and improved the digital capabilities of its US insurance business.
Leadership at Legal & General
Nigel Wilson – Group CEO
Wilson joined Legal & General as group financial officer in 2019 and stepped up to the group chief executive officer position in 2012.
Wilson has held numerous senior roles over the years, including chairman of Investment Association’s review Executive Pay and government review Mission Led Business from 2016 to 2017. He also served as a commissioner in the Resolution Foundation’s Intergenerational Commission and a member of the Patient Capital Review Industry Panel from 2017 to 2018.
Culture at Legal & General
Legal & General focuses on running its business on a high standard, improving the lives of its customers, taking care of the environment, creating new investments for the economy, and helping communities by using the group’s financial solutions.
The group believes that putting its employees first will improve customer service, build a better society, and create value for its shareholders. It takes care of its people by promoting a diverse and inclusive working environment, addressing areas of improvements, recognizing contributions, and celebrating employees’ success.
Legal & General helps communities through fundraising, volunteering, charity stakeholders, social enterprises, and education. It allows its employees to nominate local charities that Legal & General will support, volunteer for call centre donation appeals, and take part in the group’s fundraising activities. It supports Alzheimer’s Research UK, Duke of Edinburgh Award Programme, Hospice UK, Place2Be, Royal Voluntary Service, Hospice UK, and the Stroke Association.
Legal & General addresses climate change by using its influence as an investor to promote the transition to a low-carbon economy. It develops energy-efficient homes in its housing business, invests in renewables, reduces the carbon footprint of its business activities, and works with organizations to encourage climate resilience.