A STRONG PERFORMANCE IN 2013
Delivering value for customers, shareholders and society.
Our culture and strong sense of social responsibility make Legal & General a special place to work. We celebrate this every year with our Chairman’s Community Awards, where I have a chance to thank those employees who contribute the most.
HOW WE PERFORMED
KEY INFORMATION FOR SHAREHOLDERS
FULL YEAR DIVIDEND
(2012: 7.65p). Updated dividend guidance is shown in the Our strategy and our progress section
To be paid on 4 June 2014 (2012: 5.69p)
ANNUAL GENERAL MEETING
11.00am on Wednesday 21 May 2014 at the Honourable Artillery Company, Armoury House, City Road, London EC1Y 2BQ
Our total shareholder return over the last three years was 171%, making us a strong performer in the global life sector. We are proposing a 2013 full year dividend of 9.30p, an increase of 22% over 2012. We delivered another strong financial performance in 2013. Profit before tax was £1,134 million (2012: £1,033 million) and earnings per share were 15.20p (2012: 13.84p). We’ve also updated our future dividend guidance. Please see Our strategy and our progress section for details.
CLEAR STRATEGY, STRONG DELIVERY
Our clear strategy is aligned with long-term global macro-trends: ageing populations, constrained welfare spending, the need for long-term investment, globalised asset markets and a digital economy. Our highly dedicated workforce focuses on delivering this strategy in our chosen markets: investment management, retirement solutions, insurance and long-term savings. We work hard to develop talent and in 2013 restructured our business to serve our customers more efficiently.
I would like to thank all our employees for their hard work during 2013.
GOVERNANCE AND RISK MANAGEMENT
Legal & General’s governance is led by the Board. It performed effectively in 2013: its work is detailed in the Governance section of this report. Henry Staunton, Dame Clara Furse and Nick Prettejohn retired from the Board during 2013. I am very grateful for their contributions. Mark Gregory was appointed as group chief financial officer, and we were pleased to welcome Lindsay Tomlinson and Lizabeth Zlatkus as new Board members.
Running a substantial financial services company in a complex global environment requires strong risk management. In 2013, under the leadership of the Risk Committee, we further strengthened our approach to identifying and mitigating market and operational risks.
OUR WIDER ROLE
We provide vital products and services for our customers. We also play an important role in the broader economy and society, and in 2013 our wider contribution was recognised by Business in the Community’s award of ‘Platinum Big Tick’ status.
A PROMISING FUTURE
The Board believes our financial strength, skill-base and ambition position us well for future growth. I would encourage shareholders to find out more about us in this report, and I hope to see many of you at our AGM.