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L&G Solvency II surplus increases to £7bn

19 May 2017 09:30

Legal & General's Solvency II surplus has increased to £7.0bn - up from £5.7bn disclosed in the group's 2016 full-year results.

L&G said: "We have a strong regulatory capital balance sheet and based on current market conditions, the group's Solvency II surplus is estimated to be c.£7.0bn with eligible own funds of c.£14.9bn and a solvency capital requirement of c.£7.9bn and hence a shareholder basis coverage ratio of 188%.

"At our full year results we disclosed our year-end 2016 Solvency II surplus of £5.7bn and coverage ratio of 171% on a shareholder basis.

"This was following a year of record new business for Legal & General including £7.0bn of new annuity sales.

"The group's diversified business model delivered total Solvency II new business strain of £96m for the year."

At 9:30am: (LON:LGEN) Legal General Group PLC share price was -1.75p at 249.15p

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