Details for LEGAL&GEN. (LGEN) / Market data / Selftrade

LEGAL&GEN.

(LGEN GB0005603997 GBX)

Value 89.55

Change Today -2.55

Updated30/07 16:35

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PROFILE

Registered Number	1417162
Registered Address	One Coleman Street London EC2R 5AA
Phone Number	+44 (0) 203 1242000
Fax Number
Website	http://www.legalandgeneral.com
Activities	Provides general insurance pensions and management services
Country of Register	GB
Currency	GBX
Short Name	LEGAL&GEN.
First Day Traded	24/11/2003
Industrial Sector	Multi-Line Insurance
Number of shares	5.86b

Key People

John Stewart	Chairman
Timothy Breedon	Chief Executive Officer
Mark Gregory	Director
Nigel Wilson	Financial Director
Rudy Markham	Non Executive Director
Ronaldo Schmitz	Non Executive Director
John Pollock	Director
David Walker	Non Executive Director
Frances Heaton	Non Executive Director
Henry Staunton	Non Executive Director
James Strachan	Non Executive Director
Dame Furse	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	5.21%
Schroder Investment Management Ltd.	5.04%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2005	AR 2006	AR 2007	AR 2008	AR 2009
Fiscal Year End	31/12/2005	31/12/2006	31/12/2007	31/12/2008	31/12/2009
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	30,989,000	20,966,000	18,202,000	15,311,000	14,206,000
Premiums Earned	3,672,000	3,775,000	4,283,000	5,327,000	4,712,000
Total Investment Income	26,606,000	16,227,000	12,879,000	8,912,000	8,334,000
Realized Gains (Losses)	0	0	0	0	0
Other Operating Income	711,000	964,000	1,040,000	1,072,000	1,160,000
Losses, Claims & Reserves	27,755,000	16,939,000	16,128,000	-30,621,000	40,279,000
Losses, Benefits & Adjustments	3,022,000	3,551,000	3,905,000	4,251,000	4,116,000
Long Term Insurance Reserves	24,733,000	13,388,000	12,223,000	-34,872,000	36,163,000
Selling, General & Administrative Expenses & Other	550,000	987,000	841,000	47,722,000	-28,373,000
Selling, General & Administrative Expenses	550,000	987,000	841,000	784,000	781,000
Other Selling, General & Admin. Expense	550,000	987,000	841,000	784,000	781,000
Underwriting & Commissions	0	0	0	0	0
Other Operating Expense	0	0	0	46,938,000	-29,154,000
Operating Income Before Interest Expense	2,684,000	3,040,000	1,233,000	-1,790,000	2,300,000
Interest Expense, Net of Interest Capitalized	116,000	153,000	214,000	379,000	179,000
Interest Expense (excl. Interest Capitalized)	116,000	153,000	214,000	379,000	179,000
Interest Capitalized	0	0	0	0	0
Operating Income After Interest Expense	2,568,000	2,887,000	1,019,000	-2,169,000	2,121,000
Non-Operating Income (Expense)	-619,000	-674,000	-662,000	-773,000	-882,000
Interest Income	0	0	0	0	0
Miscellaneous Non Operating Expense	-619,000	-674,000	-662,000	-773,000	-882,000
Equity in Affiliates (Pretax)	0	0	0	0	0
Reserves Increase (Decrease)	360,000	284,000	-438,000	-806,000	0
Unusual Expense	0	0	0	17,000	0
Pretax Income	1,589,000	1,929,000	795,000	-2,153,000	1,239,000
Income Taxes	577,000	298,000	77,000	-1,023,000	395,000
Income Tax - Current - Domestic	358,000	301,000	263,000	104,000	104,000
Income Tax - Current - Foreign	0	0	0	0	0
Income Tax - Deferred - Domestic	219,000	-3,000	-186,000	-1,127,000	291,000
Income Tax - Deferred - Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	81,000	67,000	-6,000	-63,000	-19,000
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	-16,000	0	0	0	0
Net Income	915,000	1,564,000	724,000	-1,067,000	863,000
Extraordinaries & Discontinued Operations	13,000	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	13,000	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	928,000	1,564,000	724,000	-1,067,000	863,000
Preferred Dividends	0	0	0	0	0
Net Inc. Avail. To Common - Basic	915,000	1,564,000	724,000	-1,067,000	863,000
Operational EPS	13.95	23.95	11.18	-17.61	14.73
EPS (basic)	14.13	24.12	11.24	-17.88	14.82
EPS (diluted)	13.95	23.95	11.18	-17.81	14.73

Balance Sheet £1K

	AR 2005	AR 2006	AR 2007	AR 2008	AR 2009
Fiscal Year End	31/12/2005	31/12/2006	31/12/2007	31/12/2008	31/12/2009
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash Only	181,000	4,930,000	2,905,000	4,451,000	3,496,000
Total Investment Assets	45,481,000	41,900,000	39,814,000	42,685,000	45,807,000
Total Fixed Income Securities Investment	24,873,000	24,837,000	26,153,000	32,613,000	36,999,000
Bonds	24,873,000	24,837,000	26,153,000	32,613,000	36,999,000
Redeemable Preferred Stock	0	0	0	0	0
Total Equity Securities Investment	12,894,000	12,842,000	10,310,000	5,507,000	5,317,000
Common Stocks	12,894,000	12,842,000	10,310,000	5,507,000	5,317,000
Non-Redeemable Preferred Stock	0	0	0	0	0
Real Estate Assets	3,653,000	3,938,000	3,073,000	1,820,000	1,475,000
Mortgage, Policy & Other Loans	72,000	65,000	71,000	262,000	81,000
Other Investments	3,989,000	218,000	207,000	2,483,000	1,935,000
Premium Balance Receivables	153,000	83,000	34,000	37,000	44,000
Net Property, Plant & Equipment	32,000	43,000	79,000	75,000	61,000
Investment in Unconsolidated Subs.	16,000	16,000	14,000	14,000	45,000
Other Assets (incl. Intangibles)	143,223,000	169,412,000	237,030,000	206,614,000	244,888,000
Separate & Variable Account Assets	140,534,000	166,266,000	234,115,000	202,892,000	241,498,000
Deferred Charges	1,375,000	1,456,000	1,696,000	2,112,000	1,957,000
Tangible Other Assets	1,314,000	1,690,000	1,219,000	1,383,000	1,287,000
Intangible Assets	0	0	0	227,000	146,000
Total Assets	189,086,000	216,384,000	279,876,000	253,876,000	294,341,000
Insurance Policy Liabilities (Insurance)	42,923,000	42,460,000	40,589,000	33,362,000	36,080,000
Insurance Reserves - (Insurance)	40,796,000	40,053,000	40,343,000	33,143,000	35,882,000
Unearned Premiums	141,000	133,000	126,000	124,000	114,000
Policy Claims	92,000	96,000	120,000	95,000	84,000
Other Insurance Liabilities	1,894,000	2,178,000	0	0	0
Total Debt	2,443,000	2,425,000	2,788,000	3,791,000	3,188,000
ST Debt & Current Portion of LTD	625,000	373,000	131,000	154,000	110,000
Short Term Debt	0	0	0	0	0
Current Portion of LT Debt	625,000	373,000	131,000	154,000	110,000
Long-Term Debt	1,818,000	2,052,000	2,657,000	3,637,000	3,078,000
LT Debt excl. Capital Lease Obligations	1,818,000	2,052,000	2,657,000	3,637,000	3,078,000
Capitalized Lease Obligations	0	0	0	0	0
Provision for Risks & Charges	582,000	568,000	595,000	741,000	757,000
Deferred Taxes	492,000	472,000	296,000	-729,000	-493,000
Deferred Taxes - Credit	492,000	472,000	296,000	259,000	303,000
Deferred Taxes - Debit	0	0	0	-988,000	-796,000
Accumulated Minority Interest	285,000	414,000	178,000	144,000	2,000
Other Liabilities	138,104,000	164,620,000	228,263,000	212,066,000	249,327,000
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	137,753,000	164,198,000	227,770,000	211,415,000	248,920,000
Deferred Income	351,000	422,000	493,000	651,000	407,000
Total Liabilities	184,829,000	210,959,000	272,709,000	249,375,000	288,861,000
Non-Equity Reserves	0	0	1,721,000	913,000	1,284,000
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	4,257,000	5,425,000	5,446,000	3,588,000	4,196,000
Common Stock Par/Carry Value	163,000	163,000	157,000	147,000	147,000
Additional Paid-In Capital/Capital Surplus	908,000	923,000	927,000	936,000	936,000
Retained Earnings	3,188,000	4,335,000	4,345,000	2,593,000	3,110,000
ESOP Debt Guarantee	-36,000	-45,000	-42,000	-46,000	-38,000
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-2,000	7,000	3,000	-40,000	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	36,000	42,000	56,000	-2,000	41,000
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	4,257,000	5,425,000	5,446,000	3,588,000	4,196,000
Liabilities & Shareholders' Equity	189,086,000	216,384,000	279,876,000	253,876,000	294,341,000

Cash Flow £1K

	AR 2005	AR 2006	AR 2007	AR 2008	AR 2009
Fiscal Year End	31/12/2005	31/12/2006	31/12/2007	31/12/2008	31/12/2009
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Funds from Operations	803,000	1,315,000	4,227,000	1,086,000	758,000
Extraordinaries	0	0	0	0	0
Changes in Working Capital	0	0	0	0	0
Net Operating Cash Flow	803,000	1,315,000	4,227,000	1,086,000	758,000
Capital Expenditures	22,000	24,000	58,000	14,000	7,000
Capital Expenditures (Fixed Assets)	22,000	24,000	58,000	14,000	7,000
Capital Expenditures (Other Assets)	0	0	0	0	0
Net Assets from Acquisitions	0	0	0	0	0
Sale of Fixed Assets & Businesses	96,000	10,000	0	0	0
Purchase/Sale of Investments	-19,000	-3,000	0	0	-36,000
Purchase of Investments	-19,000	-3,000	0	0	-36,000
Sale/Maturity of Investments	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	0	1,004,000	0
Net Investing Cash Flow	55,000	-17,000	-58,000	990,000	-43,000
Cash Dividends Paid - Total	-331,000	-349,000	-369,000	-367,000	-185,000
Common Dividends	-331,000	-349,000	-369,000	-367,000	-185,000
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	1,000	4,000	-321,000	-522,000	-2,000
Repurchase of Common & Preferred Stk.	0	-11,000	-325,000	-532,000	-2,000
Sale of Common & Preferred Stock	1,000	15,000	4,000	10,000	0
Proceeds from Stock Options	1,000	15,000	4,000	10,000	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	507,000	11,000	311,000	608,000	-505,000
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	507,000	11,000	311,000	608,000	-505,000
Issuance of Long-Term Debt	764,000	1,062,000	1,948,000	3,568,000	2,124,000
Reduction in Long-Term Debt	-257,000	-1,051,000	-1,637,000	-2,960,000	-2,629,000
Other Funds	-32,000	0	0	0	0
Other Uses	-32,000	0	0	0	0
Other Sources	0	0	0	0	0
Net Financing Cash Flow	145,000	-334,000	-379,000	-281,000	-692,000
Exchange Rate Effect	6,000	-35,000	17,000	156,000	-61,000
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	1,009,000	929,000	3,807,000	1,951,000	-38,000
Free Cash Flow	450,000	942,000	3,800,000	705,000	566,000

Analysis Data

Valuation
	2005	2006	2007	2008	2009
Fiscal Year End	2005-12-31	2006-12-31	2007-12-31	2008-12-31	2009-12-31
Market Capitalisation	7,939,050	10,288,300	8,223,000	4,501,730	4,724,950
Price/Earnings	8.63	6.53	11.62	0.00	5.44
Price/Sales	255	487	462	299	330
Price/Book Value	1,865	1,896	1,510	1,255	1,126
Price/Cash Flow	10,327	7,820	2,001	4,236	6,228
Enterprise Value/EBIT	6,464	6,303	11,324	0	5,579
Enterprise Value/EBITDA	6,396	6,237	11,104	0	5,263
Enterprise Value/Sales	356	626	628	557	557
Total Debt/Enterprise Value	222	185	244	444	403
Total Debt/EBITDA	1,418	1,153	2,709	0	2,121
EPS (basic)	14.13	24.12	11.24	-17.88	14.82
EPS (diluted) as stated	13.95	23.95	11.18	-17.81	14.73
Profitability
Operating Margin (%)	8.66	14.50	6.77	-11.69	16.19
Pretax Margin (%)	5.13	9.20	4.37	-14.06	8.72
Net Margin (%)	2.95	7.46	3.98	-6.97	6.07
Return on Assets (%)	0.54	0.77	0.29	-0.40	0.31
Return on Equity (%)	23.97	32.31	13.32	-23.62	22.17
Return on Avg. Total Capital (%)	15.42	21.50	9.00	-13.67	11.69
Return on Avg. Invested Capital (%)	16.28	23.08	9.29	-13.92	11.90
Efficiency
Revenue/Employee	3,342	2,152	1,808	1,566	1,524
Total Asset Turnover	0.18	0.10	0.07	0.06	0.05
Capital Structure
Debt-to-Total Equity (%)	57.39	44.70	51.19	105.66	75.98
Debt-to-Total Capital (%)	36.46	30.89	33.86	51.38	43.17
Debt-to-Total Assets (%)	1.29	1.12	1.00	1.49	1.08
Interest Coverage	14.70	13.61	4.71	-4.68	7.92

Market data

Name	Latest	Var
FTSE 100	5,258.02	-1.05%
FTSE 250	9,948.72	-1.25%
DOW INDUSTRIAL	10,465.94	-0.01%
HONG KONG HANG	21,029.81	-0.30%
Nikkei 225	9,537.30	-1.64%

Name	Latest	Var
UTD. UTILITIES	585.00	+4.37%
SEVERN TRENT	1,310.00	+2.34%
BR.AIRWAYS	219.60	+1.67%
RANDGOLD RES.	5,730.00	+1.15%
BG GRP.	1,021.50	+0.84%

Name	Latest	Var
LEGAL&GEN.	89.55	-2.77%
MAN GROUP	217.30	-2.73%
THOMAS COOK	181.80	-2.68%
SEGRO	280.00	-2.51%
BAE SYS.	312.40	-2.41%

Buys
BP
CONNAUGHT
LLOYDS GRP.
GLAXOSMITHKLINE
ROCKHOPPER
LLOYDS GRP.
BARCLAYS
ROYAL BANK SCOT
UTD. UTILITIES
BP

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA).

Data Sources: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

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LEGAL&GEN.

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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