UK insurance giant announces largest-ever buyback, asset management scale remains firmly above 1 trillion pounds

格隆汇3月11日｜UK insurance and asset management giant Legal & General Group plans to repurchase £1.2 billions (approximately $1.6 billions) worth of shares, following a rise in profits. In a statement released on Wednesday, the company said the scale of this buyback exceeds last year's £500 millions and marks the largest buyback plan in the company's history. Its core operating profit increased by 6% year-on-year, reaching £1.62 billions. The company stated that it is actively pricing £17 billions worth of UK pension risk transfer business and expects the total industry volume to reach around £50 billions this year. Last year, L&G secured £10.4 billions of such deals. Meanwhile, L&G reported that its asset management business has shown "encouraging momentum" since the beginning of this year, with revenue growth now outpacing cost growth. Financial reports indicate that its investment management division recorded a net outflow of £27.7 billions. However, its total assets under management (AUM) rose to £1.18 trillions, surpassing analysts' expectations of £1.16 trillions.