Legal & General has revealed plans to change its capital structure. The announcement came as the insurance giant reported that it had some £1bn in excess capital which it plans to return to shareholders in the coming years.
Group chief executive, Tim Breedon said that a review of the group's capital base was in response to changing regulation and market conditions. “Going forward”, he added, “we will have in place a review mechanism which enables us to conduct a regular assessment of capital relative to business requirements.”
These changes will include setting up a new company for the pension and annuity business liabilities of Legal & General Assurance Society within the current financial year.
Commenting on the £1bn capital surplus, Breedon said: “As we achieve greater clarity from current regulatory and taxation consultations, we will put the appropriate structure in place to enable this to form the basis of a return to shareholders over the coming years.”
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