LONDON (dpa-AFX) - Legal & General Group Plc (LGEN.L), a financial services provider, on Thursday presented a detailed overview of its Retail business for investors, highlighting how the unit is positioned to capitalize on opportunities in Defined Contribution (DC) and Annuities over the next decade.
The company has set two near-term targets for Retail, achieving £40 billion-£50 billion of Workplace DC net flows between 2024 and 2028 and delivering 4%-6% operating profit CAGR over the same period, driven by reliable earnings in Annuities and Protection, growing annuities assets, and increasing operating leverage in Workplace.
Workplace DC and annuity assets are expected to contribute over 40% towards Asset Management's cumulative ANNR (Annual Net New Revenue) target, the company said.
Legal & General added that it is on track to deliver full-year core operating EPS growth at the higher end of its 6%-9% target range.
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