We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

09 Mar 2023
Uncertain outlook comes as no surprise

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Uncertain outlook comes as no surprise
Legal & General Group Plc (LGEN:LON) | 228 1.4 0.3% | Mkt Cap: 13,624m
- Published:
09 Mar 2023 -
Author:
Grégoire Hermann -
Pages:
3 -
We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.