Legal & General Group Plc
Annual report and accounts 2024
Growing, simpler,
better-connected

Inside this report
Strategic report
How we bring our vision for a growing,
simpler and better-connected L&G
2 At a glance
4 Chair’s statement
6 Chief Executive Officer’s review
10 Introducing our new strategy
and refreshed purpose
14 Key performance indicators
(KPIs)
15 Our business model
18 Chief Financial Officer’s Q&A
20 Tax review
22 Business review
30 Sustainability
34 Non-financial
andsustainability
informationstatement
40 People
42 Our stakeholders
44 Managing risk
48 Group Board viability
statement
49 Principal risks and
uncertainties
Financial statements
Our financial statements for the
yearended31December 2024
116 Group consolidated
financialstatements
117 Independent auditor’s report
128 Primary statements
andperformance
158 Balance sheet management
212 Additional financial information
238 Company financial statements
Governance
How we grow our business responsibly
56 Letter from the Chair
58 Board of directors
60 Group Management
Committee
61 Governance report
68 Employee engagement
70 Section 172(1) statement
and stakeholder engagement
74 Audit Committee report
79 Data and Technology
Committee report
80 Nominations and
CorporateGovernance
Committee report
86 Risk Committee report
88 Directors’ report on
remuneration (DRR)
90 DRR quick read summary
94 Summary of
remunerationpolicy
98 Annual report on remuneration
Other information
246 Directors’ report and
additional statutory and
regulatory information
250 Shareholder information
252 Alternative performance
measures
255 Glossary
Annual report quick read
A summary of the Annual report andaccounts, highlighting strategy,
performance and how the Group isstructured, is available online.
Our reporting suite
Climate and
naturereport
Social impact
report
Tax
supplement
Risk management
supplement
Our year
in review…
September
We announced our relocation from
our current OneColeman Street
office to the nearby 10 Coleman
Street building in 2027.
We announced several changes to
our Group Management Committee,
with Eric Adler joiningas CEO of
AssetManagement in December
tospearhead growth plans, Laura
Mason, beingappointed as Retail’s
next CEO and Katie Worgan joining
from Lloyds Banking Group in the
newly created role of Group Chief
Operating Officer (COO).
We continued to execute our
strategy with the sale of CALA
Group, simplifying our portfolio to
enable a sharper focus on our core,
synergistic businesses.
A partnership with NEST, backed by
£350 million in combined investment,
was announced, to build high quality
rental homes.
May
Having partnered with the University
College London (UCL) Institute of
Health Equity since 2021, to explore
the role of business in reducing health
inequalities in the UK, we launched a
new £3 million Health Equity Fund.
This will award grants to support up to
150 place-based initiatives from local
authorities, charities, businesses, and
communities across the UK.
We also completed our third and final buyout of the Nortel
Networks UK Pension Plan. This built on L&G’s long-standing
relationship with the Plan, whose sponsor went into administration
in 2009. The Plan agreed its first transaction with L&G in 2018 to
secure benefits in excess of Pension Protection Fund (PPF) levels
for members. Since then, we’ve insured £2.5 billion of its liabilities.
£2.5bn
liabilities insured since
ourinvolvement
January
We completed a £25 million transaction with The National Trust.
This funding will support the development of next-generation
hydro-electric and solar generation projects, playing a crucial
rolefor the Trust achieving net zero across its estate by 2030.
£25m
transaction with
TheNational Trust
10 Coleman Street
will offer our people a
modern and enhanced
working environment,
helping to further
our ambition for a
better-connected L&G.
António Simões
Group CEO
Discover more online
group.legalandgeneral.com/AnnualReport2024
Discover more online
group.legalandgeneral.com/AnnualReportSummary2024

As 2024 began, we welcomed António Simões
asournewGroup Chief Executive Officer (CEO).
Afterspending the first half of the year taking a deep
diveinto ourbusiness and listening to our investors,
customers, clients, partners and employees, heoutlined
his new vision for L&G in June.
L&G’s new strategy sets our ambition
forsustainable growth, sharper focus
andenhanced returns, and a vision
ofbecoming a growing, simpler and
better-connected L&G.
Read more on page 10
December
We held our Institutional Retirement
DeepDive Event, continuingthe
conversation about ourstrong
positioninthe pension risk transfer
(PRT) market.
Our Retail annuity sales have
reached anall-time high of
£2.1 billion, indicating moreofour
customers are looking for financial
stability and peace of mind.
2024 was also a great year for our
InstitutionalRetirement business
intheUS, with$2.2 billion of PRT
business in the US, making this
yearitslargest year on record in
theUS market.
Our pipeline of PRT deals is as
strong as ithasever been, andour
guidance of £50 – 65 billion ofUK
PRT (2024 – 2028) ison track.
£2.1bn
all-time
highofRetail
annuity sales
$2.2bn
pension risk
transfer in
the US
November
We gathered at the
NaturalHistory Museum in
Londonfor our L&G Annual
Awards 2024, a special
event to celebrate the
individuals and teams
whogo above and beyond
to make a difference.
We reaffirmed L&G’s ‘Future Places’ mission by
announcing the creation of the UK’s first new-build
independent neighbourhood in Wandsworth, London.
This initiative will offer more than 25 independent
retailers their first year rent-free inefforts to breathe
life into the high street and champion independent
businesses and entrepreneurship.
Additionally, we completed a £34 million buy-in with
Walker’s Shortbread Limited Retirement Benefits
Scheme, securing the benefits of 161 retirees and
238 deferred members. Wemanaged it through
L&GFlow, a tailored buy-in and buyout solutions for
smaller pension schemes.
October
October saw us taking
a strategic investment
in Taurus, a US real estate
developer. It accelerated
our progress and
strengthened our
expertise in US
realestate.
This month we also partnered with the Happiness
Research Institute. We calculated the exact amount
ofmoney that you need for a happy retirement and
discovered that the happiest retirees have just over
£200,000 in their pension pot.
The month ended with our £1.1 billion full buy-in with
theDeutsche Bank (UK) Pension Scheme.
August
We announced our half year results,
whichreflected the ongoing strength of
ourbusiness, with core operating profit
slightlyahead of the prior year and aSolvency
IIcoverage ratio of 223%.
Our ‘Bank of Family’ research showed
thatfamily contributions reached record
levels in 2024, helping 335,000 UK property
purchases with £9.2 billion worth of lending.
We secured £120 million in affordable
housing investment from the Greater
Manchester Pension Fund and expanded
our partnership with Anchor to £100 million,
supporting another 5,000 new affordable
homes over the next decade.
£120m
investment secured in affordable housing
from Greater Manchester Pension Fund
July
António wasted no time bringing our new strategy to life
byannouncing the launch of the L&G Private Markets
AccessFund at the London Stock Exchange.
July was also an important
monthfor ouraffordable housing
mission. We acquired c.390
sharedownership homes from
Orbit Group.
c.390
shared ownership
homes acquired
June
António announced our new businessstrategy at a Capital
Markets Event, signalling our ambition to growand evolve.
We celebrated our 188th birthday on 18 June. We all took
alittle time to reflect, giving thanks to the generations of
colleagues who helped build the legacy we all share today.
Retail’s award-winning A Little Bit
Richerpodcast hit 100,000 downloads,
andover the past year our TikTok
channelhad 8.9 million video views
andreached anaudience of 6 million.
We decorated our London, Hove and
Cardiffoffices, and celebrated Pride
throughout thesummer.
April
L&G Affordable Homes announced its first net zero
carbonhomes, to be developed in partnership with
RoseBuilders. These homes will support lower carbon
emissions andoperational energy use, in alignment
withoursustainability goals. This milestone represented
asteptowards greener affordable housing solutions,
contributing to our broader environmental targets.
March
We were named Britain’s Most Admired Company for
thesecond year running, which António celebrated at
theLondon Stock Exchange, the sponsor of the award.
A joint £59 million building project concluded with the
handover of two significant new research and innovation
buildings at Begbroke Science Park, which is part of our
£4 billion partnership with the University of Oxford.
This month we also brought our most senior leaders
togetherat Battersea Power Station for António’s first
quarterly senior leadership event.
February
February was a month of growing investments. Our total
investment with Jigsaw Homes Group reached £125 million.
We aim to deliver over 4,000 new social and affordable
homes by 2028. Additionally, we helped inject more equity
into English Cities Fund (ECF). ECF is a unique partnership
between three of the UK’s leading regeneration and investment
organisations – HomesEngland, Muse and of course, us.
4,000+
new social and affordable homes
with Jigsaw Homes by 2028
Legal & General Group Plc Annual report and accounts 2024 1
Strategic report Governance Financial statements Other information

At a glance
Profit before tax £m
£542m
(2023: £195m)
Profit before tax comprises all items
ofincome and expense recognised
inprofit or loss (excluding tax).
Adjusted operating
profit £m
£1,711m
(2023: £1,667m)
Adjusted operating profit measures
the pre-tax result excluding the
impactof investment volatility,
economic assumption changes
caused by changes in market
conditions or expectations and
exceptional items. The measure
enhances the understanding of
theGroup’s operating performance
over time by separately identifying
non-operating items.
Core operating
earnings pershare p
20.23p
(2023: 19.04p)
Earnings per share (EPS) measures
the profitability and strength of a
company over time. Core operating
EPS is calculated as core operating
profit less coupon payable in respect
of restricted Tier 1 convertible notes,
all after allocated tax at the standard
UK corporate tax rate, divided by the
weighted average number of shares
outstanding during the year.
Store of future
profit £bn
£14.8bn
(2023: £14.7bn)
Store of future profit refers to
thegross of tax combination
ofestablished contractual
servicemargin (CSM) and
riskadjustment (RA) (net of
reinsurance) which releases
reliablyinto profit over time.
Solvency II coverageratio
232%
(2023: 224%)
Solvency II coverage ratio, which
shows own funds on a regulatory
basis divided by the solvency capital
requirement, isoneofthe indicators
ofthe Group’sbalance sheet strength
andaligns to management’s approach
of dynamically managing theGroup’s
capital position.
Solvency II operational
surplusgeneration £m
£1,751m
(2023: £1,821m)
Solvency II operational surplus
generation is the expected surplus
generated from the assets and
liabilities in-force at the start of the
year. It is based on assumed real world
returns and best estimate non-market
assumptions, and includes the impact
of management actions to the extent
that, at the start of the year, these
werereasonably expected to be
implemented over the year.
Investment portfolio economic
GHG emission intensity
1
51 tCO2e/£m
(2023: 56 tCO
2
e/£m)
This is made up of our ownership
share of the emissions related to
theassets we invest in within the
Group proprietary asset portfolio.
Itincludes bonds, equities, and
investment property but excludes
cash, derivatives, and any assets already
covered in our operational footprint.
Itis measured per unit of investment.
Operational footprint
(scope 1 and 2 (location))
1
27,418 tCO2e
(2023: 27,722 tCO
2
e)
Measures the greenhouse gases(GHG)
associated withourdirect operations.
Scope1 emissions are direct GHG
emissions occurring fromsources
owned or controlled bythe Company.
Scope 2 emissions are indirectGHG
emissions from consumption of
purchased electricity, heat or steam.
Non-financial measures
Performance measures and remuneration
The performance measures used for the purpose of determining variable
elementsof directors’ remuneration are aligned to the Group’s key
performanceindicators (KPIs). These are indicated with the icon:
.
For more details, refer to pages 94 to 97 of the summary of remuneration policy.
Alternative performance measures (APMs)
The Group uses certain APMs to help explain its business
performance,indicated with the icon:
.
Further information on APMs, including a reconciliation to the
financialstatements (where possible), can be found on page 252.
Full definitions of the financial metrics above are included
intheglossaryonpage 255. A reconciliation from adjusted
operatingprofittoprofit before tax can be found on page 151
ofthefinancialstatements.
Financial measures
1. Our total scope 1, scope 2 (location) and scope 3 category 15 emissions have been subject to independent limited assurance by Deloitte.
The basis of preparation (or reporting criteria) forourGroupcarbon footprint and Deloitte’s limited assurance report is available in our
2024 Climate and nature report at group.legalandgeneral.com/ClimateReport2024.
A year of significant strategic progress and strong financial
performance, whilst investing for the long term.
Legal & General Group Plc Annual report and accounts 2024 2

Asset
Management
Institutional
Retirement
Retail
Chicago
Frederick
Stamford
Bermuda
Dublin
Stockholm
Amsterdam
Frankfurt
Zurich
Tokyo
Hong Kong
Singapore
10,799
employees worldwide
Our businesses
We benefit from scale in each of our businesses, which work together
to deliver on our purpose and drive synergies across the Group.
Our international reach
Milan
Institutional
Retirement
£10.7bn
new business premiums
We secure and protect the retirement
benefits for pension scheme members
inthe world’s three largest pension
risktransfer markets; the UK, the
USandCanada.
This ‘pensions de-risking’ gives companies
greater certainty over theirliabilities while
providing guaranteed payments to individuals
withintheir schemes.
Asset
Management
£1.1tn
assets under management (AUM)
We are a leading global asset manager
withcomplementary capabilities
acrosspublic and private markets.
We are a leader in responsible
investment, have a significant market
share of UK pensions industry assets
andplay a critical role in the growth
ofL&G’s other divisions.
Retail
c.14m
people’s needs met
We help millions of people in the UK create
brighter financial futures. Wesupport their
savings, protection, mortgage and retirement
needs throughourreportable segments –
RetailRetirementand Insurance.
We are a market leader in UK Retail protection
and retirement income. Our workplace savings
business administers the largest and fastest-
growing commercial UK Mastertrust.
Read more on page 28Read more on page 26Read more on page 24
Hove
Bracknell
Glasgow
Edinburgh
Cardiff
Barnsley
Solihull
London
Read more on page 15
Discover our
business model
Legal & General Group Plc Annual report and accounts 2024 3
Strategic report Governance Financial statements Other information

A renewed
sense of
purpose
Final dividend to be paidon5 June 2025
15.36p
(2023: 14.63p)
Dividend policy
The Group’s dividend policy states that we
area long-term business and set our dividend
annually, according to agreed principles. The
Board’s intention for the future is to maintain
its progressive dividend policy, reflecting the
Group’s expected medium-term underlying
business growth, including measurement of
capital generation and adjusted operating profit.
Annual General Meeting 2025
The Annual General Meeting (AGM) will be
held onThursday 22 May 2025, at the British
Medical Association, BMA House, Tavistock
Square, Bloomsbury, London WC1H 9JZ, with
additional facilities for shareholders to join and
vote electronically.
Full year dividend (p)
The purpose statement, combined
with our new strategy and a refreshed
set of behaviours, sets out how
L&G intends to continue creating
value for its shareholders and the
economies in which it operates.
Sir John Kingman
Chair
20.34
21.36
19.37
18.45
1
7.57
2020 2021 2022 2023 2024
Chair’s
statement
Legal & General Group Plc Annual report and accounts 2024 4

Introduction
2024 was a year of renewal and further
transformation for L&G. Under the leadership
of our new Group Chief Executive Officer (CEO),
António Simões, the Company has set out an
ambitious vision and a clear set of strategic
objectives, while continuing to support the
customers and clients who trust us with their
financial futures.
While the year was characterised by continued
global economic and geopolitical uncertainty,
it is clear that companies like L&G have an
opportunity and duty to contribute to stability
and progress. We have done that by delivering
the services we exist to provide: making pension
payments, settling customers’ claims, and
offering our clients attractive returns on
theirinvestments.
Our long-term approach – protecting
individuals’ futures and investing capital
togenerate returns for society over years
anddecades – gives us focus during
turbulence. Ithelps us to respond to
eventsinthe moment, while not losing
sightofwhythecompany does business.
It has been particularly pleasing to see our
employees continuing to make extraordinary
efforts for our customers throughout a period
of change. On behalf of the Board, I thank them
for their ongoing work and excellent results.
Setting our
strategicambitions
In 2024, António and his leadership team
setout the strategic focus for the Company
bysharing a vision for a growing, simpler
andbetter-connected L&G. The strategy
responds to structural trends including a
shiftin responsibility for long-term savings
and retirement from employer to employee;
increasing economic and geopolitical volatility;
aneed for productive investment to solve
challenges such as the transition to net
zero;and rapid advances in technology
andArtificial Intelligence (AI).
The teams are already well underway in their
delivery of this strategy. In June, we announced
the creation of a new Asset Management
business, bringing together our former Capital
and Investment Management divisions with an
objective of more effectively meeting clients’
evolving needs, including enabling them to
access a wider range of asset classes and
multiply the effects of our own investments.
Among the objectives of the Asset Management
strategy is to grow our private market assets
under management, and it was encouraging to
see progress with the launch of the L&G Private
Markets Access Fund during 2024.
Another fund launched in 2024 focused on
affordable housing, which demonstrates the
close fit between our commercial opportunity
and the social purpose that motivates so
many of our activities.
A ‘sharper focus’ means making choices
about the shape of the business. During 2024,
we began to reshape L&G with such decisions
as the sale of CALA Group based on an enterprise
value of £1.35 billion and a strategic investment
in US real estate equity specialist, Taurus,
committing up to $200 million seedcapital.
Finally, we have made progress on redistributing
capital to shareholders through a share buyback,
totalling £200 million in 2024.
New leadership
Alongside our new Group CEO, during 2024 the
business welcomed further Group Management
Committee (GMC) members. Eric Adler joined
as CEO of our Asset Management business,
Laura Mason took up a new role as CEO of
Retail and Katie Worgan joins in 2025 as
ourGroup Chief Operating Officer (COO).
Michelle Scrimgeour and Bernie Hickman,
Chief Executive Officers respectively of
Investment Management and Retail, departed
during the year. I would like to thank both
Michelle and Bernie for their huge contributions
to L&G overtheir respective 5 and 26-year
tenures atthe Company.
A renewed sense
of purpose
For many years, L&G has been driven by a
belief in the potential of capital to do good.
Itisthis deep-seated sense of purpose
whichhas led us to invest shareholders’
capital in urban regeneration, tosupport
early-stage clean energy businesses, and to
help our clients access investment strategies
that target positive commercial, environmental
and social outcomes.
In December 2024, the Board endorsed a
newstatement of L&G’s purpose: ‘Investing
forthe long term. Our futures depend on it’.
The purpose statement, combined with
ournew strategy and a refreshed set of
behaviours, sets out how L&G intends to
continue creating value for its shareholders
and the economies in which it operates.
Page10 sets out more detail on each of these.
Continued delivery
During 2024, our business continued to
deliverbalanced and stable growth. Our
adjustedoperating profit was £1.7 billion
andprofit before tax of £542 million.
We maintained a strong Solvency II coverage
ratio of 232% and capital generation in the
year of £1.8 billion.
New partnership
The Group continues to build on delivering our
strategic ambitions with the recent announcement
of the sale of our US insurance entity to Meiji
Yasuda, a Japanese mutual life insurance
company, for a sale price of $2.3 billion. The
sale of our US protection business, unlocking
value for shareholders and capital to reinvest
into our growth areas; and the creation of
astrategic partnership withMeiji Yasuda,
increasing growth potential in US PRT and
co-investment capital in AssetManagement.
On completion, as well as taking ownership of
our US protection business, Meiji Yasuda will
have a 20% economic interest in the US PRT
business, with L&G retaining 80% of existing
and new PRT through reinsurance arrangements.
This transformative transaction is expected
tocomplete towards the end of 2025 and
willbring significant strategic and financial
benefits to the Group.
Meiji Yasuda also acquired a 5% shareholding
in L&G, deepening our strong corporate
relationship and bringing closer alignment
ofinterest between our companies.
Looking ahead
The work of L&G’s employees during 2024
placed us in a strong position to continue
delivering the strategic focus set out last year.
My fellow Board members and I all have great
confidence in the strategy that the GMC has
set out, and in the skill and dedication of our
people to deliver it. Ilook forward to seeing
theresults as we continue to transform our
business in 2025 and beyond.
Sir John Kingman
Chair
Legal & General Group Plc Annual report and accounts 2024 5
Strategic report Governance Financial statements Other information

Chief Executive
Officer’s review
Reflecting on your first
year leading L&G, what
have been the highlights?
I’m proud of what we’ve achieved together.
There have been many highlights, but
focusingon just three:
1. Our strategy – in June we set out our
newGroup strategy, with a vision for a
growing, simpler and better-connected L&G.
Itgave clarity to our people, our investors,
ourcustomers and clients about what they
shouldexpect from us. Since then, we’ve
beenfocused on delivering progress against
that strategy, and I’m proud of what we’ve
been able to achieve – from the creation of a
single Asset Management division to the sale
of CALA Group, a £200 million share buyback
and our recently announced partnership with
Japanese life insurer, Meiji Yasuda.
2. Our colleagues – throughout the year its
been great to interact with our people across
the world. From all over the UK, to the US,
Bermuda, Hong Kong, Tokyo and Singapore
– every conversation reinforced our business
potential, and the pride that our people share
in L&G – they love what they do.
3. Our customers and clients – we continued
to focus our efforts on delivering the products
and services that our customers need and want.
We launched our Private Markets Access Fund,
providing millions of savers with exposure to
the potential returns available through global
private markets, which will support the delivery
of better long-term retirement outcomes.
Together with the Happiness Research
Institute, we showed how the certainty of
anannuity enables a happier retirement.
We have also continued to embed Consumer
Duty requirements into every stage of our
product lifecycle, and in 2024, the Board received
its first annual Consumer Duty report as well
asregularly reviewing detailed information to
ensure continuous improvement.
A growing,
simpler
and better-
connected
L&G
This year marks the
beginning of anexciting new
chapterfor L&G. Withour
refreshed purpose guiding
us, weare sharpening our
focus, driving sustainable
growth, delivering enhanced
returns, andcreating
meaningful value for
allourstakeholders.
António Simões
Group CEO
Legal & General Group Plc Annual report and accounts 2024 6

How have L&G’s three
businesses performed?
Our strategy harnesses the strengths of
ourthree businesses, and we have made
strongprogress on how they connect
andcollaborate to achieve our vision.
1. Institutional Retirement
2024 was a strongyear for Institutional
Retirement, with more than £10 billion
ofPRTdeals written globally, with record
performance in the US and Canada.
Looking ahead, there is a £1 trillion global
market opportunity in new business over
the next decade, andas a leading global
player in the market, wehave an incredibly
strong pipeline. In December, Andrew Kail,
Jeff Davies and Igaveour investors more
detail about why ourscale, asset sourcing
and synergistic model gives us a winning
advantage.
2. Asset Management
In Asset Management, 2024 was a year
oftransformation as we combined our
former Capital and Investment Management
businesses into a single Asset Management
business, with the newly appointed CEO,
Eric Adler, to lead thegrowth engine of
ourstrategy.
Over the past 12 months, that transformation
has seen us grow fee-related revenues as
we pivot to higher margin products, and
grow private markets to £57 billion AUM
with several new fund launches. We’ve also
invested to grow our capabilities, with a
strategic investment in Taurus.
3. Retail
In Retail, we also announced a new leader,
with Laura Mason bringing her experience
from across L&G to the role ofCEO of Retail.
We demonstrated strong workplace flows
and launched ourapp to help customers
better connect withtheir long-term savings.
We achieved record-breaking retail annuity
sales of £2.1 billion, up 48% compared
with2023. And, our protection businesses
performed strongly both in the UK and US.
Our US protection business is high performing
and has grown rapidly in recent years.
Strategically though, it offered limited
synergies with the rest of our business
andthe recent announcement in February
2025, to sell this business allows us to
unlock substantial value for the Group
atattractive multiples, and to reallocate
capital to areas of strategic growth.
Happy new year
António’s first days were filled with opportunities
to hear from his new colleagues – with a focus on
understanding the potential ahead. He recognised
the strength of our purpose, people and performance.
Full year results
Our 2023 full year results were announced to the
market and our employees on António’s day 47,
alongside confirmation of a Capital Markets
Event on 12 June 2024.
AGM
António marked his 100th day in role delivering a
speech at our AGM, before answering questions,
alongside Chair, Sir John Kingman.
Our new strategy
António announced L&G’s new strategy,
whichaims to deliver sustainable growth,
sharper focus, and enhanced returns. He
highlighted the creation of a new Asset
Management business, the continued growth
ofthe Institutional Retirement business,
andthestrengthening of the Retail business.
Growth & leadership
In support of our new strategy António and
Andrew Kail hosted an investor day focused
onPRT in December. Meanwhile, Eric joined
asCEO Asset Management, and Laura Mason
moved into hernew role as CEO Retail.
Office visits
António has met colleagues across our offices
including Hove, Cardiff, and the US. He engaged
with local teams, discussed community impact,
and explored growth plans for the US Asset
Management business.
He visited L&G’s first Asian office in Hong Kong,
where he hosted a town hall with the21-strong
team, discussing the Asset Management strategy.
He also celebrated the first anniversary of L&G’s
newest office in Singapore.
Annual Awards
We celebrated our outstanding L&G employees
and teams – those who inspire us to go above
and beyond – at the Natural History Museum for
our Annual Awards. With over 800 nominations
and 140 finalists in attendance, it was an evening
to celebrate our people and their achievements.
There were 12 awards to be won over four
categories: People, Customer, Community
andStrategy.
First 100 days
Strategy
Enhancing our culture
Legal & General Group Plc Annual report and accounts 2024 7
Strategic report Governance Financial statements Other information

What are your priorities
for2025?
We are well positioned to continue executing
on our strategy. We have an experienced
Group Management Committee, clear focus
areas and a refreshed purpose that will –
alongside our strategy and behaviours – help
motivate us to continue making a positive
impact. 2024 saw us doing what we said we’d
do – delivering our new strategy, and we are
committed to maintaining that momentum
through 2025.
We have outlined three clear focus areas for
the year, as we take another step forward in
delivering our long-term strategy:
• Commercial momentum
Delivering strong results to maximise value
for customers, clients and shareholders.
• Efficient ways of working
Focusing our energy and resources where
they create most value.
• People and capability
Driving the right behaviours, empowering
our talent and building capability.
Any closing comments
on2024?
I’d like to thank my colleagues for their hard
work this year – it’s been a busy 12 months,
and I’m grateful for everyone’s commitment
and drive as we worked together to define
andthen deliver our strategy.
A special thanks to Michelle Scrimgeour
forher leadership of our former Investment
Management division over the past five years,
and to Bernie Hickman for his commitment
toL&G over the last 26 years.
As we look ahead to 2025, I am optimistic
about the future. I’m confident that as we
approach our 190th anniversary, L&G will
adapt and evolve to continue to serve the
needs of our customers, clients, society
andshareholders.
António Simões
Group CEO
Chief Executive Officer’s review continued
You’ve refreshed L&G’s
purpose. Why was that
important?
Our authentic sense of purpose and heritage
are two of the key things that attracted me to
L&G. We know that purpose is a huge source
of motivation and pride for all our people and
apoint of differentiation for us as a business.
As I look ahead, our purpose of ‘Investing
forthe long term. Our futures depend on it’
articulates why L&G exists. L&G is here to
create a world we all want to live in – today
and tomorrow.
We’re already delivering on that purpose.
InJune, we published our 8th Climate Impact
Pledge, assessing over 5,000 companies
andengaging with more than 2,800.
Asat31 December 2024, we managed
£424.6 billion in responsible investment
strategies linked to sustainability criteria
forvarious clients.
(Global) Town Hall following the Capital Markets Event held on 12 June 2024. From left to right:
Andrew Kail, Michelle Scrimgeour, Laura Mason, António Simões, Jeff Davies, Emma Hardaker-Jones
and Bernie Hickman.
Legal & General Group Plc Annual report and accounts 2024
8

A simpler reason to invest
Our investment case is built on the strength of our market position,
thepower of our simplified andsynergisticbusinessmodeland
ourability to allocatecapitaleffectivelytosupportstrategicgoals.
Weare making clear progress as we execute our strategy to deliver
long-term value creation for shareholders.
Sustainable
Growth
Market leadership
in highgrowth
segments
Our well positioned businesses
aligntolong-term structural trends.
Byleveraging our scale and expertise,
we continue to expand in key markets
and drive recurring revenue growth
andlong-term value creation.
Market leading, profitable franchises
We are consistently one of the leading
players in all of the markets we serve.
Ourscale allows us to both offer value
formoney for our customers and sustain
attractive margins through operating
leverage. We will continue to consider
partnerships and bolt-on acquisitions
tostrengthen our proposition.
Exposure to major growth trends
Long-term growth trends are tailwinds
toour business. We are well positioned
tomeet the global pension de-risking
opportunity, to provide lifetime solutions
inUK Retail, and to create blended
investment solutions for our clients.
Increasingly capital-light growth
We are building a capital-light business
model to address growth opportunities
in Asset Management and Retail,
extending future earnings beyond the
return on equity of our balance sheet.
Our asset origination capabilities, for
example, honed on our balance sheet,
are now increasingly being offered to
our clients and DC members.
Sharper
Focus
Simplified business
model focused
on execution
We are simplifying our business model,
focusing on our core propositions and the
competitive advantages that arise from
operating them together. We are investing
in innovation and efficiency, which will
offer future upside to shareholders.
Sharper focus on core equity story
We have exited non-strategic businesses
that have complicated our equity narrative.
Disposing of CALA Group, forexample,
hasreduced shareholders’ exposure
toUKhousebuilder volatility, whilst
releasing proceeds for reinvestment
inourcore propositions.
Synergies creating competitive edge
Our portfolio is synergistic and
self-reinforcing. Our complementary
businesses allow us to develop more
holistic end-to-end solutions for clients
andto operate more efficiently, creating
competitive advantages that are difficult
for peers to replicate.
Further execution upside to come
We are in the early stages of executing
ournew strategy and can deliver further
efficiencies in the way we work and operate
as a Group. Innovation is critical and we are
investing significantly in technology – to
enhance our customer proposition and
improve ourback-office infrastructure.
Enhanced
Returns
Strong fundamentals
andcapital discipline
drive returns
We offer attractive returns, built upon
thestrong fundamentals of our business.
We are disciplined allocators of capital
andarecommitted to returning over
£5 billion ofcapital within three years,
equivalent toc.40% of our market
capitalisation asat1 January 2025.
Strong financial fundamentals
We have a track record of consistent
adjusted operating profit growth and
aresilient balance sheet that offers
strategic optionality. We have reliable,
recurring earnings with £14.8 billion
ofstored value to be released into
profitover the coming years.
Disciplined capital allocation
We have introduced a new capital
allocation framework to add greater
discipline to our investment decisions.
Weare reallocating capital to strategic
businesses to deliver future growth and
areclearer in when we have surplus
capital for return to shareholders.
Compelling shareholder returns
We have a long history as a progressive
dividend payer through all market cycles.
We are committed to increasing our capital
return to shareholders, including the use
of share buybacks, and we expect to
return c.40% of our market capitalisation
as at 1 January 2025 to shareholders
within three years.
Legal & General Group Plc Annual report and accounts 2024 9
Strategic report Governance Financial statements Other information

Introducing our new strategy
and refreshed purpose
Our purpose
Investing for
the long term.
Our futures
depend on it.
We believe that capital
canbe invested in ways
which generate social
benefit alongside returns
for investors.
This idea has been important to us
formanyyears, and our new strategy is
basedonthe attractiveness of long-term
investment for delivering returns. We want
tocontinue building on it as weserve
ourcustomers and clients.
The shape of our business continues to
evolveand the needs and expectations
ofourstakeholders are changing. In 2024,
wehave responded not only by resetting
theGroup’s strategic objectives but also
byrefreshing our statement of purpose:
‘Investing for the long term. Our futures
depend on it.’
Along with growing our PRT business in
Institutional Retirement, our strategy focuses
on AssetManagement as the cornerstone of
ourgrowth potential, in particular through
increasing access toprivate markets for more
of our clients. Meanwhile, our Retail business
is focused onbuilding lifelong relationships
withcustomers as they save for retirement
andprotect themselves and their families.
What unites all three parts of our business
issummed up in our purpose statement.
We believe that capital can do good when it’s
invested carefully, over the long term: whether
by an individual preparing to retire; a pension
scheme reducing its risks or an institutional
client looking for stable returns; or by the L&G
shareholders who trust us to build a strong
business over the long term.
Our updated purpose sets outwhat we do and
why we do it. It builds on what has inspired us
throughout our history. Because it is clearer
and more actionable, itchallenges us more
effectively to act with greater urgency and
focus. We believe that itwill remain relevant
and useful to us for thecoming decade of
transformation.
Our behaviours
We will also be introducing our refreshed
behaviours in 2025 for our employees,
creating a culture of accountability,
effectiveness, and pace to deliver
ourstrategyand purpose.
These are:
• Challenge positively
• Commit together
• Act decisively
For more details on our purpose and culture,
see page 64, in our Governance section.
Our new strategy
Our strategy highlights the opportunities
wesee ahead of us as the world changes,
andhow we’ll position ourselves to make
themostof them and achieve sustainable
growth,sharper focus and enhanced returns.
For further details on each strategicpriority,
see pages 11 to 13.
New strategic priorities
Sustainable
Growth
Sharper
Focus
Enhanced
Returns
Legal & General Group Plc Annual report and accounts 2024 10

Sustainable
growth
We will continue to grow our Institutional
Retirement business and secure the benefits
of millions of defined benefit (DB) pension
holders, with the aim to write £50 – 65 billion
ofUK PRT between 2024 and 2028. The
steady store of future profits generated will
release reliable earnings for many years to
come,and as wewrite more PRT, we will
createfurther patient capital to support
ourasset originationcapabilities.
In Asset Management, we have a large-scale
global business with a well-established
reputation, long-standing client base and
valuable internal clients. We are investing in
the business to realise its potential, adding
new capabilities while improving our operational
efficiency. We are seeding newfunds with
ourown balance sheet, butimportantly,
weareattracting an increasing number
ofthird-party investors.
In Retail, our protection and annuity businesses
provide consistent earnings. We have c.14million
customers and members across all our Retail
businesses, with strong market positions and
prospects for profitable growth. We will
strengthen our propositions to partner with
customers throughout their lifetimes, helping
them save, protect, plan for and, ultimately,
enjoy retirement, starting from the day they
enrol in their workplace pension scheme.
These opportunities support a steady stream
of earnings and a gradual shift towards a more
fee-based, capital-light business, particularly
as Asset Management’s earnings grow and
compound over time.
Case study
In May, L&G completed a c.£900 million
buy-in with the ICI Pension Fund (Fund),
securing thebenefits of over 7,000 retirees.
Todate, L&G has completed transactions
totalling £7 billion in aggregate with the Fund
and covers around 70% of the Fund’s total
liabilities. This milestone deal is particularly
special as it marks our 12th transaction
agreed with ICI, with the first having been
completed almost 10 years ago.Our enduring
relationship with ICI reflects our collaborative
and client-centric approach which underscores
the sustained growth we deliver as a business.
We want to sustainably grow our three
businesses, seizing the opportunities
inInstitutional Retirement and investing
togrow Asset Management and Retail. Each
ofour three businesses has reliable earnings
andthe potential for significant growth upside.
We are pleased to have deepened our relationship
withICI in the most recent transaction. It falls almost
ten years to the day since ICI’s initial ground-breaking
transaction with us in 2014 and highlights how well
advised pension schemes can achieve great results
when they have a deep, collaborative, and trusted
relationship with an insurer.
Andrew Kail
CEO, Institutional Retirement
Legal & General Group Plc Annual report and accounts 2024 11
Strategic report Governance Financial statements Other information

Sharper
focus
Introducing our new strategy and refreshed purpose
continued
We have sharpened our focus on the core
businesses of L&G. We are bringing together our
capabilities across public and private markets
tocreate a single global Asset Management
business. Guided by our new capital allocation
framework, we now have a clear setof priorities,
and we are focusing on those businesses with the
strongest strategic fit and financial performance.
Therefore, we have created a new Corporate
Investments unit to manage our non-strategic
assets to maximise thevalue to shareholders.
Case study
In July, L&G launched the L&G Private Markets
Access Fund, offering our 5.2 million defined
contribution (DC) members the opportunity
toaccess the benefits of diversified private
markets exposure. The Fund aims to provide
DC investors with access to the long-term
growth potential of private markets and
greater diversification through exposure to
investments that are not typically accessible
through public markets. This highlights the
increasing significance of Asset Management
in our strategy and our ambition to grow in
private markets.
Bringing together our former Capital and
Investment Management businesses as a
single Asset Management business recognises
the evolving needs of our clients and partners.
Itacknowledges and responds to growing
client demand for blended public and private
market solutions; enables us to use ourglobal
distribution capabilities and to better support
origination; and simplifies our operations
withthe correct infrastructure todeliver
ourgrowth ambitions.
We are adopting a more disciplined approach
to capital allocation, guided by our new internal
capital allocation framework that looks at the
strategic fit and financial performance of each
business. We are being explicit about which
businesses are strategic, and we have created
a new Corporate Investments unit to oversee
assets and businesses that are not a strong
fitwith our refreshed strategy, even though
some deliver strong financial performance.
We sold CALA Group based on an enterprise
value of£1.35 billion, generating c.£100 million
in solvency capital. Other smaller disposals
are also in progress. Allthe proceeds will be
used to reinvest in the business, with our
aimto return above 14% on cash or capital,
aswell asfor additional capital returns
toshareholders.
Today’s launch is an important step forward in putting
UKpension capital to work to drive economic growth while
supporting people to build the savings they need for retirement.
Building on our refreshed strategy, this Fund will offer defined
contribution scheme savers access to high growth investment
opportunities, provide innovative funding for communities,
society and the real economy, and power Asset Management’s
private market growth ambitions.
António Simões
Group CEO
Legal & General Group Plc Annual report and accounts 2024 12

Enhanced
returns
We are committing to delivering enhanced
shareholder returns – setting out new financial
targets and changing our approach to shareholder
distributions. Our new strategy seeks to deliver
strong returns over time, through making the
mostof our synergies, investing in the business
forlong-term growth and returning capital to
shareholders through dividends and share buybacks.
Case study
Demand for annuities continues. Our Retail
division had a record year, with annuity sales
reaching an all-time high of £2.1 billion. While
improved rates on annuities has been one
driver of this growing demand, there’s also
increasing awareness of the other benefits a
guaranteed income can provide. Customers
seeking financial stability place value on the
certainty and regularity that an annuity offers.
A recent study from L&G and the Happiness
Research Institute, an independent Danish
think tank, found that retirees who have an
annuity score more positively across multiple
wellbeing measures than those who don’t.
Together with the Happiness
Research Institute, we’ve shown
how the certainty of an annuity
enables a happier retirement,
removing the fear of outliving
savings and providing retirees
with a sense of financial security
that eases stress and uncertainty.
Lorna Shah
Managing Director, RetailRetirement
Targets:
• 6 – 9% core operating EPS CAGR (2024 –
2027) atan operating return on equity
ofover 20%.
• £5 – 6 billion cumulative Solvency II
operational surplus generation across
2025,2026 and2027.
• The Board intends to return more to
shareholders over 2024 – 2027, through
acombination of dividends and buybacks,
with 5% growth in dividend per share (DPS)
toFY24 and a first share buyback of
£200 million in 2024, followedby 2%
DPSgrowth per annum outto FY27
alongsidefurther similar buybacks.
We have listened toshareholder feedback, and
we intend to return the equivalent of c.40% of
market capitalisation to shareholders over the
next three years, through a combination of
dividends and share buybacks.
In February 2025, we announced the intention
to carry out an additional £1 billion buyback
commencing after the completion of the sale
of our US protection business and creation
ofour strategic partnership with Meiji Yasuda.
The£200 million share buyback previously
announced in June 2024 was completed
inNovember 2024.
More information about the share buyback
can be found in the section 172(1) statement
in the Governance section on page 71.
The excellent returns in our businesses are
driven by our synergistic model between our
three businesses. For instance, 81% of our UK
PRT deals over the last three years were with
our Asset Management clients. Conversely,
the permanent capital from Institutional
Retirement seeds new investment strategies
and creates the opportunity for third-party
capital to invest with us.
Between Asset Management and Retail, our
asset management expertise means we can
offer our customers a wide range of solutions
from asset accumulation to decumulation.
The divisions also benefit from bundled
administration and asset management.
There are significant synergies between
Institutional Retirement and Retail. Retail’s
HomeFinance business creates lifetime
mortgages which offer long duration and
reliableincome which can be used to meet
ourlong-dated annuity liabilities. Additionally,
theshared management of Retail and
Institutional Retirement annuities yields
substantial efficiencies through asset liability
management, investments, and payments.
Legal & General Group Plc Annual report and accounts 2024 13
Strategic report Governance Financial statements Other information

Our businesses continue to deliver strong financial
performance, while consistently distributing growing
dividends and maintaining a robust balance sheet.
+1%
(2023: +8%)
Purpose: to measure the total return
toshareholders, including dividends
andshare price movements, over time.
In 2024, the total shareholder return (TSR)
underperformed the FTSE 100 index (+10%),
largely driven by the strategic and financial
reset announced at the capital markets
event in June. Over a 10-year period,
thestock has performed in line with
theFTSE 100 delivering returns of 83%
andsignificantly outperformed the
FTSE350 Life Index (+12%).
Key performance indicators (KPIs)
Total shareholder return %
Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 20Dec 19 Dec 21 Dec 22 Dec 23 Dec 24
FTSE 100 FTSE 350 Life L&G
As at 31 December 2024
150%
50%
100%
0%
-50%
Guide to symbols used in these financial results:
Alternative performance measure (APM),
seepage252 for definitions.
Key measure in the remuneration of executives,
see pages 94 to 97 for definitions.
Profit before tax £m
£542m
(2023: £195m)
Purpose: to measure the profit before
tax of the Group.
Profit before tax of £542 million (2023: £195 million)
was heavily impacted by unrealised mark-to-market
movements in asset valuations from higher interest
rates, changes in inflation expectations and some
non-recurring IFRS 17 modelling refinements.
Core operating earnings per share p
20.23p
(2023: 19.04p)
Purpose: to illustrate the core operating profit
(after tax) associated with each share owned by
our investors.
Core operating earnings per share increased to
20.23 pence (2023: 19.04 pence), driven primarily
by strong year on year growth in both our
Institutional Retirement and Retail divisions.
Operating return on equity (ROE) %
34.8%
(2023: 26.6%)
Purpose: to show how efficiently we
areusingourfinancial resources to
generateareturn forshareholders.
Operating return on equity of 34.8% is driven by
strong adjusted operating profits and returns to
shareholders from both buybacks and dividends.
Full year dividend p
2020 2021 2022 2023 2024
20.34
21.36
19.37
18.45
17.57
Purpose: to show the level of distribution
toshareholders.
The Board has recommended a final dividend of
15.36 pence, giving a full year dividend of 21.36pence,
up5%from the prior year (20.34 pence). This is
consistent with our stated ambition to grow the
dividend at 5% for 2024.
Solvency II surplus £bn
9.0
8.2
7.4
9.2
9.9
2020 2021 2022 2023 2024
Purpose: to demonstrate the surpluscapital
position over the solvencycapital requirement.
Solvency II surplus of £9.0 billion (2023: £9.2 billion)
over our capital requirement demonstrates the
continued strength of our balance sheet.
Solvency II coverage %
232
187
175
224
236
2021
2020 2022 2023 2024
Purpose: to demonstrate the balance
sheetstrength of the Group.
The Solvency II coverage ratio increased to 232%
(2023: 224%), primarily reflecting the impact of
risinginterest rates and a reduction in capital
requirement from Solvency II reforms partially
offsetby the impacts of returns to shareholders
andthe writing of capital-light PRT in the UK.
Legal & General Group Plc Annual report and accounts 2024 14

Our business model
With a simpler,
better-connected,
and a more
capital-light
business model...
We are one of Europe’s largest asset
managers and a major global investor
across public and private markets.
We provide global institutional
PRTsolutions, guaranteeing the
retirement income for corporate
pension scheme members.
Asset
Management
Institutional
Retirement Retail
1
We are a UK market leader in
protection, workplace pensions
and retirement income.
and rigorous
approach to
execution
through our
strategic priorities…
to create a
betterfuture.
L&G creates long-term value for all stakeholders
by delivering financial security, investing in
sustainable growthand supporting communities.
Read more on pages 10 to 13
Sustainable
Growth
Enhanced
Returns
Sharper
Focus
Our strategy is to deliver sustainable growth, sharper focus and enhanced returns,
with a vision of becoming a growing, simpler and better-connected L&G.
We aim to be leaders in retirement and protection solutions, and a leading global asset
manager with public and private markets capabilities.
1. Retail comprises of Retail Retirement and Insurance reporting segments (see Note 1 on page 133 of the financial statements).
For more on how we create value
for our stakeholders.
Read more on pages 42 and 43
Legal & General Group Plc Annual report and accounts 2024
15
Strategic report Governance Financial statements Other information

Our business model in action
How our
synergistic business
model supports
ourcustomers
Grace has always strived to
make sensible choices, manage
her spending wisely and plan
forthe future.
Since starting her career, she has been
contributing to her workplace pension
with L&G, making monthly contributions
to secure her financial wellbeing.
Grace uses the L&G app and realises
shecan save a little more towards her
future goals. She finds it simple and
straightforward to open an L&G ISA,
which offers tax advantages and a
rangeof low-cost investment funds
managed by our experts.
The money that Grace
contributes into her pension
is pooled together with funds
fromother customers.
These pension assets are managed by
Asset Management, where weinvest
inadiversified portfolio ofassets
acrosspublic and private markets
togenerate steady, long-term returns
forour customers.
The pension capital also helps to drive
realeconomic benefits and enhance local
communities, as it isinvested in tangible
assets that oursociety needs, such as
affordable houses and infrastructure.
I recently tried their
retirement guidance service
just to see if I can maybe
retire when I’m 62 and the
mortgage is finished. It was
easy to understand and get
afull view of my finances.
Iteven accounted for the
value of my home.
Grace
1
Asset
Management
Retail
1. This is an illustrative example
ofacustomer’sjourneyat L&G.
Legal & General Group Plc Annual report and accounts 2024
16

Case study:
L&G’s largest Build to Rent (BTR) scheme to date, New Acres, is a
testament to our long-standing commitment to help address the
chronic lack ofhousing supply. Since 2016, L&G has deployed
over £3 billion of capital into the BTR sector, delivering 6,000
homes amid sustained demand for high-quality rental housing.
New Acres is one of the UK’s largest purpose-built rental
developments, providing 1,034 homes across 18 buildings next
toWandsworth Town Station. The site includes amenities for
residents, workspaces, commercial opportunities at street level
aswell as a new station square. L&G is also providing a diverse
selection of brands with their first year rent-free to help independent
businesses and promote entrepreneurship, all in line with L&G’s
‘Future Places’ mission.
Managing capital for our own divisions and third parties, Asset
Management plays a central role in unlocking long-term capital
from institutional investments and pension assets to productive
uses in the economy.
As Grace’s kids leave home,
sheis both excited and nervous.
She would like to reduce her
hours to pursue new passions,
but she is uncertain if her
savings are sufficient.
L&G’s Guided Retirement Planner helps
those over 55 achieve their goals by
simplifying complex choices and tailoring
the experience. It considers all of their
assets and helps address financial
shortfalls, empowering customers to
make informed decisions to achieve
theretirement and lifestyle they want.
Following her plan, Grace uses
savings to reduce her working
hours for a few years before
fully retiring and purchasing
anannuity.
The annuity guarantees a steady
incomefor life, regardless of investment
performance. Grace will receive her regular
annuity payments from L&G, providing her
with a secure income stream in retirement.
The reliability and consistency of these
payments reduces financial worries
forour customers.
The premiums received from
Grace’s annuity purchase are
managed by Asset Management.
The premiums are invested in a
diversifiedportfolio of assets aimed
atensuring that L&G canmeet its
annuitypayout obligations.
L&G also benefits from efficiencies gained
from the shared management ofRetail
and Institutional Retirement annuities
through asset liability management,
investments, and payments.
Institutional
Retirement
Retail
Retail
Asset
Management
Institutional
Retirement
Retail
Legal & General Group Plc Annual report and accounts 2024 17
Strategic report Governance Financial statements Other information

Chief Financial
Officer’s Q&A
Our business
is well
positioned
for growth in
our areas of
strategic focus
£1.6bn
core operating profit
£14.8bn
store of future profit
£1.8bn
capital generation
£21.36p
dividend per share up 5%
£232%
solvency II coverage ratio
£542m
profit before tax
Our new three-year financial targets:
• 6 – 9% CAGR in core operating
EPS(FY24 – FY27)
• Operating return on equity of
atleast 20% (2025, 2026, 2027)
• Cumulative capital generation of
£5– 6 billion (2025, 2026, 2027)
Strong financial performance in 2024
Legal & General Group Plc Annual report and accounts 2024 18

1. 2024 has been a busy year for L&G
withanew strategy announcement in
Junewhilecontinuing to deliver strong
financial results. What have been the
financial highlights?
Our strong financial results in 2024 reflect
ourdiversified business model, our ability
toadapt to prevailing market conditions and
capitalise on growing structural trends. Our
core operating profit of £1.6 billion is up 6%
and our balance sheet remains resilient and
provides strategic flexibility with a Solvency II
coverage ratio of 232%.
We continue to deliver reliable and growing
profit from our insurance businesses and build
on our significant store of future profit which
releases over time. Fee-related revenues have
increased by 4% in our Asset Management
business on a 2% lower average AUM, as we
pivottowards higher margin products, and we
continue to manage our underlying operating
expenses effectively through efficiency initiatives
and streamlining of our organisation. Overall,
our Asset Management profit was down as
wecontinue to invest to deliver sustainable
long-term growth. In 2024, we wrote highly
capital efficient UK PRT business, with a strain
of c.1% and we wrote record new business
volumes in the USand Canadian PRT. In
Retail,we have also achieved record volumes
inindividual annuities as we continue to
benefit from higher interest rates and the
increasing demand for guaranteed income
products in retirement. Our workplace DC
business is thriving with AUM up 17%
and5.5 million members.
This strong financial performance has
allowedus to increase the dividend per
shareby 5% and announce a further
£500million share buyback.
2. L&G is investing to drive growth – how
doyou ensure the business is balancing
short-term profitability whilst focusing
onlong-term growth?
Our long-term vision requires near-term investment
in our operating model to position us for structural
growth trends in Asset Management and Retail.
This in turn will move the business towards a
more capital-light model. We have a disciplined
approach to capital allocation, and every £
wespend will meet our hurdle rate of return.
We are committed to gaining efficiencies in
operations and we are challenging the way
wework in order to deliver these. We are
continually looking to optimise our capital
andcash usage, and where appropriate, will
look to redeploy these resources to drive
future growth. A good example of this is in
Asset Management where we have told the
market we will be investing £50 – 100 million
per annum to drive long-term growth, but
simultaneously we are continually looking
forinitiatives to streamline our operations.
Asa result, our underlying operating expenses
have only grown by 1% in 2024, despite
inflationary pressures.
3. You have set new financial targets
for2025 – 2027, what was the reason
forchoosing the metrics you have?
As we worked through the new strategy ahead
of our Capital Markets Event in June 2024, we
considered various metrics in deciding which
would be the most appropriate to measure
thesuccess of the business. We also engaged
with our top shareholders to ensure their views
formed part of that decision making process.
With thechange in structure of the Group and
thecreation of the Corporate Investments
portfolio, we have focused on our core operating
profit as this measures the profit contribution
from the parts of the business that are most
strategic and central to our long-term growth
plans. Linked to that, wehave chosen Core
operating EPS and operating return on equity
as a measure of how that growth delivers
value directly to our shareholders. Our third
key metric focuses on our Solvency II operational
surplus generation (OSG) which reflects the
surplus capital being delivered to fund future
investment for growth as well as increased
returns for our shareholders.
4. Your Solvency II coverage ratio is strong
– how do you think about capital allocation
versus returning capital to shareholders?
Our robust Solvency II coverage ratio of 232%
and capital surplus of £9 billion provides us
with both strategic flexibility as well as a significant
buffer in the event of adverse economic
environment changes. We plan over the next
5-year time horizon as well as projecting our
capital position over the next 20 years. We
look to hold the appropriate level of capital
today to ensure we are able to capitalise on
the many opportunities ahead, some known
and others not,and this could include a significant
increase inPRT volumes or our next strategic
bolt-on acquisition.
At the Capital Markets Event in June 2024, we
set outa capital allocation framework which
lays out exactly how we approach ensuring
thebest use of our capital for shareholders.
We will prioritise investing in our business for
long-term growth and we have set a hurdle
return rate of 14% for any investments we
make across the business. If we believe there
are insufficient opportunities available to us
ator above that hurdle, we will then consider
returning additional capital to shareholders.
We have already demonstrated discipline in
applying this framework in 2024; as we
announced in December last year, we have
written highly capital-efficient new PRT
business in the UK and as a result we are
returning more capital to our shareholders
viaa £500 million buyback in 2025.
5. You recently assumed responsibility for
the newly created Corporate Investments
unit and completed the sale of CALA
Group(Cala) this year. What are the key
commercial impacts from selling Cala,
andwhenshould we expect future sales
oftheremaining investments?
Cala was the largest asset within our
Corporate Investments portfolio, and made
upover half ofthe total net asset value (NAV).
InSeptember 2024, we announced the sale
ofCala based on an enterprise value of
£1.35billion representing acommercially
attractive valuation for shareholders.
Calawasidentified as being a financially
well-performing but non-strategic part of
thebusiness and so this transaction not
onlydelivered good value to shareholders in
the short-term, but it also allows us to focus
moreof management’s time on growing the
strategic parts of our business that will bekey
to driving long-term growth. Thetransaction
also released approximately £100million
ofcapital. We will look to dispose of all the
remaining assets in the portfolio, we have
aplan and a timeline for each. We remain
focused on achieving maximum value for
shareholders through all disposals.
6. You recently announced the sale of US
protection and the creation of a strategic
partnership with Meiji Yasuda. What was
therationale for this and what are the
financial impacts?
It is important to put this transaction in the
context of our wider strategy. In June last year,
we talked about driving sustainable growth,
sharper focus and enhanced returns and this
transaction delivers against all three of those
aims. In sustainable growth, our new strategic
partnership with Meiji Yasuda will help to
accelerate growth in our US PRT business
aswe bring together two balance sheets to
drive increased scale and opportunity. It will
also generate long-term growth in our Asset
Management business through both the
management of a growing US PRT book
aswell as the commitment of ¥150 billion
ofco-investment capital to our global private
markets business. The sale of US protection
also allows us to reallocate capital and time
toour more strategic businesses, delivering
onthe sharper focus that we promised.
Jeff Davies
Group Chief Financial Officer
Legal & General Group Plc Annual report and accounts 2024 19
Strategic report Governance Financial statements Other information

Our 2024 tax position
Our effective tax rate for the year is 41%.
Thisis higher than the headline UK corporate
income tax rate of 25% that applied for 2024.
The difference between our effective tax
rateand the UK corporate income tax rate is
largely due to the fair value movements on
ourinvestments and the difference between
the accounting values and the tax values
used.This includes the disposal of CALA
Group which gave rise to an accounting loss
of£99 million after costs, at a Group level.
Thedisposal of CALA Group was exempt
fromUK corporate income tax due to the
substantial shareholding exemption applying,
this increases our effective tax rate by 6%.
Other movements on investments account
fora 10% increase in our effective tax rate.
This is our second full year reporting
undertheIFRS 17 Insurance Contracts
accounting standard. The standard impacts
the corporate income tax we pay in the UK
dueto the transition adjustments, applying
from 1 January 2023, to ensure the Group
does notpay tax on the same profits twice.
The introduction of IFRS 17 has also altered
when profits emerge.
Our effective tax rate is also influenced by the
different rates of corporate income tax that
apply to profits earned outside of the UK and UK
top up tax, payable post the introduction of the
global minimum tax regime on 1 January 2024.
The global minimum
taxregime
The global minimum tax rules, as enacted by
theUK (Pillar II rules), apply to the Group for the
first time this year. The Group has a UK top up
tax liability of £35 million relating to the Group’s
reinsurance businesses in Bermuda.
From 1 January 2025, the Bermudan
Government introduced a corporate income
taxregime which will apply to profits arising
inour Bermudan reinsurance businesses.
Wewill start paying Bermudan corporate
income tax on our Bermudan taxable profits
arising in 2025 at the enacted rate of 15%.
We do not anticipate any other significant
impacts of the Pillar II rules for this year, and
expect most of the Group’s jurisdictions,
including the UK, to fall within one of the
transitional safe harbours.
The tax environment
Our refreshed purpose statement: ‘Investing
forthe long term. Our futures depend on it’,
shapes the way we do business. Our totaltax
contribution is part of our ongoing commitment
of putting capital to work for good, alongside
generating a financial return, and making a
positive impact on the economy and society.
We monitor risks and complexities across
allthe territories in which we operate
andtakearesponsible approach to tax
management, consistent with our tax strategy.
Our renewed purpose allows us to continue to
take a sustainable, principled, and reasonable
approach to taxation. This includes being
transparent with our customers, clients,
shareholders, stakeholders, and the public
onourtax affairs and our approach to tax.
You can read more about our tax strategy,
our governance, and what taxes we pay in our
Taxsupplement, which has been approved
bytheBoard and canbe found here:
Discover more online
group.legalandgeneral.com/TaxSupplement2024
Total tax contribution
Our total tax contribution is the amount of
taxthat we pay together with the amount
oftax that we collect on behalf of our
employees, suppliers, customers, clients
andpolicyholders. We paid £479 million
(2023: £461 million) oftax and collected
£1,269 million (2023: £1,121 million).
Our total tax contribution of £1,748 million
ishigher this year. The increase is primarily
due to the volume of PAYE collected on
administered pension schemes.
£1,748m
In 2024, our total tax contribution was
£1,748 million (2023: £1,582 million),
ofwhich 93% (2023: 93%) arose in
ourUKbusinesses and 7% (2023: 7%)
overseas. Further detailscan be found
onpage 21.
Tax supplement
Our Tax supplement is available on our Group website:
Discover more online
group.legalandgeneral.com/TaxSupplement2024
Tax review
Our sustainable approach to
tax shows our commitment
to contribute to the
economies and communities
in which we do business.
Grace Stevens
Chief Tax Officer
Legal & General Group Plc Annual report and accounts 2024 20

We recognise that governments, customers,
clients, investors, and other stakeholders have
justifiably high expectations for compliance,
risk management and transparency. Our approach
to tax transparency remains consistent with a
focus on engaging with all our stakeholders
and supplementing our disclosures on tax
where we believe this will add value.
Further detail on our main risk areas and how
we manage those risks can be found inour
Tax supplement.
One of the key risks for all of us is the impact
from changes in tax policy, guidance and
thresholds as well as the arrival of new taxes.
Any tax regime needs to balance the revenues it
raises with the needs of all stakeholders across
society, both in the present and in the future;
supporting growth and incentivising change and
behaviours appropriately whilst ensuring that
policies do not create unintended consequences.
Changes to the tax environment impact our
businesses, our investments, our employees,
our customers and clients. We contribute to
discussions and research on the tax landscape,
prospective changes and active consultations
on new legislation and guidance. This is with
aview to ensuring the impact across society,
our customers, clients, shareholders and wider
stakeholders is understood and that new rules
are implemented effectively. During the year,
we responded on a variety of consultations
including those related to ISAs, tax administration
and the implementation of Bermuda corporate
income tax rules.
The pace of change across the tax landscape
is higher for businesses and individuals than
ever with new demands such as those to
support both economic growth and net zero;
growing complexity with an ever increasing
range of compliance requirements; and the
need to ensure everyone is paying the right
taxat the right time. A sustainable approach
totax by governments, tax authorities and
taxpayers is ever more important to support
investing in all our futures.
Alongside the Budget, the government
published a Corporate Tax Roadmap setting
out its approach to corporation tax. The roadmap
reflects the needs of businesses to have a
stable and predictable tax environment to
encourage investment, innovation and
growthover the long term.
While a similar approach to the broader
business tax environment would be welcome,
the highlights of the corporation tax roadmap
included: ‘Full expensing’ of qualifying plant
and machinery, the R&D tax relief, a commitment
tokeep the UK corporate incometax rate at
25% for the length of the parliament, as well
asconsultations on international taxation
andfurther details on HMRC’s modernisation
ambitions. These providewelcome stability
toour businesses and investments.
Total tax contribution in2024
Our total tax contribution
overthelastsixyears
The table below shows our total taxes paid and collected over the
past six years. For abreakdown of how we calculate these numbers,
please refer to our Tax supplement.
Total tax contribution £m
£81m Overseas taxes
£726m PAYE deducted from policy holders
£269m UK payroll taxes
£12m UK property and other taxes
£181m UK VAT and premium tax
£221m Withholding taxes
£103m UK payroll
£41m Other overseas
£69m UK property and other taxes
£76m UK irrecoverable VAT and premium taxes
£(31)m Profit taxes
0
100
200
300
400
500
600
Total taxes paid
£479m
Total taxes collected
£1,269m
0
2
50
5
00
7
50
1,
000
1,
250
1,
500
1,
750
2,
000
Total taxes paid
Total taxes collected
2019 2020 2021 2022 2023 2024
781
818
835
838
461
479
782
811
820
1,000
1,121
1,269
During the year, the Group received net refunds of UK corporate income tax of £31 million.
The Group made payments on account for the year ended 31 December 2024 and received
R&D expenditure credits, making total payments of £11 million. In addition to the payments
made the Group also received refunds for overpayments made in prior years of £42 million.
Legal & General Group Plc Annual report and accounts 2024
21
Strategic report Governance Financial statements Other information

Business reviewBusiness review
Refreshing our
business in 2024
Following the appointment of António
Simões as the new Group CEO and a
realignment of our management team,
wehave delivered another year of strong
growth and have a clear vision for the
future. We announced our strategy for
agrowing, simpler and better-connected
business, focused on three core divisions,
and set apart byour shared sense of
purpose and powerful synergies. We
havealready shown clear momentum
inexecution of our strategy through
ourprivate market fund launches and
the disposal of non-strategic CALA Group.
Working together, Institutional
Retirement, Asset Management and
Retail will aim to deliver sustainable
growth, sharper focus andenhanced
returns for shareholders. Our vision for
growth and shareholder value is driven
by our businesses which are part of
asimpler and more synergistic model.
With our strong purpose and talented
people, we are in position to capitalise
onthe long-term trends and achieve our
new three-year Group financial targets:
6 – 9%
CAGR in core operating EPS
(2024 – 2027)
>20%
Operating return on equity
at >20% (2025 – 2027)
£5 – 6 billion
Cumulative capital generation
of £5 – 6 billion (2025 – 2027)
A compelling vision for growth
andshareholder value.
In Asset Management, we have
established a single global publicand
private assetmanager by combining
our former Investment Management
and Capital Investment businesses,
benefitting fromthe synergies and
complementary capabilities across
both markets.
We expect strong growth over the next
decade and arewell placed to meet
theincreased demand for productive
finance, supporting climate transition
and economic developments.
Private markets is making strong
progressagainst the strategy through
launching multiple new funds, and will
bea major growth driver going forwards
aswe access differentiated investment
opportunities across private credit,
realestate and infrastructure.
Ourambitions are to:
• deliver operating profits of
£500–600 million by 2028
• achieve cumulative Annualised
NetNew Revenue (ANNR) of
£100–150 million (2025 – 2028)
• grow our private markets platform
AUM to£85 billion by2028.
Discover more online
Capital markets event
For full details of our externalambitions,
see our capital markets event:
group.legalandgeneral.com/CME
Our Institutional Retirement division
offers anattractive proposition.
Weare well placed to win in an exciting
and growing market where weexpect
£1trillion of new business to transact
over the next decade in theUK, the
USand Canada.
Our competitive advantage, driven by
our size, asset-sourcing capabilities,
international reach andsynergistic model
means we are positioned to capitalise on
the strong pipeline and write new
business to support L&G’sgrowth.
We will leverage our competitive
pricing,trusted brand and long-standing
relationships to maintain our position as
a leader in this market whilecontinuing
to deliver againstour ambitions:
• grow Institutional Retirement
operating profits at 5 – 7% CAGR
(2023 – 2028)
• write £50 – 65 billion of UK PRT
atacapital strain of lessthan 4%
(2024– 2028).
Institutional Retirement
Asset Management
Legal & General Group Plc Annual report and accounts 2024 22

Capitalising on our market leading
positions across ourkeybusinesses,
we willcontinue todrive long-term
growth bysupporting customers
throughout theirlifetime.
We expect to continue to invest and
enhance our workplace DC position
through digital transformation while we
improve the services offered in retirement
and maximise protection profitability
viatechnological improvements.
These business enhancements
willenable us tomeetour
financialambitions:
• achieve 6 – 8% CAGR in
operatingprofit (2023 – 2028)
• generate £40 – 50 billion
ofworkplace net flows
(2024 – 2028).
Retail
As part of the new strategy, alongside
the three core divisions, the Corporate
Investments unit was established to
manage a number ofnon-strategic
assets, with a goalofmaximising value.
Adjusted operating profit for the year
of£95 million is 30% lower than 2023,
largely reflecting the sale of CALA Group
in the second half of 2024. Profit before
tax predominantly reflects the sale of
CALA Group, and the write-down of
ourinvestment in Salary Finance. The
remaining investment variances are
driven by unrealised mark-to-market
impacts versus the expected return
inadjusted operating profit.
During 2024, we successfully sold
CALAGroup based on an enterprise
value of £1.35 billion, demonstrating
continued momentum in executing
ourstrategy, simplifying our portfolio
toenable a sharper focus on our core,
synergistic businesses. Wehave also
transacted on a number of smaller
assets across the portfolio, consistent
with our objective to enhance returns
forour shareholders. The disposal
proceeds are, and will be used, as
theybecome available, to reinvest
intheGroup in line with our strategy
andcapital allocation framework.
Strong progress has been made to
further optimise thevalue opportunity for
theremaining assets, and we remain
well positioned tocontinue providing
capital to support our strategic ambitions.
Corporate
Investments
unit
Strategic report Governance Financial statements Other information
Legal & General Group Plc Annual report and accounts 2024 23

Business review continued
2024 has been another strong year for Institutional
Retirement, with our performance demonstrating our
continued commitment to delivering innovative solutions
in the world’s largest PRT markets, whilst also generating
returns for the wider Group.
Andrew Kail
CEO, Institutional Retirement
Institutional Retirement
Institutional Retirement volumes £bn
£10.7bn
We have written 38 transactions intheUK
totalling £8.4 billion, 15 intheUS totalling
$2.2 billion, and 3reinsurance transactions
totalling CAD$1 billion in Canada.
10.7
13.7
9.5
2022
2023 2024
Net promoter score
+68
Net Promoter Score (NPS) is a metric that
isused to measure customer experience on
ascale of -100 to +100. We hold a 12-month
rolling NPS score of +68 which is regarded
asa world-class level of service in the
industry, with the average UK score for
Banking and Financial Services being +37.
Wehave maintained this world-class level
ofservice for five consecutive years.
+68
+70
+71
2022
2023 2024
Institutional
Retirement
Adjusted operating profit £m
£1,105m
(2023: £1,028m)
We achieved adjusted operating profit of £1,105 million
driven by releases from the stockof future profit of
£791 million and an insurance investment margin
of£485 million.
New entrants have entered the
bulk annuity market this year.
Doyou see this as a threat to
L&G’s market position?
We have continued to see very strong
demand in the market during 2024 with
volumes of c.£45 billion. We expect to see
similar volume levels in the UK across the
next decade. As I highlighted at our recent
Deep Dive Event, we are a leading global
player inPRT and extremely well positioned
to wininthis attractive and growing market.
We are proud to have written more than
£70 billion of business in the UK, more
thanany of our peers, at a market share
ofover 25% in the last decade. In fact,
wehave been a constant presence in the
market for nearly 40 years – making us
thelongest-serving provider. We have
alsotaken our expertise internationally
intothe US and Canadian markets.
PRT remains the most attractive long-term
option for sponsors and trustees of DB
pension schemes to secure their members’
benefits, and there are several areas that
set us apart from the competition. Our
brand, track record and purpose mean
thatour clients trust us.
We have a deep client base and value
thelong-standing relationships wehave
with DBschemes and sponsors, many
ofwhich come to us through our
AssetManagement business.
Weofferbespoke solutions for the whole
market andsupport pension schemes
ofallsizes.
Our in-house customer service is an
integral part of our proposition which is
highly valued by our customers, exemplified
by our net promotor score of +68, which is
widely considered a world-class score and
compares to an industry average of +37.
Our highly synergistic business model positions
us perfectly to seize opportunities and remain
a market-leader in this booming sector.
We have seen the Company
launch its new strategy and
refreshed purpose. How does
thisimpact its approach to
climate change and other
sustainability issues?
The refreshed strategy announced in June
set out Institutional Retirement’s pivotal
role in realising L&G’s vision to achieve
agrowing, simpler, more synergistic and
capital-light business. An important part
ofthis is investing sustainably, and our
refreshed purpose captures the need to
address climate and nature issues as all
ourfutures depend on it.
We are proud to be a founding signatory of
the Sustainability Principles Charter launched
by ‘Accounting for Sustainability’ which
aims to bring a more unified approach
andcollaboration across the industry.
CEO Q&A
Legal & General Group Plc Annual report and accounts 2024 24

2024 key activities
In 2024, we showcased our capabilities
asaleader in global PRT by writing
£10.7billion of business in the UK,
theUSandCanada. Our international
PRTbusinesses have had a landmark
year,marked by continued growth and
record-breaking volumes.
We continue to provide de-risking opportunities
for the whole market in the UK,assisting
schemes of all sizes secure theirbenefits.
Smaller schemes benefit from the efficient
processes and immediately transactable pricing
facilitated by our streamlined proposition
L&G‘Flow’ with price locks, flexible premium
payment options and personalised post-
transaction support.
Excellence in customer service
Customer service continues to be a
cornerstone of our proposition, earning us
theCustomer Contact Association’s (CCA)
Global Standard Accreditation continuously
since 2018. We won Silver forBest Customer
Service Team at the European Contact Centre
& Customer ServiceAwards and won five
awards in totalatthe CCA Awards and
CCAWomen inLeadership Awards.
We took the opportunity to meet customers
inperson at Customer Roadshows across
theUK and met more than 3,000 customers
for our fifth year at BBC Gardeners’ World Live.
Events like these are a valuable opportunity to
engage with customers about their experiences
with L&G and help us to better support them.
New business
£1.4 billion full buy-in for
theSanofiPension Scheme
We completed a £1.4 billion buy-in with the
Sanofi Pension Scheme securing thebenefits
of10,500 members
1
. The Scheme isa
long-standing client of our Asset Management
division, stretching back to 1999, demonstrating
how L&G’s synergistic model can support
pension schemes at everystage of their lifecycle.
We have now secured £2.2 billion of the
Scheme’s benefits adding to the first transaction
in 2021 through an umbrella contract.
£1.1 billion buy-in with Deutsche
Bank Pension Scheme
In October, we completed a £1.1 billion
buy-in with the Deutsche Bank (UK) Pension
Scheme, also a long-standing client of our
Asset Management division. The transaction
follows on from previous buy-ins with L&G in
2021 and 2023 bringing the total of insured
liabilities with us to £2.1 billion.
£1.1 billion with the SCA UK
PensionPlan
We secured the benefits of 9,500 members
through a £1.1 billion buy-in with the SCA UK
Pension Plan, an Asset Management client
for31 years.
We provided a price lock to the Scheme’s
assets and premium payment portfolio,
enabling the Plan to optimise its investment
strategy to closely align with L&G’s pricing.
US PRT deals
In February 2025, as part of the disposal of
L&G’s US insurance entities, we announced a
strategic partnership with Meiji Yasuda to grow
our US PRT business, with L&G retaining an
80%exposure to new and existing business
through a reinsurance treaty. In the US, L&G
had a record year securing $2.2 billion of
business across 15 transactions. We have
surpassed $12.5 billion in total business
across 119 deals since our entry into the
American market in 2015. Our continued
success in theUS is built on service excellence
for our over 200,000 annuitants.
Our new home
inGlasgow
We assumed management of the Glasgow
office of the British Steel Pension Scheme
(the Scheme), expanding our footprint in
theUK. This followed our final buy-in with
the Scheme in 2023, securing £7.5 billion
ofliabilities.
We were pleased to welcome 17 new
colleagues to L&G, who bring with them
extensive knowledge of the Scheme. This
includes tailored and experienced customer
service, which we will leverage for the
benefit of the 64,000 scheme members.
Wehave been busy integrating the new team
into existing operations, while utilising the
additional strengths toour administration and
technology capabilities across the division.
Canadian PRT deals
We had a record year in the Canadian market
executing three transactions, totalling
CAD$1 billion reinsured in partnership with
aCanadian regulated insurer. This includes
our largest individual transaction todate,
bringing our totalpremium reinsured to
overCAD$2.5 billion in Canada.
Investing for the future
We are proud to source and invest to create
assets that deliver a widespread positive
impact on the environment and society.
Through investing sustainably and meeting
societal need, we deliver enhanced long-term
security for our pension scheme members.
Modern office spaces in Sheffield
We completed No.1 West Bar Square, a new
100,000 square foot Grade A office building
inSheffield, which has been leased to the
CityCouncil. This is the first of a collection
ofmodern, sustainable buildings within the
comprehensive £300 million regeneration of
West Bar, bringing life to a previously derelict
part of the city. When complete, the scheme
will deliver offices that will support up to 6,000
jobs inastrategic regeneration location.
This is one of several schemes we fund in
collaboration with the Asset Management
division. An even larger scheme with offices
and homes for market and affordable rent –
Temple Island in Bristol – has just gone in
forplanning permission.
Affordable housing
for Birmingham
L&G secured 487 affordable homes in 2024,
created by Birmingham City Council in Perry
Barr as part of the Commonwealth Games
regeneration of the area. This investment
delivers much-needed affordable housing
forrent and shared ownership; a key part of an
ambitious plan to create a new neighbourhood
with supporting infrastructure.
The acquisition delivers on our commitment
to invest in high quality and environmentally
sustainable stock that meets long term social
need, while improving our asset portfolio and
achieving enhanced financial returns.
Outlook
We expect to see more than £250billion of UK
and US volumes transact in those markets
over the next three years and expect increasingly
large transaction sizes in the future. We operate
in the three largest PRT markets in the world
and combined we expect £1 trillion of new
business to transact over the next decade. We
remain confident in our guidance that we will
write £50 – 65 billion of UK PRT over 2024 to 2028.
1. The buy-in was executed across two tranches with the
initial tranche completed in 2024 securing £1.3 billion
ofpension liabilities and a second tranche covering £85
million of remaining liabilities completed in January 2025.
Legal & General Group Plc Annual report and accounts 2024
25
Strategic report Governance Financial statements Other information

Business review continued
Bringing together scale, global distribution, and
expertiseacross public and private markets and asset
classes, L&G is well placed to address the full breadth
of client needs, including the increasing demand for
responsible, blended investment solutions.
Eric Adler
CEO, Asset Management
Asset Management
Assets under management (AUM) £bn
2
£1,118bn
AUM (excluding joint ventures and associates) of
£1,118 billion is 4% lower than prior year, reflecting the
impact of higher interest rates on our fixed income
portfolio, external net outflows as UK DB clients
adjust their portfolios inresponse to improved funding
ratios, andadverse FX movements.
1,118
1,159
2023
2024
Private markets AUM £bn
2
£57bn
Private markets AUM of £57 billion is 14% higher
thanprior year, driven by a number of new private
market fund launches and the growth of our private
credit business.
57
50
2023
2024
Asset
Management
Adjusted operating profit £m
£401m
(2023: £448m)
Adjusted operating profit of £401 million is lower than
2023(£448 million) reflecting increased investments
todrivefuture growth, and a more modest valuation
uplifton Pemberton compared to 2023, partially offset
byincreased revenues as we pivot towards higher
marginproducts.
What attracted you to L&G
asCEO of Asset Management
andwhat are your ambitions
forthe next year?
I’ve long admired L&G’s incredible
achievements and the positive impact it
has had on clients, society, and shareholders.
It’s rare to find a business that combines
such a strong sense of purpose with
commercial success. For me, L&G is the
perfect combination of ambition, expertise,
and purpose, and I couldn’t be more excited
to be part of this journey. This role offers a
unique opportunity to help shape the future
of an organisation with the scale, global
distribution, and expertise to meet the
fullbreadth of clients’ needs across public
and private markets.
How is Asset Management
making an impact through
responsible investing?
We’re leveraging our scale, expertise, and
commitment to responsible investment
todrive meaningful change. Through
ourfocus on Environmental, Social, and
Governance (ESG) integration, we’re actively
influencing companies to adopt sustainable
practices, reduce carbon emissions, and
improve governance standards.
In addition, we’re channelling capital into
projects and initiatives that support economic
growth and social progress, such as funding
affordable housing, renewable energy
infrastructure, and innovative technologies.
Our work in both public and private markets
ensures that investments align with long-term
value creation for clients while contributing
to broader societal goals. We managed
£424.6 billion (2023: £378.1 billion) in
responsible investment strategies
1
linked
tosustainability criteria for various clients.
What real world impact
willthishave?
There are many examples in 2024 of how
weare making a real social impact, for
example we announced a partnership with
PGGM and Nest to build and manage UK
rental properties. With an initial investment
of£350 million, the portfolio aims to grow to
£1 billion, supporting the government’s goal
of 1.5 million new homes. We also achieved
planning for a £750 million hyperscale data
centre in London, secured by L&G, Goldacre
and sineQN. The development is expected
tocreate over a thousand skilled jobs and
istargeted to attract 500 high-growth data
businesses to the borough. OurClean Power
Europe Fund continues tostrategically deploy
capital, acquiring anddeveloping clean power
assets across Europe. In 2024, the Fund
acquired a battery energy storage project in
Finland called Uusnivala BESS, which is the
first ofits kind to be developed in the country.
2. Our Asset Management division was formed
in2024, and 2023 figures have been restated
toinclude the assets that were previously part
ofour Investment Management and Capital
Investment divisions. No comparative 2022
figures are available.
CEO Q&A
1. Asset Management’s responsible investment reporting
criteria is reviewed in line with industry frameworks, as
well as regulatory developments, relating to sustainable
finance disclosure requirements, as deemed to be
relevant to the markets in which L&G operates. This
includes but is not limited to the EU’s Sustainable
Financial Disclosure Regime (SFDR) and the UK
Sustainability Disclosure Requirements (SDR).
Legal & General Group Plc Annual report and accounts 2024
26

2024 key activities
In June, we announced the creation of a
newsingle Asset Management division,
combining our former Investment
Management andCapital Investment
businesses, followedby the appointment
ofEric Adler asthe new CEO, who joined
usin early December.
Key to our strategy, our Asset Management
division provides a solid platform to achieve
more blended public and private investment
solutions, while providing us with differentiated
asset origination, underpinned by global
distribution reach and infrastructure.
Our keyactivities in 2024 included the launch
ofmultiple private markets funds which will
offer our clients new investment opportunities
while addressing real-world problems.
Private markets
Our private markets platform is key to our growth.
We can access and originate differentiated
investment opportunities in private credit, real
estate, venture capital and infrastructure both
by using our own balance sheet and by
attracting third-party capital investment.
During the course of 2024, we deployed
£5.4 billion in private credit assets, including
inEcuador’s second debt-for-nature swap
positioning usasone of the largest investors
in their debt conversion programme. In
addition, Pemberton has become a top-5
European private credit manager.
In April, we launched a new Short-Term
Alternative Finance Fund. This fund offers
analternative to cash and short-dated credit,
aiming for attractive yields and low volatility
with an average investment-grade rating.
In July, we announced the launch of the L&G
Private Markets Access Fund, offering our
5.5 million DC members the opportunity to
access the benefits of diversified private
markets exposure, including opportunities
across clean energy, affordable homes,
university spin-outs and critical infrastructure.
The launch of this fund enables a scale of
access to the private market asset class for
UK DC savers, while maintaining an appropriate
liquidity profile tomanage capital flows on a
daily basis.
Strategic international
expansion
In October, we announced a strategic
investment in Boston-based, global real
estate private equity firm, Taurus Investment
Holdings, LLC. This partnership further deepens
our private markets capabilities in the US,
while addressing investor demand for real
estate equity exposure. Alongside this, we
announced an initial commitment of up to
$200 million in seed capital to Multifamily.
Our expansion efforts in Europe and Asia
have yielded impressive results. Despite
market headwinds, we saw substantial
success in our Euro Credit offering,
particularly in the institutional market,
andcontinued to build on our climate
transition strategy, which has garnered
approximately £800 million in net
inflowssince 2023.
In Asia, we achieved notable success in
Active Fixed Income (AFI) with net inflows
ofaround £500 million, driven by our Global
Credit and US Corporate strategies. AUM
has grown by 8% to £150 billion over the
past year and we have continued to make
progress with key strategic hires across our
Tokyo, Hong Kong and Singapore offices.
InJapan, our AUM has more than doubled
since 2019, and we are now Japan’s 7th
largest asset manager.
Outlook
Our Asset Management division is well placed
in an attractive global market, and ourvision
for the business aligns to the changing needs
of our clients. We have the building blocks for
success in place. We see significant growth
opportunities for the business, particularly in
the private markets space, and in our blended
publicand private markets solutions.
An integrated hybrid approach
Across both public and private assets, we have
established a fully integrated framework for
responsible investing to strengthen long-term
returns. This is based on stewardship with
impact and collaborative, active research
across asset classes. Together, these activities
enable us to conduct corporate engagement
that drives positive change and to deliver
ESG-integrated solutions to clients.
We seek tobring about broad-based positive
change by unifying our research and engagement
effort agnostic to asset class. Theearly identification
of potential risks that threaten the sustainability
of returns and capturing the investment
opportunities that present better products,
sustainable margins, improving societies and
returns, is central to ourinvestment philosophy.
We announced a new hybrid property
investment strategy in April. The strategy
combines direct UK real estate with indirect
property exposure via holdings in global Real
Estate Investment Trusts (REITs). Two property
investment approaches were combined into
one portfolio with a strategic allocation split
of: 45% UK direct property, 45% global REITs
and 10% cash. The new strategy will enable
investors to have on-going access to the sustained
track-record, experience and expertise of the
Property Fund management team.
Our ability to offer investors an integrated blend
of high quality investment solutions, pensions
administration and Mastertrust governance is
asignificant source of competitive advantage.
We also announced the launch of the
L&GAffordable Housing Fund, alongside
a£125 million commitment from the
localgovernment pension scheme ACCESS,
London CIV and Greater Manchester Pension
Fund, among others. The fund, which has
raised £510 million since launch, aims to
tackle the UK’s housing crisis head on while
delivering a diversified inflation-linked cash
flow for investors, and builds on our strategy
toscale up our private market capabilities.
Public markets
Our public markets business aims to achieve
positive returns for our clients while helping
tobuild a better future. That’s why we invest
inassets that promote sustainable and
resilienteconomies and create opportunities
for our clients.
Our strategic initiatives and market-
responsivestrategies have enabled us
tonavigate the complexities of the global
financial landscape and demonstrate the
robustness of our investment proposition.
Our investment proposition remains a
cornerstone of our growth strategy, and
wehave continued to expand our product
offerings. OurIndex strategies have shown
remarkable resilience and we have seen
significant growth across Wholesale and DC
clients in particular. Innovation in our Index
Solutions hasseen AUM growth, particularly
inNorth America, as clients recognise the
strength ofour performance.
Our Multi Asset strategies have also performed
exceptionally well. In 2024, 50% of our Multi
Asset strategies outperformed over both 1and
3 years. This strong performance is atestament
to our robust investment process and our
ability to deliver diversified, risk-adjusted
returns for our clients.
Our Active Strategies have continued to deliver
strong performance across various asset
classes. For our UK-managed Active Fixed
Income strategies, 76% outperformed over
1year, and 79% over 3 years. Similarly, our
US-managed Active Fixed Income strategies
also performed well with 93% of strategies
outperforming over 1 year and 84% over 3
years. This exceptional performance highlights
our expertise in active management and our
commitment to delivering superior investment
outcomes forour clients.
Legal & General Group Plc Annual report and accounts 2024 27
Strategic report Governance Financial statements Other information

Business review continued
Retail is at the forefront of delivering sustainable growth
forthe Group, with strong presence across mature and high-
growth market opportunities, including workplace. Our leading
propositions and investment into technology, data and AI will
allow us to deliver an exciting growth strategy that will see us
deepen our support for customers throughout their lifetimes.
Laura Mason
CEO, Retail
Retail
Retai l
Individual annuity sales £m
£2,118m
We have had a record year for new business volumes,
with over £2 billion of sales, matching the overall
growth in the market with the ABI reporting a 50%
risein total annuity sales in 2024.
2,118
1,431
954
2022
2023 2024
Protection new business
premiums£m
£422m
We continue to demonstrate growthin annual
premiums as our focus on data, automation
andproductproposition creates strengths
inourkeymarkets.
422
412
382
2022
2023 2024
Adjusted operating profit £m
£504m
(2023: £449m)
Retail achieved a 12% increase in adjusted operating
profit in2024,reflecting higher profit release from the
backbook and favourable net experience variances.
How has Retail
1
been focusing
onits customers this year?
Our customers are at the heart of everything
we do. In our first full year under the new
Consumer Duty requirements, which we
have embedded into every stage of the
product lifecycle, we have innovated across
our business to meet their needs this year,
launching our At Retirement digital guide
for workplace savings customers, extending
our critical illness cover in protection and
extending eligibility for our retirement
lending products. We have also continued
to invest in research about our customer
needs, including our landmark study into
understanding how financial security impacts
customers’ happiness in retirement.
What emerging trends in the
market do you believe will have
the most significant impact on
Retail in the next five years?
We see defined contribution (DC) as a
criticalgrowth market over the next 5
to10years, with UK workplace savings
growing on average 8% a year over this
period. Providing high quality and efficient
lifetime solutions for scheme members
willbe a key differentiator in a market
shaped by employers looking for great
outcomes for their people.
As more DC customers come to retirement,
decumulation will become more important,
with customers looking toaccess a range
of products including annuities and lending
to meet their retirement funding needs.
What role does digital
transformation and AI play
inyour strategic vision, and
how are you implementing
thesechanges?
Digital transformation and the enhanced
automation achievable by deploying AI
arecrucial enablers both for the efficiency
of our operations and for the continual
improvement of our customer experience,
making it quicker, simpler and more personal
to deal with us. We already deploy significant
automation through straight-through
processing in protection, GenAI Chatbots
and our At Retirement digital guides and
see further opportunities in this area in
future years.
1. Retail comprises of Retail Retirement and Insurance reporting segments (see Note 1 on page 133
ofthefinancial statements).
CEO Q&A
Legal & General Group Plc Annual report and accounts 2024 28

Retail protection
Our dedication to helping our 5.4 million
customers plan for the unexpected was
recognised as we have been crowned
Moneyfacts Best Life Assurance Provider for
thefifth year running as well as Swiss Re’s
No.1 UK Life Insurance Provider, further
supported by an outstanding NPS score of 51.
We extended our Critical Illness Cover to
reflect demographic trends and advances in
medical cover, extended the age of Children’s
CI Extra product from 22 to 23 and expanded
cancer and severe illness definitions to allow
for earlier detection and additional conditions.
Group protection
We are committed to serving over 2 million
employees and safeguarding their financial
futures, as demonstrated through our strong
retention of existing mandates and winning
new business from both large corporates
andsmall and medium-sized businesses
(SMEs). Wenow have well over 2,400 new
SME employers using Onix, our online quote
and apply platform, reflecting our continuing
investment in digital enhancements for our
customers and reaffirming our position
asadigital transformation pioneer.
During 2024, we continued to invest in our
health and wellbeing provision, ensuring
acomprehensive care pathway is available
forboth the everyday and the moments
thatmatter the most for employers and
theiremployees. Our person-centred
approach has helped us to support 77%
ofallemployee Group income protection
claims back into the workplace before the
endof the deferred period.
US protection
In February 2025, we announced the disposal
of our US protection business, alongside a
stake in our US pension risk transfer business,
for $2.3 billion. In the US, our protection
business serves over 1.5 million customers,
and is well positioned to capitalise on further
growth opportunities as it joins Meiji Yasuda
Group. Wehave outperformed the market in
2024 andachieved record volumes as the
third largest term insurance provider in the US.
Since its launch in 2019, our innovative
onlinequote and buy platform has focused
onstreamlining the customer and advisor
experience, with over 41% of applicants
receiving an instant decision. Through
continuous innovation we have beenable to
amplify our positive track recordand drive
increased market share, keeping customers
atthe forefrontof everything we do.
Workplace savings
Our workplace savings business supports
5.5 million members through their pensions
journey and continued to grow through 2024
as we focused on enhancing our customer
experience and growing our market presence.
Our market leading commercial Mastertrust
reached the £30 billion milestone, the first in
theUK to do so, and we continued to deliver
our market leading engagement initiatives,
including the Mastertrust Engagement
Groupand Annual Member Forum.
We launched our At Retirement digital guide
proposition this year, which uses member
insight, data analysis and behavioural science
to provide simple, individualised support. The
provision is crucialto help counteract low levels
of understanding of, engagement with, and
financial confidence in pension savings, and
will help members achieve their retirement
goalsby proactively nudging and engaging
them with tailored support.
Retirement income
In a year when L&G research highlighted the
importance of financial security in retirement,
we saw record volumes for our Retail annuity
products, topping £2 billion for the first time,
matching rapid growth for the whole market
over the period.
Growth comes both from higher rates, and
anincrease in awareness of the benefits
guaranteed income can provide. In our recent
study, customers with an annuity scored more
highly across multiple wellbeing areas and
showed a higher level of financial confidence
than those without, reinforcing the importance
of this product to our customers.
With a wide variety of options available at
retirement, including lifetime income and
shorter fixed-term annuities, we can offer an
optimal combination of flexibility and security
to best meet those customer needs.
Retirement lending
In 2024, we continued to enhance our
retirement lending business, which has
supported 119,000 customers to date.
Unlocking property wealth remains a key
option forretirees, and our research finds
thatitcouldadd five years of additional
incometothe average pension pot.
This year, we have further enhanced our
payment life term mortgage, providing
individualised pricing, reintroducing our higher
loan to values and widening eligibility. We
alsomade our products easier for advisors
toaccess through different portals and
launched a support hub to give advisors
accesstoinformative and easy-to-access
videoguides on our lending criteria.
As we see the way people use retirement
lending evolve, these innovations allow us
tocontinue to adapt and improve to best
meetour customers’ changing needs.
Mortgage services
andtheidol
Our mortgage services business grew this
year, with increases in our distribution team
and volume growth both in total mortgage
lending and surveys offered. Since 1995, we
have facilitated over £1 trillion of mortgages,
and during 2024 we worked closely with
abroad range of lenders as we transacted
£111billion of lending. Data from Ignite,
ourfree mortgage research and sourcing
platform, showed growth in interest from
first-time buyers, as well as increased interest
inthe energy efficiency of properties and
maximum loan term andage, evidencing
thebreadth of customer circumstances
underlying the market.
Our wholly-owned subsidiary, theidol, grew
itscore business lines this year providing
comparison tools for travel, pet, gadget and
annuity products, in addition to providing
services to our mortgage businesses.
Happiness in retirement
We published new research this year,
incollaboration with the world-leading
Happiness Research Institute, showing
thatUK retirees with an income of £1,700 a
month are the most likely to behappy in their
later years but that only a third meet this level.
Financial status was a key factor of
happiness, with a quarter of participants
reporting unpredictable finances, and
athird financial constraints that hinder
theirability to socialise, while other
factorssuch as social connections
andgood health were also vital.
With the average saver contributing 8%of
their income totheir pension savings each
year, young adults today need more support
in helping them to save and secure a more
rewarding future. L&G continues to explore
new solutions to help members to provide
for an adequate income in their retirement.
Outlook
We are well positioned to drive long-term
growth through our lifetime model of
supporting customers throughout their
accumulation, retirement and decumulation
journeys, with strong and market leading
positions in a range of retirement and
protection products.
We expect to continue to invest over the
coming year to capitalise on the workplace
DCopportunity and a new divisional ambition
will be shared at our Retail Investor Deep Dive
Event planned for the second half of2025.
Legal & General Group Plc Annual report and accounts 2024 29
Strategic report Governance Financial statements Other information

Sustainability
The idea that capital can generate social benefit alongside sustainable
returns for investors has been important to L&G throughout our
history andremains so today.
Our business is evolving and our stakeholders’ needs and expectations
are changing. In 2024, we responded by resetting the Group’s strategic
objectives and refreshing our statement of purpose: ‘Investing for the
long term. Our futures depend on it.’
This statement unites our business and reflects our commitment to
realise the positive potential of investment for our clients and customers
and the communities where we work. It also inspires the actions we are
taking to build a sustainable, responsible business over the long term.
Sustainable
Growth
We want to sustainably grow our three
businesses, seizing the opportunities
forsignificant growth upside.
Sharper
Focus
We have sharpened our focus, with a
clearsetof priorities for those businesses
that have the strongest strategic fit and
financial performance.
Enhanced
Returns
We are aiming to deliver enhanced
shareholder returns, setting new
financial targets and changing our
approach to shareholder distributions.
Investing for
the long term.
Our futures
depend on it.
Our purpose Our strategic priorities
As a leading financial
services group, a major
global investor, and a
significant labour market
participant (through our
pension and protection
products), we can – and
do–impact society.
António Simões
Group CEO
Legal & General Group Plc Annual report and accounts 2024 30

Our approach to
sustainability
We see the structural economic and social
trends that face firms like ours, both as risks
tobe managed and as opportunities. Facing
these issues – the shift in responsibility for
long-term savings to individuals, economic
and geopolitical volatility, a need for productive
finance to solve big, societal challenges, and
rapid advances in technology – requires
attention over the long term. But it begins with
immediate, decisive action in the areas which
are most material to us, and where we can
have the most significant positive impacts.
Our purpose, commercial strategy and focus
on sustainability recognise this.
In 2022, we set out our sustainability focus
areas, reflecting where we have thegreatest
potential to create social, economic and
environmental impact whileseeking to
generate returns for ourcustomers,
clientsand shareholders.
Since then, we have continued to refine our
approach to sustainability issues. During
2023, we undertook a review of sustainability
impacts, risks and opportunities (IRO) which
are relevant to the Group. The objective was to
establish the most material topics for L&G and
assess the fitness of our various strategies to
respond to them. In 2024, in light of our new
corporate strategy, we reassessed these
findings to ensure their ongoing relevance.
The ways in which our strategy, refreshed
purpose, sustainability focus areas and
material IROs interact are shown below.
Moredetail can also be found on pages 4
and5 ofour 2024 Social impact report.
Discover more online
group.legalandgeneral.com/SocialImpactReport2024
Our IRO
assessment
results
1
Accessible and affordable housing
2
Financial inclusion
3
Infrastructure and real estate
4
Health and wellbeing
5
Corporate culture
6
Diversity and inclusion
7
Transparency of reporting
8
Climate change mitigation
9
Biodiversity and ecosystem loss
Our sustainability focus areas
We’ll promote long-term
financial wellbeing
We’ll create better communities
inwhich we live and work
We’ll invest in game-changing
environmental solutions
We’ll engage our customers and
employees with our social impact
We’ll run our business
in a responsible way
We believe that capital can generate social benefit alongside
sustainable returns for investors, when it is invested carefully,
and over the long term – whether by anindividual preparing
toretire, a pension scheme reducing its risks or an
institutional client looking for stable returns. This idea
hasbeen important tous for many years, and our new
strategy is based on the attractiveness oflong-term
investment for delivering returns.
Our business is evolving, and our stakeholders’ needs and
expectations arechanging. In 2024, we responded by
re-setting the Group’s strategic objectives and refreshing
ourstatement of purpose: ‘Investing for the long term.
Ourfutures depend on it.’ This statement summarises
what unites all three parts ofour business.
We continue to see the structural trends that face firms like
ours – includingshifts in responsibility for long-term savings
to individuals, economicand geopolitical volatility, a need
forproductive finance to solvebig,societal challenges,
andrapid advances in technology – as notonlyrisks to
bemanaged but also as commercial opportunities to
berealised. Our commercial strategy and our sustainability
focus areasspeak to this, as well as to our purpose.
Perhaps most importantly, our purpose informs not only
what we do, but how we do it. Our 10,799 employees help
us realise our purpose in many ways: in their everyday
rolesas investment, retirement and insurance specialists
or inarange of professional support roles; and in the things
they do to protect and nurture our culture and serve the
communities in which we operate.
Our commercial success depends on our people, which is
one of the reasonswhy much of this report is given over to
describing the ways we seekto understand and support
them. It’s also why, in 2024, along withour new strategy
and refreshed purpose, we reviewed the behaviours
weexpect of our people. See page 10 for more on this.
Legal & General Group Plc Annual report and accounts 2024 31
Strategic report Governance Financial statements Other information
6
5
7
8
9
1
3
2
4
2
4

Our sustainability KPIs
More information about
ourenvironmental KPIs
andreporting
FCA Listing Rule 6.6.6R(8)
A summary of our climate-related
financial disclosures is set out on page 35.
Our disclosures are consistent with the
recommendations of the Task Force on
Climate-related Financial Disclosures
(TCFD) and can be found on pages 35 to
39 of this report, with additional information
available in our separate Climate and
nature report.
Transition plan: response to FCA
requirement 2021/61 9.8.6FG
Our Climate transition plan was presented
to, and approved by, the 2023 Annual
General Meeting of our shareholders. The
plan assumes, and sets out our proposed
role in bringing about, the economy
reaching net zero carbon emissions by
2050 in line with the UK Government’s
Climate Change Act 2008 (2050 Target
Amendment) Order 2019.
Companies Act 2006 and SECR
In building our footprint, we have reported
on the emission sources for January to
December 2024 required under the
Companies Act 2006 Strategicreport
andDirectors’ report regulations 2013
andhave followed therequirements of
theStreamlined Energy and Carbon
Reporting (SECR)framework.
In line with the Greenhouse Gas protocol,
our scope 1 and 2 is the annual carbon
emissions of the whole Group. We apply
the operational control approach, i.e. we
include all operations which we directly
control, such as the energy from our core
occupied offices, landlord activities, as well
as the construction of new homes within
our housing businesses and joint ventures.
Environmental system
We manage our business in accordance
with ISO 14001 certification.
Climate Other
Operational footprint
(scope 1 and 2 (location))
27,418 tCO
2
e
1
(2023: 27,722 tCO
2
e)
Measures the greenhouse gases (GHG)
associated with our direct operations.
Scope 1 emissions are direct GHG
emissions occurring from sources
owned or controlled by the Company.
Scope 2 emissions are indirect GHG
emissions from consumption of
purchased electricity, heat or steam.
Employee engagement index
80%
2
(new KPI)
Measures a range of employee sentiments
about working at L&G, including satisfaction,
pride, recommendation, and intent to stay.
Investment portfolio economic
GHGemission intensity
51 tCO
2
e/£m
(2023: 56 tCO
2
e/£m)
This is made up of our ownership share
of the emissions related to the assets
weinvest in within the Group proprietary
asset portfolio, asexplained on pages 26
and 27 of the 2024 Climate and nature
report. It includes bonds, equities, and
investment property, but excludes cash,
derivatives, and any assets already
covered in our operational footprint.
Itismeasured per unit of investment.
Median gender pay gap
28.0%
(2023: 23.6%)
Measures the difference between median
payper hour for women and men, expressed
as a percentage of the latter. This KPI relates
to UK-based employees only.
Implied temperature alignment
2.5°C
(2023: 2.5°C)
This measures the implied warming
potential of the Group proprietary asset
portfolio (where we have the relevant
data) aggregated from its individual
components, calculated in line with
Asset Management’s methodology.
Management roles held by women
38.5%
(2023: 37.2%)
Measures the percentage of management-
grade roles held by women. We have set
theobjective of 40% of such roles being
heldby women by 31 December 2025.
1. Carbon dioxide (CO
2
) is the most significant contributor to global anthropogenic GHG emissions, which
also includes other gases such as methane and nitrous oxide. The equivalent warming impact of non-CO
2
GHG emissions are measured as tonnes of CO
2
equivalent (tCO
2
e).
2. From 2024, we have measured and will report our employee engagement index (EEI) rather than employee
satisfaction (‘eSat’). EEI isa composite of measures including, but beyond, only satisfaction. For reference,
our eSat for 2024 was 80%, up one point vs 2023.
For further information on our GHG emissions, and
stepstaken to reduce them, please see our separate
2024Climate and nature report.
Discover more online
group.legalandgeneral.com/ClimateReport2024
For further information on our employee engagement index,
representation data and pay gap, please see pages 40 and 41
of this report and our Social impact report.
Discover more online
group.legalandgeneral.com/SocialImpactReport2024
Legal & General Group Plc Annual report and accounts 2024 32

Our sustainability areas of focus
are defined by reference to our
purpose, commercial strategy and
understanding of the issues which
are most material to us. We focus on
them because they are also highly
relevant toour business strategy.
Financial wellbeing is important if members
ofsociety are to build adequate savings for
their futures. We seek to make commercial
and residential real estate investments over
the long term, to back long-dated liabilities.
Addressing climate change and nature loss
helps us to mitigate risk and offers a significant
investment opportunity. And ensuring that our
customers and employees are at the heart of
our sustainability approach helps us to ensure
our activities generate value for them.
Long-term financial wellbeing
We want society to be financially confident
and resilient. This is important to realising our
purpose because financial wellbeing creates
the conditions in which ‘investing for the long
term’ is possible.
As a leading insurance and retirement provider,
we’re well placed to influence people’s
long-term financial wellbeing. Our Retail
business offers products, services and tools
which help do this. We enhance these with
extra services and not-for-profit activities
aimed at improving our customers’ ability to
cope with difficult times, creating additional,
targeted value for those who need it most.
Wealso invest capital in ways which look
togenerate long-term economic value.
Chapter two of our Social impact report
givesmore detail on this.
Better communities
As an investor in towns and cities, we have an
opportunity to use capital in ways which aim
to benefit society while delivering on
commercial and client priorities.
We invest capital for the long term in ways
which seek to generate returns for clients
while benefitting society, through business
lines such as L&G Affordable Homes or
through third-party investment opportunities
like our L&G Private Markets Access Fund and
our Affordable Housing Fund, which were both
launched in 2024.
In 2022, we developed a social impact model
that we employ throughout the lifecycle of
areal estate investment, from design and
construction to the asset’s impact on end
users and surrounding communities. 2024
saw us continue to put its principles into
practice: driving not only economic, social,
andenvironmental benefits for the people
andcommunities where we invest, but also
helping ensure investments maintain value
over the long term.
Chapter three of our Social impact report
givesmore detail on this.
Climate, environment and nature
Climate change and nature loss are systemic
issues, impacting the economies and
societies in which we operate. Addressing
them is central to our purpose. We see them
not only as risks to be managed, but also as
opportunities to invest in the solutions that
society needs to transition to net zero.
By investing in assets for the long term which
support decarbonisation, we are helping to
protect customer, client, and shareholder returns
while supporting a more sustainable future.
Our approach to climate change and nature
loss is built on three strategic pillars:
• Invest: through reducing the intensity
ofourfinanced emissions and through
investing in the transition
• Influence: through the products we offer
and our engagement with companies,
governments and policymakers
• Operate: through our operations, our
purchased goods and services, and our
management of real assets.
Our Climate transition plan was approved by
our shareholders in 2023 and is clear that
addressing climate change must be pursued
in tandem with halting nature loss. In 2024,
wejoined a large group of global organisations
by formally committing to be an early adopter
of the Taskforce on Nature-related Financial
Disclosures (TNFD) framework – this was a
commitment to begin making TNFD-aligned
disclosures in this report, and through future
iterations. Our Climate and nature report gives
a fullaccount of our performance on this
throughout 2024.
Engaging customers,
clientsandemployees
The positive impact a company has on the
world remains important for many stakeholders,
including customers, clients, and employees.
As a market leader in life insurance, workplace
pensions and retirement income, we meet
theneeds of c.14 million people through our
Retail division. We manage £1.1 trillion of our
clients’ assets. And we employ over 10,799
people globally.
Our customers, clients and employees are from
all walks of life and many different backgrounds
with differing needs, expectations and financial
objectives. As a business whose products are
so connected to the way people live, we can
have a material impact on them, from our
most vulnerable customers to those who
relyon us to generate reliable returns on
theirinvestments.
In chapters four and five of our Social impact
report, we describe the steps we take to engage
customers, clients, and employees in our
sustainability agenda, as well as how we adhere
tohigh standards in the ways we do business.
Our sustainability
areasoffocus
Reporting our progress
We make sustainability-related disclosures
across four main publications. We recommend
that readers who want to understand our
approach to the whole range of sustainability
issues – environmental, social and governance
(ESG) – read these publications together.
In this section of our Annual report and
accounts, we report information that is
required under regulation and legislation.
Wealso outline our approach to sustainable
business, comment on how our commercial
activities have contributed to positive
environmental and social outcomes and
describe our governancepractices; see
pages30 to 41.
Our Climate and nature report, prepared in
line with the recommendations of the TCFD,
describes our climate and nature strategy,
scenario planning, risk management, metrics
and governance. This report contains detailed
data on our carbon emissions and other
environmental metrics.
Our Social impact report describes the
commercial and not-for-profit actions we’ve
taken in the reporting year in pursuit of our
sustainability areas of focus. It also contains
people-related disclosures, including workforce
data; diversity and inclusion data and targets;
and pay gap information.
Our Modern slavery statement, prepared to
meet the requirements of the 2015 Modern
Slavery Act, describes the steps we have
taken to identify the risks, and remediate
anyinstances, of modern slavery and
humanrights violations. It covers our
strategy,risk processes, governance and
keyperformance indicators relating to this
issue in our operations and supply chain.
Discover more online
group.legalandgeneral.com/en/reporting-hub/Sustainability
Legal & General Group Plc Annual report and accounts 2024 33
Strategic report Governance Financial statements Other information

Under sections 414CA and 414CB
oftheCompanies Act 2006, we are
required to include in our Strategic
reporta non-financial and sustainability
information statement. This section of
the Strategic report (pages 30 and 41)
provides the following information
required to be included in the non-financial
and sustainability information statement:
• environmental matters
• our employees
• social matters
• human rights
• anti-corruption and bribery.
In addition, other required information
can be found on the following pages:
• business model (pages 15 to 17)
• principal risks and how they are
managed (pages 49 to 53)
• non-financial key performance
indicators (page 32).
Climate-related financial disclosures
align to the TCFD requirements (page
35). Details of relevant policies, due
diligence processes and the outcome
ofthese policies and processes are
contained throughout the Strategic report.
Our non-financial and sustainability
information statement focuses on the
stakeholders and issues that are important
for us to deliver on our refreshed purpose
and new strategy (seepages 10 to 13).
Responsible business
Our commercial success depends on a strong
and resilient economic system in which
companies act with integrity and responsibility.
L&G is no exception: our impact is far-reaching,
and strong business ethics are central to
making that impact positive.
Running our business in a responsible manner
is part of our promise to stakeholders, including
our employees. We hold ourselves and our
employees to high standards of conduct. Our
culture is important and plays arole in attracting
and retaining employees who have the skills
and motivation to deliver for our stakeholders.
Chapter five of our Social impact report
setsout the approach we take to managing
our business in ways which promote high
ethical standards.
Anti-bribery and corruption
As a financial services firm, L&G plays a part
in making sure its customers, clients and
shareholders are protected from the impact
offinancial crime such as bribery, corruption,
terrorist financing, money laundering and fraud.
Our financial crime risk policy applies across
the Group and mandates that controls are put
in place to prevent and detect such activity.
Controls include an annual risk assessment;
regular training; due diligence measures on
customers, clients, investments, and our
supply chain; reporting of suspicions of
financial crime to a dedicated Financial Crime
Risk team; and the control and approval of
riskieractivity such as giving and receiving
ofgifts and hospitality, political and charitable
donations, and corporate sponsorship.
Trainingon financial crime risk and
employeeresponsibilities is mandatory
forallemployees and regularly reviewed
toensure it is up to date and appropriate.
Modern slavery and human rights
We understand our duty to uphold human
rights in our operation and value chain. We
have zero tolerance of labour abuses, and are
committed to maintaining high standards
when it comes to the protection of human
rights – including a commitment to play
ourpart in eradicating modern slavery.
Our main annual disclosure on human rights is
our Modern slavery statement, which covers,
among other matters, how we assess modern
slavery and human rights risk in our operation
and value chain; our due diligence; and our
policies and practices.
Our human rights policy sets out our approach
to managing human rights risk in our investments.
It, too, is available on our website.
Our approach to this issue is based on
standards set by the United Nations, the
International Labour Organization, the
Gangmaster and Labour Abuse Authority,
theLiving Wage Foundation and the Ethical
Trading Initiative.
In 2024, we undertook numerous actions
toprevent and remediate modern slavery,
including training employees, undertaking
in-depth risk assessments, and carrying out
audits across our operational and investment
sites. We embedded human rights considerations
into our revised Supplier Code of Conduct
(seebelow for further detail).
Please refer to our human rights policy and
our2024 Modern slavery statement for more.
Our supply chain
Our global supply chain means that our
actions have far-reaching consequences.
Werecognise the importance of balancing
financial considerations with promoting
environmental and social sustainability
whenmaking purchasing decisions.
Across the organisation, we procure
approximately £960 million of goods and
services from c.2,800 suppliers, which is a
contributor to our operational carbon footprint.
Our procurement framework allows us to
engage with our supply chain effectively
andfairly, in a manner that manages risk
andpromotes value in the best interests
ofourstakeholders. Our contracts specify
thecommercial and legal parameters of
engagements with suppliers, including
compliance with laws and regulations
andprovisions to ensure continuity of
servicesand the security of data.
We continuously adapt our practices to align
with evolving sustainability expectations and
requirements. This includes assessing suppliers’
environmental practices, labour conditions
and adherence to human rights principles
through regular audits and assessments.
In 2024, we launched our first procurement
sustainability strategy, which will focus on
modern slavery, living wage payment, and
carbon emissions and science-based carbon
reduction targets. The new strategy drew from
existing procurement activities and reviewing
market best practice.
Also in 2024, we launched our updated
Supplier Code of Conduct, which focuses on:
• business conduct
• diversity and inclusion
• human rights and modern slavery
• environmental sustainability
• digital accessibility
• prompt payment
• real living wage
• social value.
For more information on plans to implement
our procurement sustainability strategy, please
see page 47 ofour Social impact report and
page 19 of the Climate and nature report.
Sustainability continued
Legal & General Group Plc Annual report and accounts 2024 34

Climate
Summary disclosure
against TCFD
recommendations
We have continued to disclose in line with the
TCFD recommendations. We have complied
with the FCA Listing Rule 6.6.6R(8) and have
considered relevant and material elements
ofthe recommended TCFD disclosures.
Climate and nature report
Our 2024 Climate and nature report
isavailable on our Group website.
Discover more online
group.legalandgeneral.com/ClimateReport2024
The table below gives a summary of our
material disclosures and directs readers to
therelevant pages in this report, and to our
Climate and nature report for supplementary
information. This additional report provides us
with the space we require to provide sufficient
detail of our approach to addressing climate
change and nature loss, as we do with our
disclosures on risk, tax and social issues. In
response to FCA guidance 9.8.6FG, we have
also produced a Climate transition plan which
was published inApril 2023 and was approved
at our Annual General Meeting in May 2023.
Our plan sets out our role in aligning our
business with a net zero outcome by 2050,
consistent with the UK Government’s targets.
Additional information is provided on pages 8 to 20 of our Climate and nature report
Strategy
Climate-related risks
andopportunities
We have integrated climate risk management into our overall risk management framework and are well
placed to play a role in the decarbonisation of the economy. Our climate-related opportunities and risks
andthe time periods to which they are assessed are described on page 36.
Impact on our businesses,
strategy and financial
planning
Based on our scenario analysis, our business model is not expected to be significantly disrupted by climate
change, however it does impact how we execute our strategy. We have built a three-pillar approach to
address climate change: how we invest our assets, how we influence asan asset manager and how our
businesses operate. Our proprietary model on climate change is used to quantify the potential impacts of
climate change on our portfolio. Page 37 shows our key commitments and interim milestones under each
of these pillars, and descriptions of our climate action statements.
Resilience based on
scenarios, including a
2°Cor lower scenario
Our climate scenario analysis helps us to identify and quantify the sources and magnitude of potential
climate-related risks that will emerge as the world transitions to a low-carbon economy. We describe our
resilience to these scenarios, including a 2°C or lower scenario, on page 38, and climate considerations are
also highlighted in the Group Board viability statement on page 48.
Our climate commitments at L&G are currently
on track, with good progress made during 2024.
However, we recognise that the world is currently
on a path that will lead to an overshoot of
theParis Agreement’s central aim of limiting
temperature increase to well below 2°C and
ideally 1.5°C. As the gap between a pathway
aligned with 1.5°C of warming and the world’s
current trajectory continues to grow, it is
becoming increasingly challenging for us to
continue to meet our own commitments. As
material financial issues, addressing climate
change and nature loss will remain priorities
for L&G, but without rapid, significant action
across the global economy, we may need to
revisit our approach in future years to reflect
the current realities.
Additional information is provided on pages 21 to 29 of our Climate and nature report
Metrics
andtargets
Internal metrics
Our metrics support our commitment to align with net zero by 2050, and our key sustainability performance
indicators for managing the risks and opportunities from climate change are disclosed on page 32. We
focus on our investment portfolio economic carbon intensity, implied portfolio temperature alignment and
operational carbon footprint. We also measure our engagement with investee companies.
Greenhouse
gas emissions
Our scope 1 and 2 (location) operational emissions were 27,418 tCO
2
e. Our scope 3 non-investment
emissions (fuel and energy-related activities, waste, business travel, working from home and serviced
offices) were 19,143 tCO
2
e. Our scope 3 downstream leased assets were 0.3 million tCO
2
e. Our scope 3
investment emissions were 5.0 million tCO
2
e. Additional metrics are disclosed on page 32.
Targets
We have set our climate targets across our three-pillar climate strategy to align with the ‘Paris’ objective.
Our key climate commitments and interim milestones are on page 37. Our Climate transition plan, issued in
April 2023, is also available online.
Additional information is provided on pages 33 to 38 of our Climate and nature report
Risk
management
Processes for identifying
andassessing
climate-related risks
Climate risk management has been integrated into our risk and governance framework. Our approach
isdescribed on pages 38. Scenario analysis is a key tool to assess the potential impacts from climate risk,
referenced above and described on page 38.
Processes for managing
climate-related risks
We deploy a range of management actions to manage our exposure to climate-related risks associated
with our investments and operations, to meet our risk management objectives, including: an established
framework for climate commitments; exclusions and high-carbon escalation; physical risk controls; review
of our existing tolerance framework to incorporate climate considerations; and active engagement.
How we integrate these
risks into our overall
riskmanagement
The Group’s climate governance has been designed to ensure that the management of the financial risks
from climate change are integrated across the whole governance system and embedded into the existing
risk management framework.
Additional information is provided on pages 30 to 32 of our Climate and nature report
Governance
The Board’s role
inoversight
The Board is accountable for the long-term stewardship of the Group. It has delegated oversight of the
management of climate-related risks to the Group Environment Committee (GEC). We describe the
governance structure in more detail on page 37.
Management’s role
in assessing risks
andopportunities
We have appointed a Group Climate Director, who chairs the GEC, and we set out the senior managers’
responsibilities through the committees and overall risk and governance framework on pages 37 and 38.
The link between executive remuneration and progress against climate commitments is set out in our
Annual report on remuneration on pages 98 to 113.
Legal & General Group Plc Annual report and accounts 2024 35
Strategic report Governance Financial statements Other information

Sustainability continued
Climate and nature-related
opportunities and risks
Short, medium and long term
• Our short-term horizon looks
at a three-year period.
• Our medium-term horizon looks
forwardupto 10 years.
• Our long-term horizon looks
at the time horizon up to 2050.
While there are manifestly risks from climate
change, the transition to net zero also creates
opportunities. The table highlights material
climate and nature-related opportunities and
risks that L&G has identified.
The impacts of climate change are different
across our businesses. They are also likely
toshift over time, and we have assessed
levelsof impact as well as a time horizon
totryto illustrate this.
We continue to play an active role in addressing
significant risks posed by climate change.
Wedo this because we believe it is the right
thing to do for our business; creating value for
shareholders and protecting our long-term
sustainability, while also being better for
society and the planet.
Opportunities
Strategic pillar Potential opportunities Business area most impacted
Horizon term
Short Med Long
Invest
Directing our investments to support a low-carbon transition while
investing in corporate infrastructure, real estate and venture capital
climate and nature-based solutions.
Institutional Retirement
AssetManagement
Retail
OperateInvestInfluence
Attracting and retaining clients by supporting themto decarbonise
theirinvestment portfolios, forexample through netzero-aligned
investment products and the provision ofdata and analyticaltools.
Asset Management
Managing funds that provide clients with access tofinancing
opportunities in transition technologies and infrastructure
andnaturepositive outcomes.
Operate
Enhanced returns from investing in homes and commercial properties
byenabling them to operate with net zero carbon emissions and helping
to protect and restore nature.
Institutional Retirement
AssetManagement
Retail
Increasing our market differentiation through investment in low-carbon
real estate, including reduced embodied carbon.
Protecting our returns by developing real assets withhigh levels of
climateresilience.
Risks
Strategic pillar Potential risks Business area most impacted
Horizon term
Short Med Long
Invest
Investments in sectors or companies which are adversely exposed to a
transitioning economy lose value or are downgraded, and investments
prove ineffective resulting in loss.
Institutional Retirement
AssetManagement
Retail
Disruptive technology impacting the value ofinvestments.
Increased frequency and severity of extreme weather events, or
increasednature loss, impacting on the value of physical assets
orthevalue of companies with high exposures to these risks.
OperateInvestInfluence
Loss of market share if investment solutions are perceived
asnotmeeting evolving client needs.
Institutional Retirement
Asset Management
Retail
A breach of evolving legislative or regulatory requirements mayexpose
us to litigation or regulatory sanction and damage ourbrand.
Reputational risk from not meeting our own commitments,
orifactivitiesacross the Group arenot aligned.
Operate
High delivery costs of low-carbon or nature-positive solutions
forresidential and commercial properties impacting viability.
Institutional Retirement
AssetManagement
Retail
High delivery costs due to changing climate and nature-related
disruptions to our supply chain, leading to increased costs and
materialshortages.
Property values fall due to increased risk of extreme weather
impacts,higher insurance costs or poor energy efficiency.
Not having the right skills for the future, or weakness in processes or
systems, leads to customer detriment or reputational damage.
High impact
Medium impact
Low impact
Legal & General Group Plc Annual report and accounts 2024 36

Governance of
environmental risks
The Board is ultimately accountable for the
long-term stewardship of the Group. Responding
to climate change and addressing nature loss,
and the opportunities and risks associated
with these issues are of significant importance
to the Board. Nilufer Kheraj, a Non-Executive
Director, has a responsibility to give specific
focus to climate change and nature loss in
herrole.
The Board has delegated oversight of the
management of environmental risks to
theGroup Environment Committee (GEC),
through the Group Risk Committee, Executive
Risk Committee and Group Management
Committee. The GEC is responsible for
providing strategic direction onthe Group’s
environmental response, including to climate
change, with reference tothe Group’s broader
sustainability strategy.
Our Group Climate Director has responsibility
for coordinating the Group’s response to
climate change and incorporating nature
andbiodiversity opportunities and risks. The
role has responsibility for ensuring that an
appropriate strategy is in place to understand,
identify, measure, monitor, control and report
the opportunities and risks from climate
change, in line with the risk strategy and risk
appetite parameters set by the Board. The Group
Climate Director also supports management in
the development of appropriate processes to
monitor and report exposures to the risks
arising from climate change and in benefitting
from strategic opportunities arising from
climate change.
The GEC met five times in 2024 in accordance
with its annual plan. GEC is chaired by the
Group Climate Director with membership
including: the GroupCFO, Group Chief
Transformation and People Officer, Group
Chief Risk Officer (CRO), Institutional
Retirement CEO, Asset Management Chief
Investment Officer (CIO) and with the Head of
Asset Management’s Investment Stewardship
team in attendance. The level of seniority in its
membership and attendees helps ensure that
there is a single forum to provide oversight
onour response to environmental issues,
which ensures consistency, encourages
debate anddemonstrates the importance
weplace on our response to these issues.
Our approach to climate change and our targets
We are incorporating
climate considerations
into how we invest
our£97.6 billion of
proprietary assets
1
.
We are using our
influence as an
assetmanager with
£1.1trillion of AUM
topromote a 1.5°C net
zerotransition.
We are changing
theway we operate
todecarbonise
ourbusiness.
Invest OperateInvestInfluence Operate
• reducing the intensity of
ourfinanced emissions.
• investing in the transition.
Net zero
asset portfolio aligned with
a1.5°C ‘Paris’ objective, with
a50% reduction in GHG
emission intensity by 2030
froma 2019 base year.
• the products we offer
ourclients.
• our engagement with
therealeconomy.
100%
of AUM in alignment with
net zero by 2050, working
in partnership with clients
to reachnet zero alignment
across70% of AUM by 2030
2
.
• our operations.
• our purchased goods
andservices.
• our management of real assets.
Net zero
scope 1 and 2 GHG emissions by
2050, with an absolute reduction
of 42% by 2030 fromour 2021
science-based target base year
3
.
We are doing this through…
Strategic commitments
1. We define proprietary assets as total investments towhich shareholders are directly exposed,
minus derivative assets, loans and cash and cash equivalents.
2. Excludes sovereigns and derivative securities until such time as agreed methodologies exist.
3. To account for the impact of the pandemic, our 2021 base year includes estimated emissions data
from ourRealAssets portfolio based on 2019 data. All otherbase year emissions are from 2021.
Legal & General Group Plc Annual report and accounts 2024 37
Strategic report Governance Financial statements Other information

Sustainability continued
Internal risk management landscape
(risks and strategy)
Climate risk management
Our risk management approach to the
financial risks arising from climate change
reflects our climate strategy, the materiality
ofthe exposures and how we operate. When
assessing materiality, we consider both how
the Group is affected by climate change, as
well as the Group’s own impact on the climate.
The risks arising from climate change to which
we are exposed, fall into three broad categories:
transition risks, physical risks, and corporate
risks. The risks from climate change and
nature loss are far-reaching, uncertain and
broad-ranging. As much of our balance sheet
is based on assumptions and expectations
offuture experience, risks can materialise
through both actual change in experienced
profits or losses, as well as changes in those
future expectations.
Climate risk management is integrated into
our existing risk and governance framework
(see pages 44 to 53), and we have carried
outa detailed assessment ofhow we could
expect climate risk to emerge across our
business model. Given our business model
(see page 15), we assess the most material
financial risks from the potential impact
ofclimate change on the value and credit
ratingof our assets.
Transition risks are primarily measured in
relation to our carbon exposures, both for
ouroperational footprint (scope 1 and 2), and
of our investment portfolio GHG emissions
intensity to align with the ‘Paris’ objective.
Wedeploy a range of management actions
tomanage these exposures, including: our
established framework of climate commitments;
exclusions and high-carbon escalation; physical
risks controls; review of our existing tolerance
framework; and active engagement with investees.
Climate scenario analysis
Our scenario analysis enables us to assess
how the impacts from climate change may
emerge under a range of climate scenarios
and time horizons. Our scenario analysis
focuses on the financial risks from climate
change, both physical and transitional risks,
across our major risk categories of credit,
longevity and market risk. We have developed
four scenarios:
• Inaction (approximate warming 3 – 4°C) –
failure to act means emissions continue to
grow at historical rates
• Below 2°C (approximate global warming of less
than 2°C) – immediate ambitious policy and
investment actions to address climate change
• Net Zero 1.5°C (approximate global warming
of 1.5°C) – immediate, highly ambitious actions
to address climate change reduces emissions
to net zero by 2050
• Delayed Below 2°C (approximate global
warming of less than 2°C) – policy and
investment action to limit warming to
well-below 2°C is delayed to 2030 resulting
inmuch more disruptive change.
Scenario results for our Group portfolio are
produced for the three pathways which are
based on transition risks (Below 2°C, Net Zero
1.5°C and Delayed Below 2°C). We do not
apply the Inaction scenario to our portfolio.
Weexpect most of the associated impact to
be driven by physical risks, which tend to be
highly localised and manifest further into the
future and are hence more uncertain. As part
of our assessment of viability, we include the
impact of the Group’s net zero ambitions, and
the Group’s ability to adapt its operations and
business strategy to address the financial
risks arising from both the physical risk of
climate change and the transition to a
low-carbon economy. The Board regularly
considers the potential financial and
reputational impact of the Group’s principal
risks, which includes failure to respond to the
emerging threats from climate change for our
investment portfolios and wider businesses.
The nature of our business means we
haveidentified four broad mitigations
toourtransition risk exposure.
1. Our exposure is largely through financial
assets, many of which are listed, so we
havesignificant flexibility to adapt by
tradingto the desired carbon position.
Thisis the expected outcome should
activeengagement fail.
2. We hold mainly investment grade bonds,
which are matched against liabilities such
that we are not materially exposed to price
risk compared to investors who regularly
trade their bond portfolios or those holding
greater exposures to equities.
3. We continue to carefully manage our balance
sheet and our credit portfolio. Wecontinually
analyse our credit exposures and, where
appropriate, seek out opportunities to improve
credit quality at attractive pricing levels. We
have incorporated climate considerations
within our credit and market risk management
and expect these to develop over time. We
manage our transition risk from climate change
through setting our portfolio decarbonisation
targets. These pre-emptive management
actions are expected to reduce the credit
risk of the portfolio and are expected to
reduce the impact of the credit stresses
presented inthese scenarios. Our
decarbonisation strategy also covers
ourequity portfolio.
4. The balance sheet is well diversified across
different sectors of the economy. Our
initialassessment of our implied portfolio
temperature alignment indicates that we
donot have an over-weight allocation to
thehighest carbon intensity names within
the market sectors.
Discover more online
See our 2024 Climate and nature
reportforadditionalinformation.
External risk management landscape
(impacts and considerations)
Climate risk
categories
Transition risks
The move to a
low-carbon economy
Physical risks
The direct impacts of
a warming world on
assets and liabilities
Corporate risks
Reputational and
regulatory risks/fines
Climate strategy
Invest
• Reducing the intensity of
our financed emissions
• Investing in the transition
Influence
• Products we offer
• Active engagement
Operate
• Our operations
• Businesses we control
• Our purchased goods
andservices
Our external focus
Climate science
Time horizons
Sectoral pathways
Climate scenarios
External drivers
Scientific
understanding
Policy and regulation
Market demands
Environmental
solution innovation
Global decarbonisation
progress
Weather events
Climate sentiment
Risk
management
actions
Monitoring
Identification Measurement
Legal & General Group Plc Annual report and accounts 2024 38

Greenhouse Gas (GHG) disclosures
Global GHG emissions data
1
Emissions source 2023 2024
Scope 1
– UK
– International
10,158
9,452
706
9,665
8,983
682
Scope 2 location-based
– UK
– International
17,564
14,349
3,215
17,753
14,653
3,100
Scope 2 market-based
– UK
– International
4,215
1,000
3,215
3,652
1,264
2,388
Fugitive emissions (included in scope 1) 216 664
Scope 3 operational emissions
Category 3 – fuel and energy-related activities
Category 5 – waste
Category 6 – business travel
Category 7 – employee commuting
(home working)
Category 8 – upstream leased assets
(serviced offices)
Category 13 – downstream leased assets
Category 15 – investments
7,325
483
7,631
4,568
304
0.3m
5.0m
7,474
308
7,799
3,323
239
0.26m
4.9m
Intensity ratio: t
CO
2
e emissions per employee
(scope 1 and 2) 2.3 2.3
Energy (kWh) 2023 2024
Total electricity
– UK
– International
75,679,000
67,129,000
8,550,000
77,796,000
69,551,000
8,245,000
District Heating
– UK 3,442,000 1,424,000
Gas
– UK
– International
42,853,000
38,960,000
3,893,000
41,525,000
37,760,000
3,765,000
On-site fuel (UK only)
16,795,000 9,123,000
Total energy use 138,769,000 129,868,000
1. Annual GHG emissions data is aligned with the Group’s financial reporting year,
1January to 31 December, unless otherwise stated. Scope 1, 2 and scope 3 category
13&15 data for Real Estate covers the period 1 January to 31 December noting that
November and December data is estimated, based on prior year’s November and
December data, to account for utility company data lag periods.
Our total scope 1, scope 2 (location) and scope 2 (market) emissions have been subject
to independent limited assurance by Deloitte. The basis of preparation (or reporting criteria)
for our Group carbon footprint is available within our Climate and nature report, and Deloitte’s
assurance report is available on pages 52 to 53 of our 2024 Climate and nature report.
Data sources: carbon data is collected and aggregated to provide a group-wide footprint
and is based on a combination of actual, extrapolated, estimated and benchmarked data.
Data is sourced from meter readings, invoices, supplier reports, expenses and travel
booking systems. Refer to our basis of preparation within our Climate and nature report
for further details.
Scope 1: All direct emissions from the activities under control.
Scope 2: Emissions from purchased or acquired electricity, steam, heat and cooling.
• Location-based – reflects the average emissions intensity of grids on which energy
consumption occurs.
• Market-based – reflects emissions from electricity purposefully chosen. It derives
emission factors from contractual instruments.
Scope 3: Indirect emissions from our value chain. Further details on L&G’s assessment
ofmateriality for all categories of scope 3 emissions can be found within our basis of
preparation in our Climate and nature report.
• Cat. 3 emissions related to energy purchased and consumed by L&G in the reporting
year, that are not included in scope 1 and 2.
• Cat. 5 emissions from third-party disposal and treatment of waste generated
inoccupied properties and construction activities in the reporting year.
• Cat. 6 emissions from business mileage, flights and train journeys for UK
andUSoperations.
• Cat. 7 emissions from homeworking only, calculated using Department for Business,
Energy & Industrial Strategy (BEIS) conversion factors.
• Cat. 8 emissions from the operation of assets that are leased to L&G inthereporting
year and not included in scope 1 or scope 2, calculated using Real Estate
Environmental Benchmark (REEB)2022.
• Cat. 13 emissions from tenant operations of L&G-owned assets.
• Cat. 15 emissions including equity and debt investments and project finance in
thereporting year, not included in scope 1 or scope 2.
Methodology
We have reported on the emission sources required under the
Companies Act 2006 Strategic report and Directors’ report regulations
2013 and have followed the requirements of the SECR framework.
TheGHG emissions data is reported in line with the Greenhouse Gas
Protocol Corporate Accounting and Reporting Standard ‘Operational
Control’ method, and emission factors for fuels and electricity are
published here: ghgprotocol.org/corporate-standard.
Our emissions, shown in the table opposite, cover 100% of Legal &
General Group Plc’s operational footprint. We report scope 1 and 2
emissions where we have operational control. Operational control is
where we directly procure utilities for property we occupy, own and
manage, including our subsidiary businesses and joint ventures* or
where we have significant control over energy use. Please refer to
thesustainable business section of this report, our 2024 Climate and
nature report and CDP Disclosure for an overview of the management
of climate risk through our governance processes and internal controls.
The types of measures taken to manage and improve our management
of energy can also be found within these documents.
* Joint ventures are included in our footprint where we are the majority shareholder,
orhave operational control.
Discover more online
Climate and nature report
Our Climate and nature report is available on our Group website.
See: group.legalandgeneral.com/ClimateReport2024
Discover more online
Social impact report
Our Social impact report is available on our Group website.
See: group.legalandgeneral.com/SocialImpactReport2024
Legal & General Group Plc Annual report and accounts 2024 39
Strategic report Governance Financial statements Other information

Our purpose informs not only what
we do, buthow we do it. Our10,799
employees helpus realise our purpose
in many ways: intheir everyday
roles as investment, retirement and
insurance specialists or in a range
of professional support roles; and
in the things they do to protect and
nurture our culture and serve the
communities in which we operate.
Our commercial success depends on them. In
2024, along with our new strategy and refreshed
purpose, we reviewed the behaviours we expect
of one another at work: challenge positively,
commit together, and act decisively.
These are designed to drive results and increase
our impact, by guiding our employees in how
they work together, deliver our strategy and
realise our purpose. How we work and interact
with one another shapes our culture, and these
behaviours provide a clear framework so we can
hold ourselves to account.
Diversity and inclusion
(D&I)
Our vision and strategy
We believe that a more diverse workforce and
a more inclusive workplace can drive better
business outcomes through improved
decision making, a greater willingness to
embrace innovation, a better understanding
ofa broad customer base, and improved
employee engagement and wellbeing.
Our D&I vision is, therefore, to build a
workplace where we can all perform at
ourbest, no matter who we are. Our D&I
strategy, which has been in place for three
years, is designed to realise this vision.
Our focus
Our D&I strategy commits us to two
outcomes: a more diverse workforce
andamore inclusive culture.
We have three strategic priorities:
• recruit and retain diverse talent
• invest in line manager capability
• create opportunities for everyone at L&G.
We measure our success by tracking data
about the representation of minority or
under-represented groups at various levels
ofseniority in our business. We also use data
from our listening programmes, such as our
Voice survey, to inform our understanding.
We have set certain representation goals
which we publish externally. We believe that
the actions taken to increase the diversity of
our workforce will, in time, have the effect of
progressively narrowing pay gaps because
they are aimed at improving representation.
For more on our strategy, objectives and
performance, please see chapter six of
our2024 Social impact report.
People
Our goals
We remain committed to our goals for improving representation of
people from minority or under-represented groups in our organisation.
Importantly, this applies at all levels of the Company.
Goal Target date 2024 2023 2022
50% of workforce to be female 31 Dec 2025 48.8% 46.5% 45%
17% of workforce to be
fromethnic minorities 31 Dec 2027 17.7% 16.9% 16%
40% of senior roles
heldbywomen 31 Dec 2025 38.5% 37.2% 38%
17% of senior roles held by
people from ethnic minorities 31 Dec 2027 18.3% 17.3% 17%
40% of Board roles
heldbywomen 31 Dec 2025 46% 42% 42%
17% of Board roles held by
people from ethnic minorities 31 Dec 2027 23% 25% 25%
Our performance: pay gap data (UK employees)
In 2024, we saw a further widening of our gender pay gap, from 23.6%
to 28.0%. Weremain committed to a progressive narrowing of the gap
as a consequence ofourambition to increase representation ofwomen
in senior roles.
We are publishing our ethnicity pay gap datafor the second time. There
was a slightnarrowing of our negative median gapto -28.2%, meaning
that the median payfor individuals from an ethnic minority background
remains, in aggregate, higher thanthat of our white employees.
For more information on our pay gaps, including causes, commentary
and our full statutory gender pay gap disclosure, please see chapter six
of our Social impact report.
Gender pay gap
2024
Mean
2024
Median
2023
Mean
2023
Median
Hourly pay 23.3% 28.0% 21.3% 23.6%
Bonus 45.6% 33.4% 45.4% 41.2%
Ethnicity pay gap
2024
Mean
2024
Median
2023
Mean
2023
Median
Hourly pay -8.8% -28.2% -9.8% -32.1%
Bonus 3.4% -25.0% 9.4% -15.7%
I hope that one day we’ll live ina world where there will just be health,
with no distinction between mental and physical. There’ll also be no
stigma in admitting to mental health ‘problems’, or variance in the
quality of care. That day is not here yet, but we are making continued,
concerted progress. At L&G, our goal is to create a culture where
everyone has accessto support and someone to talk to when they
need it. Wechallenge positively, building on a foundation of trustand
psychological safety, tohelp people feel able to be openand honest
about their health – mentalor physical.
António Simões
Group CEO
Legal & General Group Plc Annual report and accounts 2024 40

Engaging and developing
our people
Engagement
The steps we take to build a strong culture
arebased on thoroughly understanding our
people and involving them in shaping L&G.
Wedo this in several ways, with the insights
we gain informing the actions we take.
In 2024, we used our Voice survey to collect
feedback from our permanent employees
andfixed-term contractors across the globe.
Voice’s question set was evolved in 2024
toalign with our new strategy, introducing
questions on themes such as performance
management, wellbeing and reward. Employee
satisfaction was 80%, up one point year-on-
year, based on an 83% response rate.
From 2024, we have also begun to measure
and report employee engagement, a composite
metric assessing employees’ pride, satisfaction,
advocacy and intent to stay at L&G.
2024 was a year of change with a new
CEO,new leadership and new strategy.
Weasked our employees their thoughts
onourstrategic direction and 69% of them
reported feeling confident about the strategic
direction of the Company, eight points above
theindustry benchmark.
Please see page 35 of our Social impact report
for more information on how we engage our
people, including information on collective
bargaining arrangements, and more detail on
the findings of our Voice surveys and other
engagement mechanisms used in 2024.
Please see pages 68 and 69 of this report for a
report from our Designated Workforce Director,
Nilufer Kheraj, on employee engagement.
Development
Ensuring that our employees continue to
learn,regardless of their career stage, role
orposition, is important to us because it
enhances skills, keeps us abreast of the
changing needs of customers and society,
andfosters personal growth.
Our overall approach to learning and
development has focused on enhancing
theaccessibility of our learning, including
increasing the availability of ‘in-the-moment-
of-need’ resources; investing in our senior
leaders and management with tailored
development programmes; and building
change readiness.
In 2024, our people development focused
onfour key areas, with £4.5 million invested
inin-house and external training:
• Purpose: aligning our focus for learning
anddevelopment with our people and
organisational priorities
• People: developing our leaders, managers
and employees to lead and perform with the
critical skills needed for business-as-usual
delivery and in the context of change
• Potential: a new leadership assessment
model and tools for building high-
performing teams
• Platforms: reviewing our learning platforms
to deliver against our learning strategy.
We continue to train our employees on
mandatory and technical subjects, including
data privacy, financial crime, health and safety,
whistleblowing, conduct rules, and other matters.
Please see page 36 of our Social impact report
for more information on our approach to
learning and development.
Employee wellbeing
The health, safety and wellbeing of our
peopleis important to us. Creating a healthy
and safe organisation that brings together
healthy people and healthy work fosters a
productive, positive and sustainable work
culture, improves morale and benefits both
our people and our Company.
As wellbeing can be influenced by both
personal and professional issues, we
encourage our people to take control of
theirwellbeing where possible, but as
theiremployer we strive to understand the
collective health of our organisation so we
canmake better decisions about how best
tosupport our people. We use insights from
sources including employee surveys and
dataon sickness to inform our strategies
andpolicies on health, safety and wellbeing.
We recognise wellbeing as spanning four
coredimensions, underpinned by resilience:
• mental health
• physical health
• financial health
• social connections.
Jeff Davies, Group Chief Financial Officer,
wasnamed as our executive sponsor for
wellbeing and mental health during 2021,
withaccountability for our strategy in this area,
a role he retained through 2024. The Health &
Safety Committee has governance oversight
of health, safety and wellbeing.
We continue to offer services and benefits
tosupport our employees’ mental, physical,
social and financial wellbeing. A full list of
these, as well as more detail on our wellbeing
strategy, can be found on pages 37 to 39 of
our Social impact report.
Health and safety
During 2023, we created a new strategy for
health and safety, with a vision to ‘protect
people and places and promote safer and
healthier lives’. We continued to implement
itduring 2024, under the supervision of our
Group Health & Safety Committee.
The operation of our core offices continues
tobe managed through a health and safety
system aligned with ISO 45001, and our
offices are audited by a leading health
andsafety consultancy. An internal audit
completed in July received a ‘satisfactory’
score, concluding that governance, oversight,
monitoring and reporting controls for health
and safety across those businesses where
ourmost significant health and safety risks lie,
were designed appropriately and were operating
effectively. The overall risk and control culture
was defined as ‘good’.
We have a well-established and documented
process for identifying health and safety
hazards and risks, and responding to incidents
andnear misses. We continue to review and
update our risk assessments, which are the
cornerstone of our risk management system.
Wealso use our assessments to form policy,
processes and guidance for our people. These
are reviewed regularly to ensure compliance
with law and best practice, and all employees
are required to complete a health and safety
training module.
More detail on our health and safety strategy
and the steps we are taking to implement it,
along with data relating to health, safety and
sickness, can be found on pages 40 and 41
ofour Social impact report.
Legal & General Group Plc Annual report and accounts 2024 41
Strategic report Governance Financial statements Other information

The impact of our business is
wide-reaching and affects different
stakeholder groups. We place great
importance on considering the
needs of all our stakeholders in
our decision making, and actively
encourage their participation.
Our stakeholders
In shaping our new strategy, we consider the impact on our stakeholder groups.
Below, we provide just a few examples of how stakeholder engagement influences
our business and the associated strategic priorities.
How we
engage
with our
stakeholders
Our stakeholders
Shareholders
Our shareholders are institutional and
individual investors, and we provide
them with transparent information
on our strategy, outlook and business
performance. We generate value
through share price appreciation and a
combination of progressive dividends
and share buybacks.
We set out our new strategy at our
Capital Markets Event in June 2024
and introduced a disciplined approach
to capital allocation, where we invest
shareholder capital at required hurdle
rates or we look to return more
capital to shareholders.
We continue to invest shareholder
capital and retirement savings into
socially useful investments, including
private assets such as affordable
housing and specialist real estate.
Our Asset Management clients
andour DC workplace members
cannow also benefit from exposure
to L&G’s differentiated private markets
capabilities, enabling our shift towards
more fee-related earnings, catalysed
by our balance sheet investment.
We have had another year of strong
performance in 2024 with core
operating profit up 6%, dividend per
share up 5% and completion ofa
£200 million buyback. We enter 2025
with a resilient balance sheet, alarge
store of future profit and our clear
capital allocation framework supports
our plan to return over £5billion over
the next three years, through dividends
and buybacks.
Customers
Our customers include those saving
forretirement, retirement income
recipients, insurance policyholders,
mortgage holders, residents of our
housing and retirement villages, and
investors. We aim to support them
through every stage of their lifelong
financial journeys.
Our segmentation model helps us
understand each of life’s stage and
personalise how we serve people
asthey pass through them. Our
Consumer Duty programme continues
to play a key role in shaping our
responses to our customers’ needs
and vulnerabilities. The programme
has supported some very effective
customer engagement.
We launched our new pension app,
giving people on-the-go, 24/7 access
to their savings. Our new Guided
Retirement Planner offers a tailored
experience underpinned by advanced
technology. It helps people over
55assess their pensions, savings,
investments and other assets,
tocreate a tailored, sustainable
retirement plan – a market first, with
higher-than-expected engagement
and action even before its full launch.
In 2024, we had about 4.7 million
TikTok viewers and 90,469 podcast
downloads. Our protection retention
project continued to help people stay
covered through hard times.
Employees
Our employees are based in the UK,
the US, and other countries and
jurisdictions in Europe and Asia.
We’re committed to building a more
diverse workforce and fostering an
inclusive workplace, wherecare is
taken to protect individuals’ wellbeing
and resilience.
We conduct an annual Voice survey
to measure employee engagement.
In 2024, 83% of our employees
participated, providing feedback
onour strengths and areas for
improvement. 73% of employees
reported a clear understanding of
themost critical tasks and projects
for L&G’s success.
To our future talent needs, we
alignhiring, workforce planning
andcritical future skills. We engage
with under-represented groups and
offered structured programmes for
students, graduates, and apprentices.
For the 2024 academic intake, we
hired 63% female and 56% minority
ethnicity candidates.
In the UK, we continue to enjoy a
productive partnership with Unite, the
union which represents employees
individually and for collective
bargaining, and with our in-house
Management Consultative Forum.
Together we have agreed a range of
enhancements to employee benefits.
Legal & General Group Plc Annual report and accounts 2024 42

This section should be read in conjunction with the
ensuingpages, and also our Board activities disclosure,
including our section172(1) statement.
Read more on pages 70 to 73
Regulators
As a leading financial services group,
we are subject to financial services
regulation and approvals in all the
markets we operate in.
We maintain a constructive and
openrelationship with our regulators
through a programme of regular
meetings between our executive
andnon-executive directors and
principal regulators. Discussions
in2024 included how supervisory
priorities and objectives may affect
our business, and the evolution of
ourGroup Strategy in advance of
andfollowing the 12 June Capital
Markets Event, ensuring that our
strategic focus meets the needs
ofall stakeholders.
We actively engage with regulatory
consultations and calls for evidence
across key areas of regulatory policy
and reform. In 2024, this included
engagement on Funded Reinsurance,
Liquidity Reporting, Solvency II, and the
Advice Guidance Boundary Review.
We liaise with our regulators to
ensure timely notification of
changesto the Group’s regulated
population
1
and accuracy of the
Financial Services Register.
1. In relation to the Senior Managers
andCertification Regime to include
individuals who hold significant roles
withinthe organisation.
Communities
Our approach to engaging communities
stems from our purpose and is defined
by our commercial activities and the
economic value we create. Our long-
term approach to investing informs
how we engage with communities,
charities, and civil society.
Following the 2022 launch of our
social impact toolkit, we continued to
put it to use in 2024. Further details
on this can be found in our Social
impact report. Afundamental feature
of the toolkit, which helps us identify
local needs and priorities that inform
our approach to real estate investment,
is that it requires us to engage with
communities to identify where we
can make positive economic,
environmental, and social impacts
while meeting return requirements.
We continued our educational
partnerships with the charity RedSTART
and Birkbeck, University of London
and entered new partnerships with
Age UK, Trussell, the Royal Botanic
Gardens, Kew, and Carbon Community.
We committed to funding 71
apprenticeships through our new
levy sharing scheme and launched
our £3 millionHealth Equity Fund.
We matched over £499,000 in
employee charitable fundraising
andvolunteering. In total, we
donated£5.2 million to UK civil
societysector organisations and
$1.1 million to US non-profits.
Suppliers
We work with a broad range of
suppliers to procure goods and
services across several categories.
We strive to work with like-minded
businesses who comply with our Code
of Conduct and business principles.
In 2024, we enhanced our Code of
Conduct to incorporate additional
commitments from our suppliers
anddetails of how we measure
compliance. The Code includes
operating ethically, taking
environmental responsibility and
treating workers with respect and
dignity. We work with supplier partners
to deliver value for money for the
organisation, to bring efficiency and
innovation through best practice and
to support continued growth for L&G.
We aim to build diversity and
inclusion into our supply chain to
create an equal and fair marketplace
where opportunities are open to all.
We are committed to protecting the
environment, and we appointed a
Sustainability Lead role within the
Group Procurement team in 2024 to
provide increased oversight and focus.
Last year we set a target to encourage
our suppliers to transition to net zero
by ensuring that 80% of our suppliers
by spend will set a science-based
carbon reduction target by the end of
2026. We are currently tracking at 68%
against our target.
Strategic report Governance Financial statements Other information
Legal & General Group Plc Annual report and accounts 2024 43

Understanding the risks that we are
exposed to and deploying strategies
to ensure residual exposures remain
within acceptable parameters is an
integral part of our business.
Our risk management approach supports informed risk taking by our
businesses, setting out those rewarded risks that we are prepared to be
exposed to, together with risk limits and required standards of internal
control to ensure exposures remain within our overall risk appetite.
As well as managing financial and non-financial risks to our businesses,
our risk framework considers broader factors safeguarding our customers’
and clients’ interests and the threats from climate change and the loss
of nature. In focusing beyond pure financial measures of risk, we enable
our businesses to fulfil their purpose.
We seek to deeply embed the necessary capabilities to assess and price
for those risks that we believe offer sustainable returns within each of our
operating businesses, as well as ensuring the skill sets to closely manage
those risks which could otherwise lead to unintended outcomes.
Our culture and behaviours underpin the operation of our risk framework
and support an environment of openness and transparency in how
wemake decisions and manage risks, balancing performance with
principles to do what is right.
Finding what you need online
Detailed information can be found in our risk management supplement:
Discover more online
group.legalandgeneral.com/RiskManagementSupplement2024
Our risk section is
organisedinto the
followingsubsections:
Our risk landscape
The risks that are inherent in our business
arising from:
• the products we write
• the investments we hold to meet
ourobligations
• the business environment in which
weoperate.
Risk appetite
Our risk appetite sets the ranges and limits
ofacceptable risk taking. We have risk
appetites and tolerances for different types
of risks. Our risk landscape comprises of
financial, non-financial and strategic risks.
Our largest risk exposures, measured by
undiversified solvency capital, are to credit
and longevity.
Risk governance
framework
The risk governance framework, underpinned
by our risk appetite, provides structure to
informed risk taking and decision making. It
ensures risks to which we may be exposed
are being appropriately identified and
managed, and that the risks of significant
financial loss, adverse impacts to our
customers and clients, or damage to
ourreputation, are minimised.
Managing risk
Our risk management
approach supports
informed risk taking
byour businesses.
Chris Knight
Group Chief Risk Officer
Legal & General Group Plc Annual report and accounts 2024 44

Financial risks
Asset risks
Market, credit, and counterparty risks arisefrom
holding portfolios of assets, including property, to
meet our obligations toour customers and clients
and to deliver returnsto shareholders. Liquidity
risksalsoarise from holding illiquid assets and
frominvestment market conditions. Interest rates
andinflation are also risk factors.
Credit risk largely arises in our portfolio of corporate
bonds and within our direct investment portfolio.
Asan investor for the long term, assessing and
managing credit risk is a core competency, and
alongside setting a range of tolerances to diversify
ourportfolios, we seek to continuously track a
varietyof risk factors that could adversely impact
credit markets.
Insurance risks
Longevity, mortality, and other insurance risks
aretransferred to usbythe customers of our PRT,
individualannuities and protection businesses. The
period that customers continue their policies isalso
important forprofitability, asis our ability to control
expenses in line with pricing assumptions.
Longevity risks arise in our PRT andretail annuity
businesses. Over the years we have built significant
expertise in understanding and pricing for longevity,
with a range ofdisciplines including actuarial, medical,
public health, statistical analysis, and modelling. Mortality,
morbidity, and policy lapse are inherent risks to our
protection businesses, which we assess andprice for.
Non-financial risks
Non-financial risks arise in respect ofour business
processes and IT systems, as well as broader
regulatory and legislative risks that can arise in
theenvironments in which we operate. All our
businesses have inherent exposure to non-financial
risk. We have no appetite for failing tomeet our
legislative and regulatory responsibilities.
Our risk management and internal control framework
seeks to identify areas of potential weakness that
could otherwise lead to customer orclient detriment,
reputational damage or financial loss and ensure
that appropriate measures are in place tomitigate
adverse outcomes.
Where our businesses directly engage in house
building and property development, we are
exposedto risks associated with themanagement
ofconstruction projects, including health and safety
risks. Alongside construction-related risks, wider
safety risks arise in the operation of retirement
villages and our affordable homes businesses.
Themanagement of health and safety and the
broader risks of building safety are an integral part
ofour wider risk framework, withexpertise in risk
management embedded across our business
operating model.
Strategic risks
Strategic risks relate to inherent factors that affect the
delivery of ourstrategy and are assessed in terms of
their financial, customer andclient, and reputationalimpact.
Emerging risks
Emerging enterprise risks that are notfully recognised
or understood byorganisations have the potential to
significantly impact their operations, often in unexpected
ways. We maintain anemerging risks dashboard that
captures views and inputs from across L&G and helps
to monitor the likelihood and impact ofemerging risks
on the Group’s strategy.
Our risk management approach
Read more on page 47
Legal & General Group Plc Annual report and accounts 2024 45
Strategic report Governance Financial statements Other information

Managing risk continued
Financial risk appetite
Monitoring metric
Strategy External targets
We expect to meet or exceed the return expectations
communicated to our investors.
Operating return on
equity;and core
operatingearnings
pershare (EPS) growth
over the planning cycle.
Return on capital
We accept risk in the normal course of business and
aimtodeliver attractive returns on capital deployed.
Return on new capital
deployed; and return
onown funds over
theplanning cycle.
Risk accumulation
We have an appetite for risks that are consistent with
ourstrategic objectives that we can measure and hold
appropriate capital against.
Capital coverage over
theplanning cycle.
Capital We aim to maintain an appropriate buffer of capital resources
over the minimum regulatory capital requirements.
Capital coverage ratio.
Liquidity We expect to be able to meet our payment and collateral
obligations under extreme, but plausible, liquidity scenarios.
Coverage of liquidity
requirements.
Counterparty We have an appetite for losses on failure of counterparties
upto clearly defined limits that take into account the
likelihoodof default and do not lead to excessive
concentrationor contagion risks.
Impact of reinsurer and
banking counterparty
defaults.
Climate We manage our businesses to align with the mitigation of
climate change and to be resilient to the risk of different
climate outcomes. We are currently building out our
approachto the risk posed by nature loss.
Investment portfolio
decarbonisation and
operational footprint
decarbonisation.
Non-financial risk appetite
Technology We have low appetite for poor customer and client outcomes and damage
toour reputation as a consequence of disruption to business operations.
Information security We have low appetite for poor customer and client outcomes, financial
losses,and reputational damage resulting from the leakage, theft or
corruption of confidential or highly confidential data, or disruption to
importantbusiness operations.
Business disruption We have low appetite for business disruption that could result in adverse
impacts to customers and clients, financial losses, and reputational damage.
Third parties We have low appetite for relying on third parties where services could result in
poor customer and client outcomes, financial losses, and reputational damage.
Data We have low appetite for poor customer and client outcomes, financial losses,
and reputational damage because of poor data management practices.
Financial crime We have low appetite for action that is likely to result in poor customer and
client outcomes, financial losses, and reputational damage with respect
tomanaging financial crime risk.
Compliance and
conduct
We have low appetite for action that is likely to result in poor customer and
client outcomes, financial losses, and reputational damage with respect to
managing compliance and conduct risk.
People We have low appetite for poor customer and client outcomes, financial losses,
and reputational damage with respect to managing people risk.
Change We have low appetite for change causing poor customer and client outcomes;
not delivering on time and to budget; not delivering expected requirements and
benefits; and/or adversely impacting ‘business as usual’ control environments.
Operational risk We have low appetite for action that is likely to result in poor customer and
client outcomes, financial losses, and reputational damage with respect to
managing operational risk.
Reputation We have low appetite for action that is likely to result in a sustained loss of
stakeholder trust or confidence, but accept that the pursuit ofour strategic
objectives may result in isolated incidents of public criticism.
Risk appetite
Our risk appetite sets the ranges
andlimits of acceptable risk taking
for the Group as a whole. We express
our overall attitude to risk using
the statements and measures in
thetable opposite.
Beneath this, we set further risk tolerances
covering our specific exposures to financial
and non-financial risks including, where
appropriate, limits on concentrations and
significant aggregation of risks. Our risk
appetite is used to govern the nature and
quantity of risks that we are exposed to.
Whether we are making a direct property
investment or pricing a PRT deal, we use our
risk management framework to assess the
risk profile and potential rewards to ensure
wecontinue to operate within the ranges
ofacceptable risk taking that we have set.
Legal & General Group Plc Annual report and accounts 2024 46

Risk management
framework
Our risk management framework
issummarised on the right.
We operate a three lines of defence risk
governance model:
• first, our operating businesses are
responsible for risk taking within the
parameters of our risk appetite and
accountable for managing risks in line
withrisk policies. The skills to assess
andprice for risk form part of our first-
linebusiness management activity
• second, our risk oversight function under
the direction of our Chief Risk Officer.
Theteam of risk professionals provides
ourbusinesses with expert advice and
guidance on risk and capital management,
alongside ensuring risk taking remains
within acceptable parameters
• third, our Group Internal Audit function
provides independent assurance on
theeffectiveness of business risk
management and the overall operation
ofour risk management and internal
controlframework.
Own risk and solvency assessment
(ORSA)
Our ORSA process is an ongoing analysis
ofthe Group’s risk profile and the sufficiency
of capital resources to sustain our business
strategy over the plan horizon. The process,
which covers the whole Group, considers how
the financial and broader business risks to
which we are exposed may evolve over the
planning cycle. Stress and scenario testing
isan essential element of the ORSA process.
It is used to show us how key risk exposures
respond to different risk factors, together with
the sensitivity and the resilience of capital and
liquidity to a range of extreme but plausible
events. The stress testing component of our
framework assesses the effect of a move in
one or more risk factors at a point in time.
Thescenario element considers group-wide
multi-year projections of capital and liquidity
across a range of downside conditions in
financial markets, demographics, and the
broader economy. The ORSA process is
integrated into our business risk and capital
management activities and aligned with the
strategic planning process to inform forward-
looking decision making. As such, it is a key
business management tool.
Capital management
Our risk-based capital model seeks to provide
a quantitative assessment of the Group’s risk
exposures. It forms part of the suite of tools
we use to evaluate our strategic plans, set risk
appetite, allocate capital, and evaluate product
pricing. Our model is also used to assess
significant transactions, including large
PRT deals, new asset classes, M&A and
disposal activity and so on.
Our principal risks
and uncertainties
Our principal risks and
uncertainties reflect those
factors that may threaten
the Group’s business
model, future performance,
solvency or liquidity.
Our risk landscape Principal risks and uncertainties
Asset risks Investment market performance and conditions in the broader economy may
adversely impact earnings, profitability or surplus capital.
In dealing with issuers of debt and other types of counterparty, the Group is exposed
to the risk of financial loss.
We fail to respond to the emerging threats from climate change for our investment
portfolios and wider businesses.
Insurance risks Changes in demographic experience, regulatory changes, increased expenses and
taxation levels may require revisions to our reserves.
Changes in capital requirements, including Insurance Capital Standards (ICS), could
impact our reported solvency position and our dividend and capital return policy.
Non-financial and
strategic risks
Failure to effectively implement financial services regulatory or legislative change
inatimely manner could lead to regulatory censure, reputational damage and
deteriorating customer and client outcomes.
New entrants and/or new technology may disrupt the markets in which we operate.
A material failure in our business processes or IT security may result in unanticipated
financial loss or reputational damage.
The successful delivery of our strategy is dependent on the ability to attract and
retain talent with the right skills and capabilities.
Our risk management framework
Risk appetite The documenting of the Group’s overall attitude to risk and the ranges and limits of
acceptable risk taking.
Risk taking
authorities
The formal cascade of our risk appetite to managers, empowering them to make
decisions within clearly defined parameters.
Risk policies Defines required approaches to managing specific risks so that residual exposures
are within appetite.
Risk identification
and assessment
Tools and resources to help managers identify and evaluate the risks to which we
may be exposed.
Risk management
information
How we report and review ongoing and emerging risks and assess actual risk
positions relative to the risk targets and limits that we set.
Risk oversight Oversight of risk management by L&G’s risk teams.
Risk committees Group-level Committees oversee the management of risks and challenges how the risk
framework is working. The role of the Group Risk Committee is set out on page 61.
Culture and
reward
Performance measures that focus on the delivery of effective risk management,
business and customer and client strategy, and culture.
Legal & General Group Plc Annual report and accounts 2024 47
Strategic report Governance Financial statements Other information

Group Board
viabilitystatement
The Group’s strategy is developed, and economic
decisions are made, around meeting the
long-term protection and savings needs of
itscustomers, and around creating long-term
value for customers, clients and shareholders
over aperiod of many years. This reflects the
Group’s business and investment models
which combine managing credit, longevity
andmarket risks over long-term relationships.
The Group’s
long-term prospects
The Group’s prospects are primarily assessed
through our strategic and planning processes.
Performance against our annual strategic
planning process is continuously monitored,
and it underpins our business planning model.
We consider the sustainability and resilience
of our business model over the long term,
including our new strategic priorities detailed
on page 15, and longer-term trends in areas
such as technology and climate change, as
our investment and insurance products and
customer and client relationships are
long-standing ones.
The Group is also subject to regulation and
supervision, which requires us to manage and
monitor solvency, liquidity and longer-term
risks, to ensure that we can continue to meet
our policyholder obligations.
This long-term prospect assessment is
overalonger period than that over which
theBoard has assessed the Group’s viability.
Period of viability
assessment
While the Board has considered adopting a
longer period, it believes that five years is the
most appropriate time frame over which it
should assess the long-term viability of the
Group, as required within provision 31 of
theUK Corporate Governance Code. The
following factors have been taken into
accountin making this decision:
• we have reasonable clarity over a five-year
period, allowing an appropriate assessment
of our principal risks to be made
• the assessment is underpinned by our
business planning process, and so aligns
tothe period over which major strategic
actions are typically delivered, and takes
account of the economic environment
andevolving political and regulatory
landscape during the relevant period.
Our business planning process is an annual
process and culminates in the production
andreview of the Group’s business plan. Our
plan is built up from divisional submissions,
and considers the profitability, liquidity,
cashgeneration and capital position of
theGroup. This projection process involves
setting a number of key assumptions,
whichare inherently volatile over a much
longer reporting period, such as foreign
exchange rates, interest rates, economic
growth rates, the continued optimisation
ofcapital strategies for Solvency II, and
theimpact on the business environment
ofchanges in regulation or similar events.
The Board carries out a detailed review of the
draft plan during the Group Board’s annual
strategy assessment, and amendments are
made accordingly. Part of the Board’s role is
toconsider the appropriateness of any key
assumptions made. The latest annual plan
was approved in December 2024, resulting
inour current five-year business plan.
How we assessed
ourviability
In making its assessment of viability, the
Board has considered a number of factors,
including but not limited to:
• a robust and detailed assessment of the
Group’s risk profile and both principal
andemerging risks (see below for further
detail), in particular those risks which
couldhave a material impact on the
Group’sfuture operations, financial
condition or regulatory expectations
• the impact of various stress scenarios
onboth the Group’s viability (see further
detail below) and operational resilience
• the stability of major markets in which
theGroup operates and material known
regulatory changes
• the sustainability of any future capital
distributions
• the impact of the Group’s net zero ambitions,
and the Group’s ability to adapt its operations
and business strategy to address the financial
risks arising from both the physical risk of
climate change and the transition to a
low-carbon economy.
The Board regularly considers the potential
financial and reputational impact of the
Group’s principal risks (as set out on
pages49to 53) on our ability to deliver the
business plan, and we regularly review and
refresh our principal risks to reflect current
market conditions and changes in our risk
profile. In its assessment of viability, the
Boardhas taken into consideration all of the
Group’s principal risks, as any significant
change in the risk profile or outlook of those
principal risks, or inadequate mitigation, could
have a significant impact on the Group’s
viability over the assessment time frame.
Quantitative stress and scenario testing is
undertaken to enable the Board to consider
the Group’s ability to respond to a number
ofplausible individual and combined shocks,
both financial and non-financial, which could
adversely impact the profits, capital and
liquidity projections in the Group plan. During
2024, the Board continued to consider the
impacts of a severe market event, which was
set with reference to the Bank of England’s
latest ‘Annual Cyclical Scenario’, modified to
reflect the Group’s underlying risk profile.
Thescenario is broadly based on the Global
Financial Crisis of 2008 for market risks
exposures, and 2002 experience for rating
transitions (downgrades and spreads).
The scenarios tested showed that the Group
would continue to have sufficient headroom
tomaintain viability over the five-year planning
period, after taking into account mitigating
actions to manage the impacts on capital and
liquidity. The Group maintains buffers and a
suite of management actions to maintain
resilience to adverse scenarios and preserve
the Group’s viability. It is clearly possible that
shocks could be more severe, occur sooner
and/or last longer than we have currently
considered plausible.
Additionally, reverse stress testing and
contingency planning gives the Board a
solidunderstanding of the Group’s resilience
to extremely severe scenarios which could
threaten the Group’s business model and
viability. This analysis assists in identifying
anymitigating actions that could be taken
now, or triggers to put in place for future
actions. Potential scenarios that were explored
included severe capital market stresses,
adverse regulatory changes, reputational
andinternal or external events causing falls
inbusiness volumes, and severely adverse
claims experience. The results confirmed
thatthe Group remains resilient to extreme
stresses as a result of the risk management
system in place and the diverse range of
mitigating actions available, including raising
of capital or reduction in the level of dividends
and other capital returns.
Our conclusion on viability
Following this assessment, taking into
account the Group’s current position and
principal risks, the Board can confirm that
ithas a reasonable expectation that the
Groupwill continue in operation and meet
itsliabilities, as they fall due, over a viability
horizon of five years. The Board’s five-year
viability and longer-term prospects assessment
isbased upon information known today.
Group Board viability statement
Legal & General Group Plc Annual report and accounts 2024 48

The directors confirm that they have carried out a robust assessment of the emerging and
principal risks facing the Group, including those that would threaten its business model,
future performance, solvency or liquidity.
The principal risks are set out below including details of how they have been managed or mitigated. Further details of the Group’s inherent risk
exposures are set out at Notes 8 and 16 to 18 of the financial statements.
Risks and uncertainties Risk management
Investment market performance and
conditions in the broader economy
may adversely impact earnings,
profitability or surplus capital.
The performance and liquidity of financial and
property markets, interest rate movements and
inflation impact the value of investments we hold in
both shareholders’ funds and to meet the obligations
from insurance business; the movement in certain
investments directly impacts profitability. Interest
rate movements and inflation can also change the
value of our obligations and, although we seek to
match assets and liabilities, losses can still arise.
Falls in the risk-free yield curve can also create a
greater degree of inherent volatility tobe managed
in the solvency balance sheet, potentially impacting
capital requirements and surplus capital. Rises in
risk-free rates canlead to reduced liquidity buffers.
Falls in investment values can reduce our investment
management fee income.
We cannot completely eliminate the downside impacts on our earnings, profitability, liquidity, or
surplus capital from investment market volatility and adverse economic conditions, although we seek to
position our investment portfolios and wider business plans for a range of plausible economic scenarios
and investment market conditions to ensure their resilience across a range of outcomes. This includes
setting risk limits on exposures to different asset classes, and where hedging instruments exist, we
seek to use them to limit our exposures to risks which are not adequately rewarded. We maintain a
range of actions to retain liquidity flexibility.
Our ORSA process is integral to our risk management approach, and includes an assessment of
thefinancial impacts of risks associated with investment market volatility and adverse economic
scenarios for our solvency balance sheet,capital sufficiency, and liquidity requirements.
Outlook
The global economic outlook remains uncertain with the potential for external shocks to knock
economies and markets off course.
Our businesses are primarily exposed to economic conditions in the UK and US. Central bankinterest
rates were cut during 2024 in the UK and US, however there remains uncertainty around the pace and
timing of any further cuts and there is no guarantee of a ‘soft landing’ for either economy.
Geopolitical risk factors remain elevated – this includes ongoing conflicts in Ukraine and the Middle East,
and the impact of a resurgence of populist and nationalist politics on domestic and international policy.
Asset values, including commercial and residential property prices, remain susceptible to reappraisal
should the current economic outlook deteriorate, as well as from a range of geopolitical factors.
During 2024, we have seen signs of commercial property markets stabilising, although transaction
volumes remain low and the office sector continues to show pressure. Within our construction
businesses, supply chain pressure and cost inflation appear to be moderating, although we remain
vigilant over cost inflation being absorbed by thesupply chain. Labour shortages also continue to
present risk.
In dealing with issuers of debt
and other types of counterparty,
the Group is exposed to the risk
offinancial loss.
Systemic corporate sector failures, or a major
sovereign debt event, could, in extreme scenarios,
trigger defaults impacting the value of our bond
portfolios. Under Solvency II, a widespread widening
of credit spreads and downgrades canalso result
inareduction in our balance sheetsurplus, despite
already having set aside significant capital for
credit risk.
We are also exposed to default risks in dealing with
banking, money market and reinsurance counterparties,
as well as settlement, custody, and other bespoke
business services. Default risk also arises where we
undertake property lending, with exposure to loss if
an accrued debt exceeds the valueof security taken.
We manage our exposure to downgrade and default risks within our bond portfolios, through setting
selection criteria and exposure limits, and using Asset Management’s global credit team’s capabilities
toensure risks are effectively controlled and where appropriate trading out to improve credit quality. In
our property lending businesses, our loan criteria take account of borrower creditworthiness and the
potential for movements in the value of security.
We manage our reinsurer exposures tightly, with the vast majority of our reinsurers having aminimum
A-rating, setting rating-based exposure limits, and where appropriate taking collateral. Similarly, we
seek to limit aggregate exposure to banking, money market and service providers. While we manage
risks to our balance sheet, we can never eliminate downgrade or default risks, although we seek to
hold a strong balance sheet that we believeto be prudent for a range of adverse scenarios.
Outlook
The risk of credit default increases in periods of low economic growth, and we continue toclosely
monitor the factors that may lead to a widening of credit spreads including the outlook for the real
economy and fiscal and monetary policy.
Although real incomes in the UK have risen in 2024, any reversal of this would particularly impact
economic activity in sectors reliant on discretionary spending. The recent UK budget announced
taxandspending measures that have dampened consumer and business sentiment.
Growth forecasts are modest and employers are cautious on the impact of increased labour costs.
Economic growth in the US continues to be strong, and there is broad optimism that the new administration
will support domestic manufacturing. However, we believe uncertainty over new policies, inparticular
around tariffs and immigration, poses downside risks.
We remain vigilant, closely monitoring all the names/assets in our portfolio in the short term, as well
as forming views on the medium- to long-term outlook. Our credit portfolio remains overwhelmingly
(98%+) investment grade.
Principal risks and uncertainties
Legal & General Group Plc Annual report and accounts 2024 49
Strategic report Governance Financial statements Other information

Principal risk and uncertainties continued
Risks and uncertainties Risk management
We fail to respond to the
emergingthreats from climate
change for our investment
portfolios and wider businesses.
As a significant investor in financial markets,
commercial real estate and housing, we are
exposedto climate-related transition risks.
Abruptshifts in the political and technological
landscape could impact the value of those
investment assets associated with higher
levelsofGHG emissions.
Physical risks, stemming from extreme outcomes,
could impact the valuation of at-risk assets; for
example, floods could impact the value of our
property assets; andcould also potentially have
longer-term effects on mortality rates.
We are also exposed to reputation and climate-
related litigation risks should our responses to
thethreats from climate change be judged not to
align with the expectations ofadvocacy groups.
Ourrisk management approach is also reliant
uponthe availability ofverifiable consistent
andcomparable emissions data.
We recognise that our scale brings a responsibility to act decisively in positioning our balance sheet
inthe context of the threats from climate change. We continue to embed the assessment of climate
risks in our investment process, including in the management of real assets. We measure the carbon
intensity of our investment portfolios. Along with specific investment exclusions for carbon intensive
sectors, we have set overall reduction targets aligned with the 1.5°C ‘Paris’ objective. This includes
science-based targets to support our emission reduction goals in line with our transition plan.
We are evolving our approach to the inclusion of nature and biodiversity alongside our climate risk work.
Alongside managing physical and transition exposures, we closely monitor the political and regulatory
landscape, and as part ofour climate strategy, we engage with regulators and investee companies in
support of climate action. As we change how we invest, the products and services we offer, and how
we operate, we are also mindful of the need to ensure that we have the right skills for the future.
Outlook
Over the next decade, the change necessary to meet global carbon reduction targets will require
societal adjustments on an unprecedented scale.
Recent events, particularly the increasing frequency of record-breaking heat and extreme weather, have
demonstrated the impacts of increased climate volatility can be significant andmay emerge rapidly.
A failure by governments to ensure an orderly transition to low-carbon economies increases the risk
for sudden late policy action and large, unanticipated shifts in the asset values of impacted industries.
While our transition plans seek to minimise our overall exposure to thisrisk, their execution is dependent on
the delivery of the policy actions and the climate reduction targets of the firms we invest in. The actions
governments takewill also, to a significant extent, impact on our ability to deliver upon the climate-
related targets we have set ourselves, and as the science of climate change evolves, we may need to
adapt our approach. Anti-ESG sentiment, particularly within countries with a high dependency on fossil
fuel-related industries, may also constrain global ambition in addressing climate change as well as
limiting investment opportunities.
Although a broad set of actions to limit global warming are underway, we are moving to asituation
wherethe path to achieving a near-1.5°C temperature increase is becoming narrower. While we retain
ourcurrent ambition, this could also have an impact on our abilityto meet the climate-related targets
wehave set ourselves.
We expect a continuing and increased focus on nature and biodiversity risks going forward.
Discover more online
Climate transition plan
Legal & General Group Plc Annual report and accounts 2024 50

Risks and uncertainties Risk management
Changes in demographic
experience, regulatory changes,
increased expenses and taxation
levels may require revisions to
ourpricing and reserving bases.
Changes in capital requirements,
including UK and ICS, could
impact our reported solvency
position andour dividend and
capital return policy.
The pricing of long-term business requires the
setting of assumptions for long-term trends in
factors such as mortality, lapse rates, expenses,
interest rates and credit defaults. Actual experience
may require recalibration of these assumptions,
changing the level of liability provisions and
impacting reported profitability.
Regulation defines the overall framework for the
design, marketing, taxation and distribution of our
products, and the prudential provisions and capital
that we hold. Significant changes in legislation or
regulation may increase our cost base, reduce our
future revenues, impact profitability or require us
to hold more capital.
The prominence of this risk increases where
change is implemented without prior engagement
with the sector. The nature of long-term business
can also result in some changes or re-interpretation
of regulation over time, having a retrospective
effect on in-force books of business, impacting
futurecash generation.
Changes in these areas can affect our reported
solvency position and our dividendand capital
returnpolicy.
We undertake significant analysis of the variables associated with writing long-term insurance
business to ensure that a suitable premium is charged for the risks we take on, and that provisions
continue to remain appropriate for factors including mortality, lapse rates, expenses, and credit
defaults in the assetsbacking our insurance liabilities.
We seek to have a comprehensive understanding of longevity, mortality, and morbidity risks, and
wecontinue to evaluate wider trends in life expectancy. However, we cannot remove the risk that
adjustments to reserves may be required, although the selective use of reinsurance acts to reduce
theimpact to us of significant variations in life expectancy and mortality.
We actively engage with government and regulatory bodies to assist in the evaluation of regulatory
andtax change to promote outcomes that meet the needs of all stakeholders. To influence policy,
ourinteractions with the government and policy teams at regulators include face-to-face and virtual
meetings, written responses to discussion papers and consultations, ad hoc communications and
attendance at roundtables with industry peers. With our experience in various sectors, we can explain
how proposed policy translates into practice and identify potential issues or unintended
consequences that might arise.
When such regulatory changes move to the implementation stage, we undertake detailed gap analysis
work and, depending on the scale of the remediation required, establish project management arrangements
with first- and second-line teams working together. This is to ensure we deliver regulatory change
effectively and efficiently, minimising disruption to our operations and to our customers and clients.
Outlook
At times, we have seen elevated levels of mortality in both the UK and the US since the Covid-19
pandemic, and there is continued uncertainty in the outlook, albeit this has somewhat reduced with
the passage of time. The causes are unclear but may reflect indirect impacts of Covid-19-related
illness, and the deferral of diagnostics and medical treatments forother conditions.
Cost of living pressures and government spending decisions, particularly relating to health and care,
also have the potential to affect mortalityoutcomes.
Along with the emergence of new diseases and changes in immunology impacting mortality and
morbidity assumptions, other risk factors that may impact future reserving requirements include
significant advances in medical science leading to more effective treatments, beyond that anticipated,
requiring adjustment to our longevity assumptions.
While at present we do not believe climate change to be a material driver for mortality and longevity
risk inthe medium term, we continue to keep this under review.
The UK has experienced elevated levels of inflation in recent years, but this has returned closer to
theBank of England’s inflation target. Inflationary pressure impacts the level of our expense base,
andthere is an additional risk that complying with new regulatory requirements increases costs.
Wehave carefully evaluated the impact of expected price and salary inflation in our pricing and
reserving assumptions and will continue to proactively monitor this on an ongoing basis.
Changes in capital standards, both in the UK and elsewhere, could impact our reported solvency
position and our dividend and capital return policy.
Post-Brexit, the UK is reforming its capital regime to move from Solvency II to Solvency UK. The key
changes are designed to enable annuity product providers to invest more broadly to diversify risk
andsupport investment in the UK economy. We have developed our risk framework to meet or exceed
regulatory expectations on subjects such as funded reinsurance, Matching Adjustment and liquidity
riskmanagement and reporting.
The Bermuda Monetary Authority (BMA) revised its capital regime for life insurers during 2023,
withchanges effective from March 2024 and reflected in our results.
The ICS, a global minimum standard capital for Internationally Active Insurance Groups (IAIGs),
wasadopted by the International Association of Insurance Supervisor (IAIS) in December 2024.
L&GGroup, designated an IAIG by the PRA, has actively participated in consultations on the
standard.If Solvency UK is considered as strong as the ICS, it may be used for ICS compliance
andtherefore would result in little impact on the L&G Group. We will continue to engage with both
thePRA and the IAIS during this period.
New UK rules implementing both a global minimum tax regime and a UK domestic minimum tax
regimeat 15% applied from 1 January 2024 to all of the Group’s businesses globally with work
underwayto ensure compliance and to engage with regulators as implementation and guidance
onthenew regimes develops.
Bermuda has introduced a corporate income tax regime from 1 January 2025, and there is ongoing
consultation on the implementation of the new regime.
Legal & General Group Plc Annual report and accounts 2024 51
Strategic report Governance Financial statements Other information

Principal risk and uncertainties continued
Risks and uncertainties Risk management
Failure to effectively implement
regulatory or legislative change
applying to the financial
services sector in a timely
manner could lead to regulatory
censure, reputational damage,
and deteriorating customer
andclientoutcomes.
We are exposed to several risks where effective
identification and implementation of regulatory
changes are particularly important. These include
changes relating to our management of operational
risk, conduct risk, climate risk and health and
safety risk. The magnitude or scope of some
regulatory changes can have a bearing on our
ability to deliver our overall strategy.
Regulatory or legislative changes can have a
significant impact on our business. Such changes
could limit our ability to operate in certain markets
or sectors, potentially leading to a reduction in our
customer and client base and revenue.
There is a risk that regulatory policies coulddevelop
in a manner that is detrimental to our business and/
or customers and clients. Alternatively, it could
develop in a way that presents opportunities, but
wefail to revise our strategy and adapt quickly
enough to benefit.
Non-compliance with new regulations or legislation
could potentially damage our reputation. This
could lead to a loss of customer and client trust
and result in regulatory sanctions including
potentially significant monetary penalties.
We identify, track and review the impact of regulatory and legislative change through our internal
control processes, with material updates being considered at the Executive and Group Risk
Committees and the Group Board. Our processes are designed to ensure compliance with all
newanddeveloping regulations.
We actively engage with regulatory bodies to ensure we maintain high standards of business and
deliver for our customers and clients.
In 2023, we successfully implemented the Consumer Duty for open products, and our work on legacy
products is also now complete. We have also made strong progress on our implementation of the UK’s
Operational Resilience rules which are due to come into force in March 2025.
We seek to influence the direction of travel on various regulatory policy themes at the government
andregulator level for the benefit of our customers, clients and other stakeholders.
Outlook
The volume and burden of regulatory change remains high across the sectors we operate in.
Weanalyse, interpret and implement all relevant financial services legislation and regulation
impactingour business units ensuring appropriate levels of governance and assurance.
Key forthcoming developments in our risk areas include:
Operational risk: work is underway to comply with the UK’s new operational resilience rules by
31 March2025 and similar rules in other jurisdictions.
Conduct risk: the FCA has committed to consulting on rules to better support consumers in retail
investments and pensions in H1 2025. The FCA and Government have also committed to developing
anew UK retail disclosure regime, the Consumer Composite Investment regime. In early 2025, the
FCA will launch a Market Study into the distribution of pure protection products. New rules on diversity
and inclusion in financial services are expected, likely leading to increased data collection, disclosure
and reporting requirements. We maintain afocus on minimising the risks of financial crime for our
customers and clients and on ourfinancial results.
Climate risk: there continues to be a variety of moving pieces in the development of climate regulation at
theUK, the US and EU level. We anticipate more focus on scenario testing andscrutiny on sustainability
claims following the FCA’s new anti-greenwashing rule and Sustainability Disclosure Regulations
effective from 31 May 2024. We continue to await the outcome of developments on the UK Green
Taxonomy and are preparing for the implementation of International Sustainability Standards Board
(ISSB) disclosure standards from 2026. Requirements relating to nature continue to evolve rapidly.
Health and safety: we have enhanced our governance processes and developed a three-year strategy
focusing on culture, quality, consistency, technology, and keeping pacewith change. Initial registration
requirements for the UK’s new Buildings Safety Act were met and we are working to ensure we meet
all the Act’s requirements. Our overall health and safety risk exposure is expected to decrease
materially following the sale of CALA Group (Cala).
Strategic risk: we continue to follow and engage closely with the new UK Government on thereforms
being proposed as part of the Pensions Investment Review and related initiatives. We were the first
major pension provider tosuccessfully pass integration testing with the Pension Dashboard
Programme ahead of connections starting in April 2025.
Legal & General Group Plc Annual report and accounts 2024 52

Risks and uncertainties Risk management
New entrants and/or new
technology may disrupt the
marketsin which we operate.
There is already strong competition in
ourmarkets,and although we have had
considerable past success at building scale
toofferlow-cost products, we recognise that
markets remain attractive to new entrants.
We are also cognisant of competitors who may
havelower return on capital requirements or be
unconstrained by Solvency II and/or Solvency UK.
The continued evolution of AI has the potential
tobe asignificant disrupting force across our
businesses, for example, by enabling new entrants
to compete with potentially lower costs, and more
efficient processes. The technology itself could
have an impact on asset valuations, and on our
liabilities including through its impact on life
sciences and health care systems effectiveness.
We continuously monitor the factors that may impact the markets in which we operate.
We have responded to the rapid advancement and accessibility of generative AI (GenAI) capabilities
from third parties by launching a central AI Accelerator programme. This initiative brings together
colleagues across the Group to shape and incubate our generative AI approaches, raise awareness
andeducate our business, and deliver a secure environment for internal test and learn use cases.
Our regulatory developments team keeps a close watch on the AI landscape across all our
jurisdictions. Wehave been actively engaged in numerous consultations in relation to AI and GenAI.
Outlook
We observe a continued acceleration of a number of trends, including greater consumer engagement
indigital business models and online servicing tools. In the current operating environment, businesses
like ours have transformed working practices, and we anticipate further investment in automation,
using robotics and machine learning to enhance business efficiency. We are deepening our understanding
of the impacts of generative and traditional AI on our businesses and in the wider sector.
Our businesses are also well positioned for changes in the competitive landscape that may arise from
pensions-related changes. We welcome innovation in the market, such as the proposed rollout of
defined benefit ‘superfund’ consolidation schemes, as long as the security of members’ benefits is
prioritised. We may see alternative de-risking offerings coming to the market targeting a similar
segment to superfunds, for instance, for DB schemes with funding levels ofaround 90%.
The pension dashboards initiative will also be a positive development. We are well positioned for
connecting, having passed integration testing.
On the ‘collective’ defined contribution reform, while we have seen limited demand for this to date,
itmay hold the potential to disrupt both the workplace and retirement income market.
A material failure in our business
processes or IT security may
result in unanticipated financial
loss or reputational damage.
We have constructed our framework of internal
control to minimise the risk of unanticipated
financial loss or damage to our reputation.
However, no system of internal control can
completely eliminate the risk of error, financial
loss, fraudulent actions, or reputational damage.
We are also inherently exposed to cyber threats
including the risks of data theft and fraud, and
more generally it is imperative that we maintain
the privacy of ourcustomers’ and clients’ personal
data. There is also strong stakeholder expectation
that our core business services are resilient
tooperational disruption.
Our risk governance model seeks to ensure that business management is actively engaged in maintaining
an appropriate control environment, supported by risk functions led by the Chief Risk Officer, with
independent assurance from Group Internal Audit.
We continue to evolve our risk management approach for change, IT, security, operational resilience
and data access and privacy.
While we seek to maintain a control environment commensurate with our risk profile, werecognise
that residual risk will always remain across the spectrum of our business operations, and we aim to
develop response plans so that when adverse events occur, appropriate actions are deployed.
Outlook
We continue to remain alert to evolving operational risks and invest in our system capabilities,
including those for the management of cyber risks, to ensure that our important business processes
are resilient. We also remain cognisant of the risks as we implement a new global operating model
andIT platform forAsset Management and have structured the migration in phases to minimise
change risks.
The successful delivery of our
strategy is dependent on the
ability to attract andretain
talent with the right skills
andcapabilities.
The Group aims to recruit, develop and retain high
quality individuals. We are inherently exposed to
therisk that key personnel or teams and their
associated expertise mayleave the Group, with
anadverse effect on the Group’s businesses. As
we increasingly focus on thedigitalisation of our
businesses, we are also competing for technology
and digital skill sets withother business sectors
aswell as our peers.
We seek to ensure that key personnel dependencies do not arise, through employee training and
development programmes, remuneration strategies and succession planning.
Our processes include the active identification and development of talent within our workforce, and
byhighlighting our values and social purpose, promoting L&G as a great place to work. As well as
investing in our people, we are also transforming how we engage and develop capabilities, with new
technologies and tools to support globalisation, increase productivity and provide an exceptional
employee experience.
Outlook
Competition for talent remains strong with skills in areas such as investment management and
dataparticularly sought after across many business sectors, including those in which we operate.
Wealso recognise the risks posed by the outlook for inflation in salary expectations across the wider
employment market, and internally we have taken steps to help our employees through direct financial
support and byproviding advice and resources to help them manage their financial well being. The
recent increase inemployer National Insurance contributions and the reduction in contribution threshold
may impact operational costs. We remain committed to attracting and retaining top talent by
continuously adapting our strategies to the evolving market conditions.
Legal & General Group Plc Annual report and accounts 2024 53
Strategic report Governance Financial statements Other information

Governance
at a glance
Inside
this section
Letter from the Chair 56
Board of directors 58
Group Management Committee 60
Governance report 61
Employee engagement 68
Section 172(1) statement and
stakeholderengagement 70
Audit Committee report 74
Data and Technology Committee report 79
Nominations and Corporate Governance
Committee report 80
Risk Committee report 86
Directors’ report on remuneration (DRR) 88
DRR quick read summary 90
Summary of remuneration policy 94
Annual report on remuneration 98
Legal & General Group Plc Annual report and accounts 2024 54

Board composition
As at
31 December 2024, the Board comprised:
46% Women
54% Men
As a
t 31 December 2024, the length
of tenure of the Board varied:
31% Over 6 years
31% Between 3 and 6 years
38% Between 0 and 3 years
As at
31 December 2024, the Board comprised
individuals from the following ethnic groups:
8% Black
15% South Asian
77% White
Reporting against the
2018 UK Corporate
Governance Code
(the‘Code’)
Details of how we have applied the
principles, andcomplied with the
provisions, of theCode are set out within
this Annual report and accounts. For
more information on our compliance,
please visit the relevant sections as
outlined in the table to the right. Our
compliance statement canbe found
onpage 61 of this report.
1. Board leadership and Companypurpose
Board’s role 61 to 62
Purpose and culture 64
Resources and controls 62 to 64
Stakeholder engagement 70 to 73
Workforce engagement 68 to 69, 73
2. Division of responsibilities
Role of the Chair 63
Composition of the Board 62 to 63, 81 to 82
Role of the non-executive
directors
61
Effective and efficient
functioning
62 to 65
3. Composition, succession
andevaluation
Appointments to the Board
and succession planning
64, 80 to 83
Skills, experience and
knowledge of the Board
58 to 59, 82
Board evaluation 84 to 85
4. Audit, risk and internal control
Internal and external audit 75 to 77
Fair, balanced and
understandable assessment
75, 249
Risk management and internal
control framework
75, 86 to 87
5. Remuneration
Remuneration policies
andpractices
88 to 97
Executive remuneration 98 to 106
Remuneration outcomes and
independent judgement
88 to 113
Gender TenureEthnicity
Legal & General Group Plc Annual report and accounts 2024 55
Strategic report Governance Financial statements Other information

Dear shareholders,
The Board’s primary objective is to promote
the long-term success of the Company for
thebenefit of its stakeholders. Throughout
theyear, the Board has been focused on
overseeing the development and effective
execution of the Group’s new strategy and
financial targets. This new strategy sets out
how we will deliver L&G’s next phase of
sustainable growth and enhanced returns,
through focused capital allocation and rigour
in execution. By seizing the opportunity in
Institutional Retirement, while investing to
scale and deepening our capabilities in Asset
Management and Retail, we will evolve our
business to address society’s changing
investment needs, while investing for the long
term. The Group is making good progress in
delivering this strategy and is well positioned
to capitalise on future market opportunities,
despite ongoing macroeconomic and
geopolitical uncertainty.
Letter from
the Chair
Annual General Meeting (AGM)
The 2025 AGM will be held on Thursday
22 May 2025 at the British Medical Association,
BMA House, Tavistock Square, Bloomsbury,
London WC1H 9JZ, once again in a hybrid
format, with facilities for shareholders to join
and voteelectronically.
Full details of the business to be considered
atthe meeting will be included in the Notice
ofAnnual General Meeting that will be sent to
shareholders by their chosen communication
method and published on our website:
Discover more online
group.legalandgeneral.com/AGM
Our established governance
framework is central to
decision making and has
continued to enable robust
oversight andsharp focus
from the Board during
aperiod of strategic
transformation.
Sir John Kingman
Chair
Enhanced returns
As part of the new strategy, the Board has also
overseen the development of the new capital
allocation policy which prioritises:
• a strong and sustainable balance sheet,
supported by strong capital generation
fromour divisions
• investment for growth, with disciplined
investment in organic growth and potential
bolt-on acquisitions
• shareholder returns, with surplus capital
tobe returned to shareholders in the form
ofdividends or buybacks.
Since June 2024, a revised capital allocation
policy has been embedded across the Group,
aligning investment to rigorous assessment
ofperformance and strategic fit. We maintain
discipline in our capital allocation by reviewing
our investment criteria to reflect changing
macroeconomic conditions. Within a wider
framework of controls, these practices have
contributed to the delivery of our financial
objectives and achievement of significant
milestones in the year. The Board has
confirmed its intention to return more to
shareholders over 2024 – 2027, through a
combination of dividends and buybacks, with
5% dividend per share (DPS) growth to FY24
and the completion of a £200 million share
buyback programme. In February 2025, we
announced the sale of our US insurance entity
to Meiji Yasuda, and the creation of a long-term
strategic partnership, for a sale price of
$2.3 billion. In line with our capital allocation
framework and following completion of
thetransaction, it is the Group’s current
intention to return £1 billion to shareholders,
representing more than half ofthe proceeds.
All future capital returns will be subject to the
market environment, our viewson solvency
buffers, and opportunities for investment in
the business, as well as regulatory approval.
Inline with this approach, the Board has
recommended a final dividend of15.36 pence,
up 5% from the prior year (14.63 pence). More
information on our intention to enhance returns
for shareholders can be found on page 13.
Leadership appointments
Throughout the year, we have further
strengthened the Board and leadership team
as the Company pursues its ambitious growth
strategy as a simpler and better-connected
business. L&G continues to benefit from an
excellent Board with a diverse range and
depthof expertise and skills. Each year, the
Nominations and Corporate Governance
Committee considers the Board’s skills and
experience to support discussions around
non-executive succession planning.
Looking ahead to two long-standing non-
executive directors coming to the end of their
tenures in 2025, this year we implemented
phased succession plans for both Philip
Broadley and Lesley Knox, along with other
keyBoard roles. This included the search
andappointment of our new Non-Executive
Director, Clare Bousfield, who was appointed
to the Board in December 2024, and the
upcoming appointment of Mark Jordy, Chair
of our principal operating subsidiary in the
Asset Management division, L&G – Asset
Management Limited, in July 2025.
In addition, Henrietta Baldock will succeed
Lesley as Senior Independent Director in May
2025, and Carolyn Johnson will replace Nilufer
Kheraj as the Board’s Designated Workforce
Director in April 2025, following conclusion
ofNilufer’s three-year term in the role.
Legal & General Group Plc Annual report and accounts 2024 56

Philipand Lesley have supported the
Company through a period of significant
evolution, and I would like to thank them
onbehalf of the Board for their immense
contributions to the Company throughout
each of their tenures.
As part of the new strategy, the Group began
aglobal search for a CEO to lead the growth
ofthe new Asset Management division, taking
over from Michelle Scrimgeour. Following
arigorous search process, the Board was
pleased to approve the appointment of Eric
Adler as CEO of Asset Management. Eric
brings to the Company broad investment
expertise, deep international experience, and a
strong client focus. In addition, the Board was
also pleased to appoint Laura Mason as CEO,
Retail, taking over from Bernie Hickman, who
stood down after 26 years of service with L&G.
Laura brings group-wide experience and an
in-depth knowledge of L&G, having been part
of the founding team of the alternative assets
business, and also having previously led the
Institutional Retirement division. In October
2024, we also announced the appointment
ofKatie Worgan to the newly created role of
Group Chief Operating Officer. Katie combines
a global, customer-centric mindset and technical
expertise with proven experience leading large
and complex businesses through transformation.
On behalf of the Board, Iwould like to thank
Michelle and Bernie for their significant
contributions to L&G and we wish them well
for the future. We welcome Eric, Laura and
Katie to their new roles and look forward to
working with them.
I am confident these appointments will
enhance the existing expertise and skills
oftheBoard and the Group Management
Committee, and will support the Company
inachieving its strategic ambitions. More
details on the executive and non-executive
appointments during the year can be found in
the Nominations and Corporate Governance
Committee Report on pages 80 to 85.
Purpose
In December, the Board approved L&G’s
refreshed purpose statement, which was
subsequently launched in January 2025. Our
purpose statement represents the culmination
of an extensive stakeholder engagement
process, including numerous focus groups
with customers, clients and employees from
across our business, ensuring that our purpose
remains relevant and useful to us for the coming
decade of transformation. As a Board, we
believe that our refreshed purpose is credible,
inspiring and actionable, and will bemost
valuable to us if it is used to motivate the
actions which will deliver our new strategy.
Throughout 2025, the Board will monitor
theways in which our purpose has been
embedded across the organisation. More
information on our refreshed purpose
statement can be found on page 10.
Our approach to governance
The Governance section of this report sets out
our governance framework and details how
the Board and its Committees operated during
2024. As a Board, it is our role to promote the
highest levels of corporate governance and
ensure these values are embedded within
ourculture and throughout the organisation.
As our business continues to evolve, and
aswe pursue our strategic transformation
programme, our robust governance
framework has continued to support the
Board in its decision making and oversight
ofthe Company. The implementation of a
newexecutive governance framework in 2024
further optimised executive decision making
across the Group and supported the Board in
ensuring an appropriate level of centralised
oversight and control over material group-level
and group-wide matters, while also promoting
accountability and autonomy through an
appropriate divisional delegation framework.
For the year ended 31 December 2024, we
were required to measure ourselves against
the 2018 UK Corporate Governance Code.
TheBoard has considered carefully the
requirements of the Code and I am pleased
toreport that we have complied with all
provisions of the Code throughout the year.
Further details on our compliance with the
Code and how we have applied the various
principles can be found on page 61. The Board
issupportive of the publication of the2024
UKCorporate Governance Code, following
engagement in the consultation process, and
the Board will continue to oversee the work
required to comply with thenew requirements.
Stakeholder engagement
The Board continues to consider the views
and interests of our stakeholders in its
decision making and, through a combination
of direct and indirect engagement, we remain
informed of material issues and stakeholder
priorities. As a Board, we are aware of the
impact that our business and decisions have
on our stakeholders, as well as wider society.
We are therefore disciplined in our decision
making to ensure that we are investing for the
long term and achieving our strategic aims.
The Board engages directly with colleagues
through town halls, talent dinners, annual
award ceremonies and visits to our offices in
different locations. We were able to conduct
anumber of face-to-face interactions this year,
including a visit to our office in Chicago, and a
number of Board members were also able to
visit our teams in Cardiff, Hove and Bermuda.
I am always impressed during our visits how
our people really live our purpose, and how our
values are demonstrated every day ensuring
weare doing the right thing for our customers.
Through their roles as Designated Workforce
Director and Consumer Duty Champion,
Non-Executive Directors Nilufer Kheraj and
Laura Wade-Gery have also conducted a
number of additional meetings and visits.
Weview this engagement as a valuable way to
experience L&G’s culture first-hand. Feedback
from colleagues is critical to the Board and
wecontinue to monitor our culture through
employee engagement surveys. Details on
theBoard’s consideration of stakeholders in
itsdecision making throughout 2024 is outlined
in our section 172(1) statement onpages 70
to72. Examples of how weengage with our
different stakeholders canbefound on page 73.
Board effectiveness
Central to maintaining high standards of
corporate governance and setting the right
tone from the top is the review of the Board’s
own performance. During 2024, we conducted
an internal effectiveness review of our Board
and its Committees, which was externally
facilitated by Clare Chalmers Limited. I am
pleased to report that the tone of the feedback
was positive overall, and indicated that the
Board, and each of its Committees, continued
to operate effectively. Further details of the
process and outcome of this evaluation can
be found on pages 84 to 85.
Looking forward
For the second year in a row, L&G was
awarded Britain’s Most Admired Company,
ranking top among FTSE-listed companies in
the UK spanning 28 different sectors. This is
aunique achievement for a financial services
organisation and is a strong endorsement
ofthe way we work with our customers, clients,
partners and communities, as well as the results
we achieve. I would like to take this opportunity
to thank everyone at L&G for their hard work
and commitment to the business and our
customers and clients. My fellow Board
members and I feel confident and optimistic
about the future ofL&G as we execute our new
strategy and continue to build on our strong
performance track record to drive growth
anddeliver long-term shareholder value.
Sir John Kingman
Chair
Legal & General Group Plc Annual report and accounts 2024 57
Strategic report Governance Financial statements Other information

Board of directors
Sir John Kingman KCB FRS
Chair
Appointed October 2016
Contribution to the Board:
Financial sector, government
andregulatory experience.
Experience:
John previously served as Second
Permanent Secretary to HM Treasury,
where he was closely involved in the
UK response to the 2007 – 2008
financial crisis. He was the first
ChiefExecutive of UK Financial
Investments Ltd; and from 2010 to
2012, John was Global Co-Head of
the Financial Institutions Group at
Rothschild. From 2016 to 2021, he
wasthe first Chair of UK Research
&Innovation, which oversees
government science funding of
around £8 billion a year. In 2018,
Johnundertook a highly critical
independent review for the UK
Government of the Financial
Reporting Council.
Other appointments:
• National Gallery
(Deputy Chair and Trustee)
• Barclays Bank UK PLC (Chair)
• Barclays PLC
(Non-Executive Director)
Committee membership key
A D N R Ri
A D N R RiA D N R Ri
A
Audit
D
Data and Technology
N
Nominations and Corporate Governance
R
Remuneration
Ri
Risk
Committee Chair
A D N R Ri
Clare Bousfield
Independent Non-Executive
Director
Appointed December 2024
Contribution to the Board:
Financial services, insurance,
customer anddigital experience.
Experience:
Clare’s previous executive roles
include positions at M&G Plc, where
she served as both Group CFO and
latterly CEO, Retail & Savings, and as
CEO, Insurance for Prudential UK &
Europe. She started her career at
PwC and has previously served as
aNon-Executive Director and Audit
Committee Chair of RSA Insurance
Group plc. Clare has also previously
held senior roles at Aegon and
SwissRe Group.
Other appointments:
• Bupa (Non-Executive Director)
• IVC Evidensia (Non-Executive
Director)
• Nucleus (Non-Executive Director)
• Recipharm (Non-Executive Director)
Henrietta Baldock
Independent Non-Executive
Director
Appointed October 2018
Contribution to the Board:
Financial services, insurance and
investment banking experience.
Experience:
Henrietta has extensive knowledge of
the financial services and insurance
sector through her 25 years’ experience
in investment banking, most recently as
Chair of European Financial Institutions
at Bank of America Merrill Lynch.
Other appointments:
• Legal and General Assurance
Society Limited (Chair)
• Investec plc and Investec Limited
(Senior IndependentDirector)
• Investec Bank Plc (Non-Executive
Director)
• Hydro Industries Limited
(Non-Executive Director)
• Rathbones Group plc (Non-
Executive Director)
Philip Broadley
Independent Non-Executive
Director
Appointed July 2016
Contribution to the Board:
International, financial, life insurance
and asset management experience.
Experience:
Philip has over 30 years of experience
in the insurance industry. He spent six
years as Group Finance Director of Old
Mutual plc and, prior to that, eight years
inthe same role at Prudential plc. He
isa former Chair of the 100 Group of
Finance Directors and a founding
trustee of the CFO Forum of European
Insurers. Philip graduated from St
Edmund Hall, Oxford, where he is
nowa St Edmund Fellow. Philip is a
Fellow of the Institute of Chartered
Accountants in England and Wales.
Other appointments:
• AstraZeneca PLC (Senior
Independent Director)
• Lancashire Holdings Limited
(Chair)
Jeff Davies
Group Chief Financial Officer
Appointed March 2017
Contribution to the Board:
Financial, actuarial, insurance
andtechnology experience.
Experience:
Prior to his appointment, Jeff served
as a senior partner of Ernst & Young
LLP (EY) and led its European risk
and actuarial insurance services.
Prior to joining EY in 2004, he held
anumber of senior actuarial roles
atSwiss Re Life & Health. Jeff is a
Fellow of the Institute of Actuaries.
Other appointments:
• Ethniki Hellenic General
Insurance Company S.A.
(Non-Executive Director)
António Simões
Group Chief Executive Officer
Appointed January 2024
Contribution to the Board:
Financial services, customer,
international and technology experience.
Experience:
António has extensive financial
services experience spanning over
25years. Prior tohis appointment,
António was CEO of Banco Santander
Spain and Regional Headof Europe.
Before joining Santander, António
spent 13 years at HSBC in various
executive positions in London and
Hong Kong, starting with strategy
andM&A before leading different
businesses as UK and European CEO
and, finally, global CEO of private
banking. Prior to that, he was a
partner at McKinsey & Company.
António studied in Lisbon (Nova
School of Business and Economics),
Milan (Bocconi) and NewYork (MBA
from Columbia University). In 2009,
he was appointed a Young Global
Leader of the World Economic Forum.
António was previously a member,
and Chair, of the Practitioner Panel
ofthe FCA. He was also a member
ofthe Practitioner Panel ofthe PRA.
Other appointments:
• King’s Trust International (Trustee)
Legal & General Group Plc Annual report and accounts 2024 58

A D N R Ri
A D N R Ri
A D N R Ri
A D N R Ri A D N R Ri
A D N R Ri A D N R Ri
Geoffrey Timms
Group General Counsel
andCompany Secretary
Geoffrey has been the
GroupGeneral Counsel
since1999 and, in addition,
theGroup Company Secretary
since 2008.
Laura Wade-Gery
Independent Non-Executive
Director
Appointed January 2022
Contribution to the Board:
Digital, strategic transformation
andcustomer experience.
Experience:
Laura’s previous executive roles
include her position as Director of
Multi-Channel, a main board member
at Marks and Spencer Group Plc
andas Chief Executive Officer of
Tesco.com. Laura served as Chair of
NHS Digital and Moorfields
Foundation and has served as a
Non-Executive Director of NHS
England. She was previously a
Non-Executive Director of the
JohnLewis Partnership and British
Land Company Plc. Laura is the
Board’s Consumer Duty Champion.
Other appointments:
• Britten Pears Arts (Trustee and
Chair of Trading Subsidiary)
Tushar Morzaria
Independent Non-Executive
Director
Appointed May 2022
Contribution to the Board:
Financial services, investment
banking and accounting experience.
Experience:
Tushar has extensive experience
instrategic financial management
and risk management, as well as
experience in the US. He is a Chartered
Accountant and was previously Group
Finance Director at Barclays PLC and,
prior to that, he was the Chief Financial
Officer of Global Investment Banking
atJP Morgan Chase & Co.
Other appointments:
• BP Plc (Non-Executive Director)
• BT Group Plc (Non-Executive
Director)
Ric Lewis
Independent Non-Executive
Director
Appointed June 2020
Contribution to the Board:
Asset management, real estate
andUS experience.
Experience:
Ric has more than 25 years
ofexperience in the real estate
sector, including as the Founder
andExecutive Chair of Tristan
CapitalPartners, an investment
manager specialising in real estate
investment strategies across the
UKand continental Europe.
Other appointments:
• Tristan Equity Pool Partners (GP)
Limited and Tristan Equity
Partners (GP) Limited (Director)
• Dartmouth College (Trustee)
• Royal National Children’s
SpringBoard Foundation (Director)
• Black Heart Foundation (UK)
Limited (Trustee, Chair and Founder)
• Black Equity Organisation (BEO)
(Trustee)
• Imperial College London
(CouncilTrustee)
George Lewis
Independent Non-Executive
Director
Appointed November 2018
Contribution to the Board:
Financial services, asset management
and international experience.
Experience:
George joined the Royal Bank
ofCanada (RBC) in 1986, serving
invarious financial and wealth
management roles across Canada,
Asia, US and the UK. He was
amember of RBC’s Group Executive
Board from 2007 – 2015, with
responsibility for RBC’s wealth,
assetmanagement and
insurancesegments.
Other appointments:
• Legal and General Assurance
(Pensions Management) Limited
(Chair)
• Ontario Teachers’ Pension Plan
(Non-Executive Director)
• AOG Group (Non-Executive Director)
• South Bow Corporation
(Non-Executive Director)
• James Richardson & Sons,
Limited (Director)
Carolyn Johnson
Independent Non-Executive
Director
Appointed June 2022
Contribution to the Board:
Insurance, financial services
andUSexperience.
Experience:
Following a 30-year executive
careerin the US, Carolynhas deep
experience in thelife insurance
market and is anaccomplished
business leader and experienced
board member. Shehas previously
held senior rolesat AIG, Voya
Financial and Protective Life
Corporation.
Other appointments:
• Legal & General America, Inc.
(Chair)
• Kuvare Holdings (Director)
• Beazley Plc (Non-Executive Director)
• Beazley Holdings Inc. (Chair)
Lesley Knox OBE
Senior Independent Director
Appointed June 2016; Senior
Independent Director from
September 2023
Contribution to the Board:
International, strategic and
financialservices experience.
Experience:
Lesley has spent over 18 years in
senior roles in financial services,
including withKleinwort Benson,
theBank of Scotland and British
Linen Advisors. Lesley previously
served as Chair of Alliance Trust Plc
and as Senior Independent Director
at Hays Plc.
Other appointments:
• L&G – Asset Management
Limited (Non-Executive Director)
• 3i Group Plc (Senior
IndependentDirector)
• Genus Plc (Senior
IndependentDirector)
• Dovecot Studios Limited
(Non-Executive Director)
• Grosvenor Group Limited
PensionFund (Trustee)
Nilufer Kheraj OBE
Independent Non-Executive
Director
Appointed May 2021
Contribution to the Board:
Financial services, legal and
regulatory and digital experience.
Experience:
Nilufer has considerable experience
across a range of industries and
sectors, including financial services,
real estate, green infrastructure and
fintech. She was previously the Head
of the Financial Institutions Group
and the Equity Capital Markets
practice at Slaughter and May and
has spent a large part of her 34-year
career working with major international
financial institutions. Nilufer is the
Designated Workforce Director and
Non-Executive Director for Climate.
Other appointments:
• IntoUniversity (Trustee)
• Oxford University Law Faculty
(Visiting Professor)
Legal & General Group Plc Annual report and accounts 2024 59
Strategic report Governance Financial statements Other information

Our Group Management
Committee has the
appropriate balance of
skills,knowledge and
experience tosuccessfully
lead the execution of the
Group’s strategy.
Group Management Committee
Eric Adler
Chief Executive Officer,
AssetManagement
Jeff Davies
Group Chief Financial Officer
Geoffrey Timms
Group General Counsel and
Company Secretary
Katie Worgan
Group Chief Operating Officer
Appointment effectiveMarch 2025
Andrew Kail
Chief Executive Officer,
Institutional Retirement
Emma Hardaker-Jones
Chief Transformation and
PeopleOfficer
Chris Knight
Group Chief Risk Officer
Laura Mason
Chief Executive Officer, Retail
António Simões
Group Chief ExecutiveOfficer
Group Management
Committee changes
throughout the year
A number of changes were made to the
Group Management Committee this year
toensure our leadership team, operating
model and structure continue to be set up
for success to deliver our strategic vision
ofa simpler and better-connected L&G:
Eric Adler joined as the CEO of
Asset Management, following the
Group’s announcement that it
would bring together its public
andprivate markets businesses
as a unified global asset manager
at its Capital Markets Event in
June 2024. Michelle Scrimgeour
stood down as CEO of the former
Investment Management
business, effective December
2024, following a handover period.
Katie Worgan will join as our
Group Chief Operating Officer
inMarch 2025. This newly
createdrole will ensure
wehavejoined-up, sharply
focused business operations
thatenableus to work together
with ease and deliver for our
customers and clients.
Laura Mason, previously CEO
ofour Private Markets business,
was appointed as CEO, Retail in
December 2024, replacing
BernieHickman.
Emma Hardaker-Jones,
previously HR Director,
wasappointed as Chief
Transformation and People
Officer in March 2024, combining
herpeople experience and the
Group’s transformation agenda.
Investment Committee
Provides oversight and,
whereappropriate, approval
ofGrouptransactions.
Disclosure Committee
Oversees the management of
inside information, and manages
the content and requirements
ofmaterial announcements
tothemarket.
Executive Data and
TechnologyCommittee
Oversees technology and data
management and provides
strategic guidance to ensure
alignment with business goals.
Executive Risk Committee
Provides oversight of the
management of key risks, sets
risk appetites and mandates,
andidentifies matters which
require escalation to the Group
Risk Committee.
Group Management Committee (GMC)
The GMC is a formal committee of the Group CEO. Its purpose is to support the Group CEO in the discharge of those things withinhisauthorityasdelegated
to him by the Group Board, in particular in relation to group-wide strategic and material matters, andto identifymattersrequiredforescalation to the Board.
Group Chief Executive Officer (Group CEO)
Our executive governance framework
Towards the end of 2023, a group-wide project was initiated to explore how we could best optimise executive decision making across
the Group and enhance collaboration across executive management, while simultaneously promoting appropriate divisional and
functional accountability and autonomy. Following this, anew executive governance framework was implemented from January 2024.
Legal & General Group Plc Annual report and accounts 2024 60

The 2018 UK Corporate Governance Code (the ‘Code’) – 2024 Compliance Statement
The Code emphasises the role of good corporate governance in achieving long-term sustainable success. The principles of the Code are the
standards against which we are required to measure ourselves. Each year, the Board reviews the Group’s governance framework and compliance
with the Code. We are pleased to report that we have applied the principles and complied with each of the provisions of the Code for the year
ended 31 December 2024. A Code compliance reference table can be found on page 55. Following the publication of the revised UK Corporate
Governance Code in January 2024, which will primarily apply to financial years beginning on or after 1 January 2025, the Board has reviewed
theresults of a gap analysis exercise conducted against the new requirements and will continue to oversee the work required to comply with
thenew requirements from the relevant effective dates.
Our governance framework
Our governance framework supports robust decision making by providing a clear framework of delegations and responsibilities within which
decisions can be made to deliver our strategy. Our framework also ensures that decisions remain within the risk appetite set by the Board and
areundertaken with appropriate Board oversight.
Governance report
Board of Legal & General Group Plc
The Board is collectively responsible for the long-term sustainable success of the Company.
Chair
Leads the Board and,
inconsultation with the
Group CEO, sets the
agenda for Board
meetings. Creates the
conditions for overall
Board and individual
director effectiveness.
Senior Independent
Director (SID)
Acts as a sounding
boardfor the Chair,
aswell as being available
to shareholders and
independent directors
ifthey have concerns
which cannot be
resolvedthrough
thenormal channels.
Independent
Non-Executive
Directors
Scrutinise and hold
toaccount the
performance of the
executive against agreed
goals and objectives.
Constructively challenge
and contribute to the
development of strategy.
Group Chief Executive
Officer (Group CEO)
Responsible for the
day-to-day management
of the Company and the
successful execution of
the strategy.
Group Chief Financial
Officer (Group CFO)
Responsible for
supporting the Group
CEO in establishing
group-wide financial
andstrategic objectives
and supporting
successful execution
against those objectives.
Committees of the Board
Each Committee Chair reports to the Board on key discussion topics and decisions taken after each meeting.
Audit Committee
Responsible for oversight
of the Group’s financial
statements and reporting
and the adequacy and
effectiveness of the
internal control
environment, including
financial control.
Oversees the relationship
with the external auditor
and the activities of the
Internal Audit function.
Read more on pages 74 to 78
Data and Technology
Committee
Responsible for
oversightof all
aspectsofinformation
technology, cyber
security (including IT
andinformation security)
and data and analytics
across the Group.
Read more on page 79
Nominations
and Corporate
Governance
Committee
Responsible for the
overall composition
oftheBoard and its
Committees. Oversees
Board and executive
succession planning.
Responsible for
overseeing the Group’s
governance framework.
Read more on pages 80 to 85
Remuneration
Committee
Responsible for
overseeing the
remuneration of
executive directors
andother designated
individuals, as well
astheGroup’s
remuneration policy.
Read more on pages 88 to 113
Risk Committee
Provides guidance to the
Board on the Group’s risk
appetite, advice on what
constitutes acceptable
risk taking and oversight
of the Group’s risk
management policies
and procedures.
Read more on pages 86 to 87
UK Corporate Governance Code (2018)
A full version of the Code can be found on
theFinancial Reporting Council’s website:
Discover more online
frc.org.uk
To read more on the roles
andresponsibilities of our Chair,
SID and Group CEO.
Read more on page 63
Legal & General Group Plc Annual report and accounts 2024 61
Strategic report Governance Financial statements Other information

Role and leadership
The Board is responsible for the overall
leadership of the Group; it is charged with
setting the Group’s values and standards. The
role of the Board is to promote the long-term
sustainable success of the Company, while
simultaneously generating value for shareholders
and contributing to wider society. Our section
172(1) statement on pages 70 to 73 sets out
indetail how the Board has achieved this
throughout 2024. The Board is committed
tomaintaining the highest standards of
corporate governance across the Group
tosupport the delivery of our strategy, the
fostering of positive stakeholder relationships
and the creation of long-term sustainable
value for shareholders.
The specific parameters of the Board’s role
and responsibilities are set out in the Matters
Reserved for the Board and are separated
intoeight broad categories: strategy and
management; structure and capital; financial
reporting and dividends and capital returns;
risk and internal control; corporate governance;
key personnel and remuneration; product
distribution and pricing; and brand.
The Matters Reserved for the Board outline
the decision making powers reserved for
theBoard which underpin the governance
framework across the Group. It is reviewed
and approved as part of an annual corporate
governance review, and otherwise as required,
to ensure the role and responsibilities of the
Board remain appropriate and up to date.
The Board is supported by the Group General
Counsel and Company Secretary and the
Group Company Secretariat team to ensure
that accurate and timely information is
disseminated to the Board. All directors have
access to the advice of the Group General
Counsel and Company Secretary as well
asindependent professional advice at the
expense of the Company.
The Board, as well as the boards of the
Group’s principal operating subsidiaries,
operate within a clearly defined, and fully
embedded, delegated authority framework.
The delegated authority framework ensures
that there is an appropriate level of Board
oversight of, and contribution to, key decisions
and that the day-to-day business is managed
effectively. It also enables an appropriate level
of debate, challenge and support in the
decision making process.
Those matters which are not reserved for
theBoard’s consideration are delegated by
theBoard to group level Committees and
theGroup CEO. The Board has delegated the
day-to-day management of the Company, and
the responsibility of the successful execution
of the strategy, to the Group CEO. Upon his
appointment as Group CEO in January 2024,
António Simões implemented a new executive
governance framework, designed to optimise
decision making and enhance collaboration
atan executive level, while simultaneously
promoting appropriate divisional and functional
accountability and autonomy. The Group
Management Committee will continue to keep
the executive governance framework under
review to ensure that it remains fit for purpose
and continues to provide the right level of
centralised oversight and control over material
group-wide matters. The Group Management
Committee supports the Group CEO in
discharging those things within his authority
as delegated to him by the Board, in particular
in relation to group-wide strategic and
transformation matters. The Group CEO
delegates further decision making onwards
tothe executive decision making forums of
the Investment, Executive Risk, Executive Data
and Technology, and Disclosure Committees,
as well as to his direct reports.
Although the Board delegates the day-to-day
management of the Company, it is accountable
for the long-term sustainable success of the
Company and therefore continues to oversee
the Group’s strategic objectives and monitor
performance against those objectives. The
Board meets formally on a regular basis and at
each meeting considers business performance,
strategic proposals and execution, material
transactions and critical projects in the context
of the Group’s strategy, risk appetite, the
interests of the Group’s stakeholders and
wider social purpose.
The Board is supported in its work by its
Committees, each of which is governed by
itsown terms of reference, which clearly
outline its remit and decision making powers.
The Committees of the Board, and their core
responsibilities, are set out in the governance
framework which can be found on page 61,
and each of the respective Committee reports
on pages 74 to 113.
Composition, independence,
and effectiveness
As at the date of this report, the Board is
comprised of the independent non-executive
Chair, two executive directors and ten
independent non-executive directors. At
leasthalf of the Board, excluding the Chair,
areindependent non-executive directors, in
accordance with provision 10 of the Code.
Upon appointment, the Chair was identified by
the directors as being independent in accordance
with provisions 9 and 10 of the Code.
When considering the appointment of
newdirectors, the Board is mindful of the
contribution and skillset that each new
appointee will bring to the Board. The Board
has an established skills matrix which supports
Board succession planning and, each year, the
Board reviews its own composition to ensure
itmaintains a well-balanced and diversified
Board, with the right mix of individuals who
canapply their wider business knowledge
andexperiences to the setting and oversight
ofdelivery of the Group’s strategy.
Following an extensive search and selection
process, Clare Bousfield was appointed to the
Board in December 2024 as an independent
Non-Executive Director. Clare brings to the
Board deep experience in insurance and
broader financial services following a
20-yearcareer in the industry.
A Board effectiveness review is conducted on
an annual basis. In line with the requirements
of the Code and our review cycle, this year’s
review was conducted internally, with external
facilitation provided by Clare Chalmers
Limited. As part of this review, the Board
andits Committees are assessed on, among
other things, composition and expertise,
culture, dynamics and decision making,
agendas and Board support. Given this was
the first year with a new Group CEO, and a new
strategy, theBoard effectiveness review also
covered in detail how the new Group CEO was
embedding into the Company, and the Board’s
contribution to and oversight of the strategy.
Further information relating to the composition
of the Board, including the Board’s Diversity
and Inclusion Policy, the non-executive
director appointment process and the Board
effectiveness review can be found in the
Nominations and Corporate Governance
Committee report on pages 80 to 85.
Committee terms of reference
All Committee terms of reference
can be found on our website:
Discover more online
group.legalandgeneral.com/groupboardcommittees
Governance report continued
Legal & General Group Plc Annual report and accounts 2024 62

Diversity and inclusion
(D&I)
At L&G, we are building an inclusive culture
that celebrates diversity and creates fair
opportunities for everyone. Diversity is highly
important to the Board, and the Group as a
whole, because it generates a wider pool of
talent by reflecting the broadest range of
human attributes, experience and backgrounds,
while simultaneously supporting good decision
making and reducing the risk of groupthink.
Itis important for our Board to have a broad
range of insights and perspectives to help
usmake better decisions as a business and
create an inclusive culture for our people. D&I
continues to be an area of focus for both the
Board and the Nominations and Corporate
Governance Committee. More information on
the Board’s commitments to D&I can be found
in our Nominations and Corporate Governance
Committee report on pages 80 to 85.
Division of responsibilities
In line with the provisions of the Code, there
isa clear division of responsibilities between
the leadership of the Board and the executive
leadership of the Company’s business, as
illustrated in the table to the right. The role and
responsibility statements for each of the Chair,
Group CEO and Senior Independent Director
are reviewed annually to ensure they remain
relevant and accurately reflect the requirements
of the prevailing Code, other law and regulation,
andindustry best practice.
You can read more about the skills and
experience of the Board in their biographies:
Read more on pages 58 to 59
The Role and Responsibilities document
can be viewed on our website:
Discover more online
group.legalandgeneral.com/en/about-us/
corporate-governance
Role on the Board
Chair
Responsibilities
As Chair, Sir John Kingman is responsible for:
• establishing a close relationship of trust with the Group CEO
and providing support and advice
• upholding the highest standards of integrity and probity and
setting clear expectations concerning the style and tone of
Board discussions
• ensuring the Board has effective decision making processes
and applying sufficient challenge to major proposals
• with the support of the Group Company Secretary, ensuring the
Board receives accurate, timely, high-quality and clear information
• ensuring effective communication with shareholders and
stakeholders, as well as ensuring an appropriate balance
ismaintained between the interests of shareholders and
otherstakeholders
• promoting a culture of openness and debate
• promoting effective relationships and open communications
between directors
• promoting the highest standards of corporate governance and
ensuring that all directors are aware of their responsibilities
• ensuring a clear structure for the effective running of the
Board’s Committees.
Sir John Kingman
Group CEO
Responsibilities
As Group CEO, António Simões is responsible for:
• proposing the Group strategy and delivering the strategy as
endorsed by the Board
• upholding the highest standards of integrity and probity and
thereby setting the style and tone for the Group Management
Committee and the rest of the Company
• embodying the Group’s behaviours and promoting an inclusive
culture across the Group
• promoting the highest standards of corporate governance and
managing a clear legal and operating structure that reports to
the Group Board and its Committees
• ensuring that the Group maintains high standards of adherence
to, and alignment with, regulatory requirements and standards
• developing and retaining the confidence of the Board, the
executive and all other stakeholders.
António Simões
Senior Independent Director
Responsibilities
As Senior Independent Director, Lesley Knox is responsible for:
• providing support to the Chair in the delivery of his objectives
and being a trusted channel of communication to the Chair
forthe other directors
• being available to shareholders and other non-executive
directors for any concerns which cannot be resolved
throughthe normal channels
• attending meetings with major shareholders to listen to their
views and develop a balanced understanding of issues and
concerns and ensure that they are being considered by the Chair
• leading the annual evaluation of the performance of the Chair.
Lesley Knox
Legal & General Group Plc Annual report and accounts 2024 63
Strategic report Governance Financial statements Other information

Conflicts of interest
andtimecommitment
The identification and management of Board
members’ conflicts of interest is defined
andgoverned by the Company’s Articles of
Association, law and regulation, best practice
and a number of internal policies which are
reviewed and approved annually by the Board.
The Company maintains a record of each
Board member’s disclosed directorships and
appointments to facilitate identification and
management of potential conflicts of interest.
In line with our directors’ conflict of interest
policy, any actual or potential conflict of
interest must be declared by the relevant
director, considered by the Board and, if
authorised, maintained in a formal record.
Each Board member is required on an annual
basis to formally approve and sign their
conflicts of interest register, confirming
thatalldirectorships and appointments
contained within are accurate and up to date.
All non-executive directors’ letters of
appointment outline the time commitment
expected of them throughout their tenure on
the Board, and non-executive directors’ time
commitments are considered annually by
theNominations and Corporate Governance
Committee as part of its ongoing assessment
of the Board’s composition. Directors’ time
commitments are also assessed in detail
ahead of the Nominations and Corporate
Governance Committee approving any
external director appointments. In 2024,
theCommittee was satisfied on all external
appointments for its directors that they did not
give rise to a conflict of interest and would not
impact the directors’ time commitment to the
Company. Upon making new appointments to
the Board, the Committee considered whether
prospective candidates are able to devote
sufficient time to fulfil their responsibilities
and duties to the Company, and the Committee
was comfortable that Clare Bousfield and
Mark Jordy were able to do so. The significant
commitments of each director are detailed in
their biographies on pages 58 to 59.
The Board, on the recommendation of the
Nominations and Corporate Governance
Committee, is satisfied that each non-
executive director serving at the end of the
year remains independent, effective and
continues to have sufficient time to discharge
their responsibilities to the Company.
Governance report continued
Purpose and culture
Following the implementation of our new
group-wide strategy in June 2024, a review
ofthe Group’s purpose was conducted to
ensure it remained appropriate and was
suitably aligned to the new strategy. In
developing our purpose, we considered its
value and identified what could be enhanced
to ensure the purpose remained relevant for
the coming decade of transformation. Our
refreshed purpose represents the culmination
ofan extensive stakeholder engagement
process in which we tested various versions
ofour refreshed purpose statement with
employees across the Group and with
customers and clients across our three
businesses. Our refreshed purpose, ‘Investing
forthe long term. Our futures depend on it’,
isour new way of describing our ongoing
commitment to putting capital to work for
good, alongside generating a financial return.
In addition, we refreshed our three core
‘behaviours’. The Company’s revised
behaviours are Challenge positively,
Committogether and Act decisively.
Collectively, these behaviours are designed
toguide how we work together, creating a
culture of accountability, effectiveness,
andpace to deliver our strategy and stay
trueto our purpose. Looking ahead, the
Boardwill monitor how our refreshed
purposeand behaviours are embedded
acrossthe organisation.
Our behaviours are the foundations of our
long-term sustainable success and define
how we do what we do. Over the last few
years, we have taken steps to enhance our
culture. In 2023, we assessed our performance
culture and reinforced a balance between the
‘what’ in terms of our achievements, and the
‘how’ in terms of demonstrating our core
behaviours while achieving our goals. In 2024,
we made several improvements to our employee
benefits, designed with the different needs of
a diverse workforce in mind, demonstrating
our continued commitment to supporting our
employees’ health and wellbeing and fostering
an inclusive culture. In addition, a culture
review is conducted on an annual basis to
assess the impact made by executive
management in positively evolving L&G’s
culture across a number of areas, including
shared vision and leadership, ownership and
accountability, and execution capability.
The Board receives updates on the Voice
survey which provides insights into employee
sentiment. The survey includes questions on
purpose, culture and wellbeing to enable the
Board to understand whether these areas
arealigned to the three key pillars used to
measure satisfaction: engagement, culture
and productivity, and enablement. The results
from this year’s Voice survey indicate that
thevast majority of our employees feel proud
to work at L&G and would recommend the
Company as a great place to work. Against
abackdrop of organisational transformation,
the 2024 Voice survey has highlighted a number
of focus areas for the Group Management
Committee and the Board to act on for the
year ahead, including support to deliver against
the strategy, and the development of our
behaviours and corporate purpose. More
information on the Company’s culture and
refreshed purpose can be found on pages 10 to 13.
Our whistleblowing policy is available to all
employees on our intranet, which details the
process for employees to confidentially raise
matters of concern. Further information on
whistleblowing and other employee policies
can be found in our Social impact report.
Throughout the year, Board members
attended various offices which enabled our
directors to meet with employees and gain
insights into our culture and behaviours in
action. In addition, Nilufer Kheraj, in her role
asDesignated Workforce Director, as well
asother Board members, meet regularly
withsmaller groups of employees to speak
directly with them, both with and without
senior management present, and hold
eventsto answer questions from employees.
The executive management team also
heldnumerous town hall events at various
locations throughout the year to update the
workforce on topical issues. Employees are
offered the chance to ask the management
team questions throughout these sessions.
These events are run as hybrid events to
maximise engagement. Over 5,000 employees
virtually attended our full year results town hall
in March 2024, and our Capital Markets Event
town hall in June 2024.
For more information:
On our workforce, please refer toour Social impact report:
Discover more online
group.legalandgeneral.com/SocialImpactReport2024
Legal & General Group Plc Annual report and accounts 2024
64

Induction, training
anddevelopment
The Board places great value on training
anddevelopment, and all new executive
andnon-executive directors are invited to
participate in a comprehensive, formal and
tailored induction programme upon joining the
Board. Induction programmes provide new
directors with the knowledge and understanding
of the Company and its business to enable
them to provide effective contribution to
Boarddiscussions, effectively challenge the
executive and properly fulfil their statutory
duties. Both António Simões and Clare
Bousfield received comprehensive and
tailored inductions upon their appointment.
All Board members receive regular training
throughout the year; the Board believes that
continual director training and development
isimportant to maximise the effectiveness
ofthe Board and ensures the Board can
effectively challenge the executive. The training
programme is generated on an annual basis,
based on the needs of the Board, and internal
and/or external circumstances, including
anyrecommendations from the annual
evaluationof the Board and its Committees.
Itis the responsibility of the Chair to help
ensure that directors continually update their
skills, knowledge and familiarity with the
Group, and the Chair does so with input from
the Board and the Group Company Secretary.
In 2024, the Board received specific training
and/or deep-dive sessions on various topics,
including investment stewardship, longevity
assumptions and crisis management.
In addition, Board and Committee meetings
are used to update the Board on developments
in the areas in which the Group operates. As
part of their ongoing training and development,
Board members are invited to attend visits to
the Group’s various offices, developments and
investments, with the aim of widening Board
members’ knowledge of the business, gaining
first-hand insights and providing Board members
with the opportunity to meet personally with
our employees and experience the culture
across the Group first-hand. This year, Board
members visited the Chicago office of our
Asset Management division, and members
ofthe Board also visited our offices in Cardiff,
Hove, Barnsley, Solihull, Bermuda, Frederick,
Stamford, Tokyo, Hong Kong and Singapore.
Subsidiary boards
At L&G we have benefited from a strong
governance framework operating at subsidiary
level for many years now. Henrietta Baldock
and Lesley Knox continue in their roles on
theboards of two of our principal operating
subsidiaries: Henrietta as Chair of Legal and
General Assurance Society Limited (LGAS)
and Lesley as Non-Executive Director of L&G
– Asset Management Limited. George Lewis
also continues in hisrole as Chair of Legal and
General Assurance (Pensions Management)
Limited and Carolyn Johnson was appointed
as Chair of Legal & General America Inc. (LGA)
in March 2025, having been a Non-Executive
Director since September 2023. In addition,
asannounced in December 2024, Mark Jordy,
Chair of the L&G – Asset Management Limited
board, will join the Group Board in July 2025.
This crossover of directors on our Group Board,
principal operating subsidiaries and other key
subsidiary boards allows greater interactions,
information flows and promotes enhanced
collaboration throughout the Group.
Investor engagement
In December 2024, investors were invited to
attend an Institutional Retirement deep dive
with António Simões, Group CEO, Jeff Davies,
Group CFO, and Andrew Kail, CEO, Institutional
Retirement. Employees were alsoinvited to join
the event virtually. This was the first in a series
ofinvestor and analyst events to explore each
of our three divisions indepth. In 2025, further
deep-dive events will take place, providing
investors with the opportunity to attend
sessions focused onour Retail andAsset
Management divisions.
See page 70 to 73
for further examples of Board engagement
inoursection 172(1) statement.
Employee engagement
Following his appointment as Group
CEO in January 2024, António Simões
hosted a number of group-wide and
divisional hybrid town hall events to
provide employees withthe opportunity
tohear directly from the new Group
CEOand ask questions, fostering open
communication andengagement across
the Company. In addition, António launched
a group-wide CEO seriesof the employee
Voice survey to collect employee
feedbackand insights.
See pages 68 to 73
for further examples of Board engagement
withemployees.
Legal & General Group Plc Annual report and accounts 2024 65
Strategic report Governance Financial statements Other information

Governance report continued
How the Board spent
itstimein 2024
The Board meets regularly to oversee the delivery
of the Group’s strategic objectives toensure it
continues to promote the long-term sustainable
success of the Company. Throughout 2024, the
Board held 12 Board meetings, including one
strategy event, and one office visit. Board
sub-Committees were also constituted on
anumber of occasions in order to deal with
particular matters arising outside of the formal
schedule of meetings. This was particularly
pertinent during 2024, asthe Board oversaw the
development and implementation of the new
Group strategy. The non-executive directors
have private meetings without the executives
present before and after each Board meeting,
and otherwise as required.
Board members meet informally with the
executive directors and Group Management
Committee on a regular basis outside of the
formal meeting schedule. Members of the
Group Management Committee and, as
appropriate, individuals from the relevant
business areas are also invited to attend
Boardmeetings in relation to key items,
allowing the Board the opportunity to
debateand challenge initiatives directly
withthe senior management team.
The Board informs itself of the views of
shareholders on a regular basis through
updates at each Board meeting from the
Group CEO and Group CFO, periodic updates
from the Investor Relations team, and an
annual update from the Chair following his
annual schedule of investor meetings.
The Board has established the Company’s
purpose, values and strategy, and has
satisfieditself that these and its culture are
aligned. Theregular Board agendas are set
bythe Chair,with input from the Board and
Group CEO, and consist ofregular reports
onthe following:
• business performance and shareholders,
people and culture, customers, clients and
brand, and other key stakeholders from
theGroup CEO
• detailed business performance from the
Group CFO
• material matters from each business
division, including business performance
and progress against strategy, key business
initiatives, customers, clients, employee
andregulatory engagement, the control
environment and culture
• group-wide strategic ambitions, material
transactions and other material initiatives
• Consumer Duty and, more broadly,
customer outcomes, including updates
from the Consumer Duty Board Champion
on discussions from the Customer
Outcomes Forum
• updates from the Chief Transformation
andPeople Officer on group-wide
transformation projects
• risk and compliance matters,
includinga report from the Chair
oftheRisk Committee
• audit matters, including a report from
the Chair of the Audit Committee
• business of the Remuneration and
Data andTechnology Committees
from the Committee Chairs
• legal and governance matters from
theGroup General Counsel and Group
Company Secretary
• people, culture, and employee
engagement matters, including updates
from the Designated Workforce Director
and updates on the results of the
employee Voice survey
• the Group’s relationship with various
stakeholder groups.
For more information on the Board’s
stakeholder engagement throughout
theyear,see pages 70 to 73.
Board meeting attendance during 2024
Director Scheduled Ad hoc
Non-executive directors
Henrietta Baldock¹ 8/8 2/3
Philip Broadley¹ 8/8 3/4
Clare Bousfield² 1/1
Carolyn Johnson³ 8/8 3/4
Nilufer Kheraj OBE 8/8 4/4
Lesley Knox 8/8 4/4
George Lewis³ 8/8 3/4
Ric Lewis¹ 8/8 3/4
Tushar Morzaria¹ 7/8 4/4
Laura Wade-Gery¹ 8/8 3/4
Chair and executive directors
Sir John Kingman 8/8 4/4
Jeff Davies 8/8 4/4
António Simões 8/8 4/4
1. Unable to attend Board meeting due to prior commitment.
2. Appointed to the Board with effect from 1 December 2024.
3. Unable to attend Board meeting due to pre-agreed travel arrangements.
Legal & General Group Plc Annual report and accounts 2024
66

Link to strategic priorities
Sustainable
Growth
Shaper
Focus
Enhanced
Returns
Jan
Appointed António Simões as
GroupChief Executive Officer
Discussed the Group CEO’s first
impressions of the Company and initial
thoughts on future strategic direction
Feb
Received a deep-dive session
oninvestment stewardship
Jun
Approved and announced
theGroup’snew strategy
andfinancialtargets
Commenced a £200 million
sharebuybackprogramme
Jul
Announced the launch of the L&G
Private Markets Access Fund
Approved a £1.1 billion full buy-in
withthe Deutsche Bank (UK) Pension
Scheme, securing the benefits of
approximately 4,000 members
Dec
Approved the Group Financial Plan
foryears 2025 – 2029
Approved the Company’s refreshed
corporate purpose
Approved the appointment of
MarkJordy as a Non-Executive
Directorof theBoard
Approved the appointment of
HenriettaBaldock as Senior
Independent Director designate
Approved the appointment of Carolyn
Johnson as the DesignatedWorkforce
Director designate
Mar
Approved the full year financial results,
Annual report and accounts and final
dividend recommendation
Endorsed the establishment of a
Transformation Office to facilitate the
delivery of the future Group strategy
May
Hosted the Group’s Annual
GeneralMeeting
Hosted the first ‘talent dinner’ of
2024with colleagues who have
demonstrated potential to progress
intosenior roles within the business
Aug
Approved the half year financial
resultsand interim dividend
Received a presentation from the
PRAon the 2024 Periodic Summary
Meeting Letter
Approved the Company’s first Consumer
Duty Annual Board report, in compliance
with the new Consumer Duty
Regulation
Approved the appointment of Clare
Bousfield as a Non-Executive Director
ofthe Board
Nov
Completed the £200 million share
buybackprogramme
Held an offsite event in our Asset
Management office in Chicago
Hosted a town hall event for Asset
Management colleagues in Chicago,
with Board members
Hosted the third ‘talent dinner’ of 2024
in Chicago
Apr
Held an off-site strategy event with
theGroup Management Committee
todiscuss the future Group strategy
Sept
Approved and announced the sale
ofCALA Group
Approved the appointment of Eric Adler
as CEO of Asset Management
Approved the appointment of
KatieWorgan as the Group Chief
Operating Officer
Announced the new L&G
headquartersin London
Oct
Received a deep-dive session
onlongevity assumptions
Hosted the second ‘talent dinner’
of2024 as part of ongoing executive
succession planning
The sale of CALA Group
demonstrates continued
momentum in executing
ourstrategy, simplifying
our portfolio to enable a
sharper focus on our core,
synergistic businesses.
The sale will provide capital
to deliver our strategic
goals of sustainable growth
alongside enhanced returns
for shareholders.
António Simões
Group CEO
In February 2025, the Company
announced the sale of its US
protection business to Meiji
Yasuda, and the creation of a
long-term strategic partnership
for a sale price of $2.3 billion.
See page 70
for more information
Legal & General Group Plc Annual report and accounts 2024
67
Strategic report Governance Financial statements Other information

Employee engagementEmployee engagement
The wellbeing of our employees remains a key priority
for theBoard and we recognise that our success is driven
by ourpeople. My role as Designated Workforce Director
is to gain insights into, and understand the culture and
concerns of,thebusiness through regular engagement
activities, encouraging meaningful two-way dialogue.
I support our people by sharing those insights and ideas with senior management and the
Board, encouraging employee perspectives to be incorporated into discussions of
strategic issues.
At the end of 2023, with input from employees across divisions, Human Resources
leadership and the Board, weestablished my 2024 programme forengagement with
ourpeople based around three pillars:
• diversity, inclusion and wellbeing
• collaboration
• performance and capability.
A new focus on performance and capability has provided an opportunity toexplore
ourperformance culture andimpacts on employee engagement. Allthree pillars were
relevant to our business and aligned with the priorities established by wider management
and theBoard. Engagement with employees during 2024 was structured around these
pillars and we tracked the impact and outcomes of my engagement.
Key responsibilities
In consultation with Human Resources, my key responsibilities include:
• active participation in a programme of workforce engagement to enhance
meaningful two-way dialogue
• regular review of the methods and outcomes of workforce engagement
activities to assess their effectiveness
• review of insights from activities and other data sources that monitor the
Group’s culture
• reporting to the Board on workforce engagement activities, including any
key insights or observations gained, and any areas of workforce concern.
Some of my 2024 activities
Through meeting people at our business
locations in Cardiff, Chicago and London,
Ihave been able to focus on issues specific
tobusiness areas and location, building on
allthree pillars of my programme.
I have participated in various events across
the business. These have included hosting
atalent discussion panel at the Institutional
Retirement Grade 5 careers event, providing
an opportunity for employees typically at a
middle-management level to understand the
diversity of career paths based on the
individual panellist experiences. In addition,
Ihave attended several events, including one
focused on Black Women in Asset Management,
and divisional leadership team meetings, to
understand the ambition, successes and
challenges our employees are facing.
I received regular updates on diversity, inclusion
and wellbeing and employee listening activities,
including the Voice survey results, andactions
being taken following such results. I met with
the Human Resources directors to understand
the divisional context ofthese topics and to
share key updates fromthe Board, driving the
two-way dialogue.
My relationships with Unite and the
Management Consultative Forum (MCF) are
critical. During 2024, I met with representatives
from both organisations every quarter. These
meetings provide an opportunity to gather the
views and concerns of a range of employees
at a variety of grades across the Group, which
I then share with wider management and the
Board, with the aim, where relevant, of seeking
suitable solutions or outcomes.
I have thoroughly enjoyed
my time as Workforce
Director and recognise
that our success is driven
by our people.
Nilufer Kheraj
Designated Workforce Director
Nilufer embodies our
collaborative approach to
positive employee relations,
embracing Unite and our
unique and authentic
partnership. This leads to
genuine, positive impacts
onour colleagues.
Pam Edwards
Head of Unite
Legal & General Group Plc Annual report and accounts 2024 68

Nilufer’s engagement
during 2024:
Collaboration:
• quarterly engagements with
Uniteandthe MFC
• bi-annual meetings with the
EmployeeListening team
• bi-annual engagements with
HumanResources directors
acrossthe L&G Group
• presented at the first group-wide town
hall event alongside António Simões
following his appointment asGroup
CEO in January 2024.
Diversity, inclusion
and wellbeing:
• quarterly engagements with
GroupHead of Diversity,
InclusionandWellbeing
• attendance at the Black Women
inAsset Managementevent.
Performance and capability:
• attended and presented at an
Institutional Retirement Grade 5
careers event
• attended Retail Leadership Team event
• discussed new assessment measures
with Unite, MCF and wider management.
António Simões and Nilufer
Kheraj at ahybrid town hall
event inJanuary 2024.
Strengthening the
employee voice
At each Board meeting, I report on my
activities as Designated Workforce Director
since thelast meeting and provide relevant
feedback and updates against my programme
for engagement, includingany issues raised
andpotential responses or changes.
Not all issues require discussion with the Board
and so I decide in each case whether it is
more appropriate to raise issues with the
relevant member of the executive team and
then report to the Board on any action taken.
The key focus is always to ensure that what
matters most to our people is communicated
and, where appropriate, addressed, while
providing our people with transparency of
relevant Board activities.
Voice
I interrogate the Voice survey data to
understand how our people feel, and this
isdiscussed by Board members at the
Nominations and Corporate Governance
Committee, together with any appropriate
actions to take in response. In September
2024, we reported an Employee Engagement
Index of 80%. Work is underway to improve
this in 2025, through our revised Employee
Listening Strategy.
2025
2024 was the final full year of my role as the
Designated Workforce Director, and I will
handover toCarolyn Johnson in April 2025.
Iwould like tothank all the employees with
whom I have spent time over the last three
years. Their openness in talking about working
at L&G andtheir suggestions have helped
make it abetter place for everyone to work.
Elevating
employee
views
Collect insights from
meetings,visits to
differentbusiness
locationsand
survey data
Provide updates
on action taken
toemployees
Discuss feedback and,
whereappropriate,
proposesolutions
tothe Board
Provide feedback to,
andfacilitate action with,
widermanagement
Work with Human
Resources teams to
identifyfocus areas
Legal & General Group Plc Annual report and accounts 2024 69
Strategic report Governance Financial statements Other information

Section 172(1) statement and stakeholder engagement
Statement on Section 172(1)
of the CompaniesAct 2006
(the ‘Act’)
Section 172(1) of the Act requires directors
to act in the way they consider, in good faith,
would be most likely to promote the success
oftheCompany for the benefit of its members
as a whole, and in doing so, have regard to
anon-exhaustive list of factors to ensure
that thebroader implications and interests
of stakeholders are considered in their
decision making.
The Board recognises the importance of
nurturing its positive relationships with its key
stakeholders and is committed to maintaining
strong engagement with them. The Board
believes that this engagement provides
meaningful insights into the views, priorities
and issues facing itskeystakeholders which
can then be considered as part oftheBoard’s
strategic decision making and planning.
The Board has reflected on its engagement
mechanisms throughout 2024 and concluded
that they remain effective and have provided
the Boardwith a comprehensive understanding
of the interests of its key stakeholders.
A summary of the Board’s major decisions
andactivities during 2024can be found below.
This, combined with our key engagement
activities on page 73, makes up our section
172(1) statement. Further information on our
key stakeholders and their importance is set
out on pages 42 and 43.
Major activities and
decisions during 2024
The following examples of major activities
anddecisions during the year illustrate how
the Board considers different stakeholders’
interests in itsdecision making and how the
outcomes of these decisions support the
implementation of the Group’s long-term
strategy and its strategic priorities (as set
outon pages 10 to 13).
We believe that major decisions are those that
are both material to the Group and to its key
stakeholders. While not all decisions affect
every stakeholder group, the Board and its
delegated decision-making forums endeavour
to balance the sometimes conflicting needs
ofour stakeholders to ensure that all are
treated consistently and fairly.
Major decisions
Approval of the sale of our US
protection business to Meiji Yasuda,
and the creation of a long-term
strategic partnership, for asale
priceof $2.3 billion
In February 2025, the Board approved the sale of the Company’s
USinsurance entity, comprising its US protection and US PRT
businesses, to Meiji Yasuda Life Insurance Company, a Japanese
mutual life insurance company, for a sale price of $2.3 billion
(£1.8 billion). The approval also marks the formation of a long-term
strategic partnership with Meiji Yasuda to support L&G’s growth
ambitions in US PRT, aswell as growing our Asset Management
business through the outsourcing ofthe investment management
ofthe US PRT and protection assets to L&G.
The sale demonstrates our continued momentum in executing
the Group’s new strategy, by sharpening our focus on core
businesses, leveraging the synergies between them, and
driving sustainable growth to enhance shareholder returns.
Sustainable
Growth
Sharper
Focus
Enhanced
Returns
Key stakeholder considerations
Shareholders: Throughout the year, the Board considered the sale
with a view to addressing the best outcome for shareholders. In line
with the Group’s capital allocation framework, it is the Board’s current
intention, subject to market conditions and regulatory approval and
following completion of the sale, to return £1 billion to shareholders,
representing more than half of the sale proceeds. When approving
the sale, a key consideration for the Board was that the sale would
drive sustainable growth, to enhance future shareholder returns.
Regulators: In line with our continuous strong and positive regulatory
engagement, we were in regular dialogue with the Prudential Regulation
Authority (PRA) on the sale (and the proposed share buyback)
throughout the duration ofthe negotiations. Regulators in the US,
Bermuda and Japan were also engaged at the appropriate points,
aswas the FCA. We will continue to engage with the relevant
regulators throughout 2025.
Employees: The Board spent considerable time considering the
impact of the sale on employees in both the US protection and
PRTbusinesses, as well as across the wider L&G workforce.
Thisincluded ensuring that colleagues were appropriately aligned to
make certain that thelong-term strategic partnership was set up for
success. TheBoard reviewed and input into the detailed and bespoke
communications plans for each of the employee groups affected.
Clients and intermediaries: The Board also considered the impact
of the sale on the clients and intermediaries of the US protection and
PRT businesses, and were supportive of the proactive and detailed
communication plans for these stakeholder groups.
Legal & General Group Plc Annual report and accounts 2024 70

Major decisions continued
Approval of L&G’s share
buybackprogramme
As part of its vision for a growing, simpler and better-connected
business, thisyear the Board approved and completed a share
buyback programme as the first step of its plan to increase
returns to shareholders overthe long term.
As announced at the Capital Market Events in June 2024,
theBoard intends toreturn more to shareholders over 2024
– 2027 , through acombination of dividends and buybacks,
with 5% DPS growth to FY24 and a£200 million share
buyback in 2024, followed by 2% DPSgrowth per annum
outto FY27 and further similar buybacks.
Approval of a £1.1 billion buy-in
with theDeutsche Bank Pension
Schemeand approvalof gilts-
basedinvestment strategy
The Board approved a £1.1 billion full buy-in with the Deutsche
Bank (UK) Pension Scheme (sponsored by a subsidiary of
Deutsche Bank AG) (the ‘DB Scheme’) in the amount of
£1.1 billion, securing the benefits of around 4,000 members.
The DB Scheme is a long-standing client of our Asset
Management division and this transaction was the DB
Scheme’s third buy-in with L&G. The DB Scheme transacted
under an umbrella agreement with L&G which ensured a
smooth agreement of commercial terms. The transaction also
included a facility to accommodate new benefits for the 250
active employee members as they accrue additional service.
As part of its approval of this PRT transaction (as well as
others), the Board carefully considered and approved the use
of a gilts-based investment strategy. This pivot in investment
strategy in2024 has provided L&G with additional flexibility
tomeet the needsof our clients (and also their members).
For more information on our Institutional Retirement business,
please visit pages 24 to 25.
Enhanced
Returns
Sustainable
Growth
Sharper
Focus
Enhanced
Returns
Key stakeholder considerations
Customers: This transaction secured the benefits of around
4,000 members and has also cemented our partnership with the
DBScheme on a long-term basis. As populations live longer, their
pensions last longer too. By delivering ona carefully considered
andwell-established plan, we helped maximise the outcomes of
theDB Scheme’s members for the long term.
Shareholders: The global PRT market is growing, andtheGroup
iswell positioned to continue to seize the opportunity. In 2024,
Institutional Retirement wrote global PRT volumes of £10.7billion
contributing towards the division’s target operating profit CAGR
of5–7% (FY23 – FY28).
Regulators: We continue to maintain strong and positive regulatory
engagement with the PRA who areregularly updatedon our pipeline
of PRT transactions.
Key stakeholder considerations
Shareholders: The decision to commence a share buyback
programme marks the Board’s intention to increase returns to
ourshareholders over the longer term through a combination
ofdividends and buybacks.
Regulators: Our regulators were engaged in advance on our
planstoupdate ourcapital allocation policy and to commence
ashare buyback programme. Our regulators were also kept
uptodate on theprogress of the share buyback programme
upuntilitscompletion in November 2024.
Legal & General Group Plc Annual report and accounts 2024 71
Strategic report Governance Financial statements Other information

Section 172(1) statement and stakeholder engagement continued
Major activities
Relocation
of headquarters
Throughout the year, the Board was updated on the progress
ofsecuring a15-year lease to occupy 10 Coleman Street,
ournew London headquarters, from 2027. Our aim wasto
offer a modern and enhanced workplace, helping tofurther
our ambition for a better-connected L&G, with increased
collaboration and employee wellbeing offerings, aswell
asastrong focus on sustainability.
L&G’s decision to move to 10 Coleman Street is a reflection
ofthe building’s impressive facilities, but also its desirable
location and sustainability credentials. In addition, the refurbished
building provides the room to meet the emerging needs for
flexible connection and collaboration space, and will provide a
significant amount of reimagined and sustainable workspace,
as well asspace for food and beverage operators, and extensive
ground-floor public realm on Basinghall Street and Coleman Street.
Launch of the L&G Private
MarketsAccess Fund
The Board oversaw the launch of the L&G Private Markets
Access Fund (the ‘Fund’) in July, offering our 5.2 million
definedcontribution (DC) members the opportunity to
accessthe benefits of diversified private markets exposure.
The launch of the Fund marked a significant milestone for UK
pensions, providing DC investors with access to the long-term
growth potential of private markets and greater diversification
through exposure to investments that are not typically accessible
through public markets. The Fund offers DC investors asingle
point of access to a diversified portfolio of private market
assets across L&G’s own private markets capabilities, as well
as those available through individual securities and third-party
strategies, providing exposure toinvestment themes such as
clean energy, affordable homes, university spin-outs and
critical infrastructure.
The Fund demonstrates our synergistic model as a competitive
advantage, bybringing together our public and private markets
capabilities in a single AssetManagement division, while also
targeting growth in our workplace DC pensions business.
For more information on the Fund, see page 12.
Sustainable
Growth
Sustainable
Growth
Sharper
Focus
Key stakeholder considerations
Customers: L&G anticipates the Fund will drive greater engagement
amongst DCmembers with their pension. The Fund offers DC scheme
savers access tohigh-growth investment opportunities, supporting
people to build the savings they need for retirement.
When developing the Fund, we spent a lot of time talking to customers
about what is important to them, ensuring that the assets available
align to our members’ long-term investment horizons, while delivering
value for money.
Communities and environment: Not only do we think access to
private markets will help to grow ourretirement savers’ pension
pots,but we believe they could unlock opportunities to support local
communities and the environment too. For example, by investing
inthe L&G NTR Clean Power Europe Strategy, the Fund enables a
pension scheme to directly fund the development of a wind or solar
farm, contributing to the green energy transition. Similarly, through
the Fund’s allocation to L&G’s Affordable Housing initiatives, which
aim to significantly improve the supply, sustainability and quality of
affordable homes, a scheme could make apositive contribution to
local communities.
Regulators: We continued to maintain strong and positive regulatory
engagement with the FCA throughout the regulatory application
process for the Fund.
Key stakeholder considerations
Employees: Our workforce is vital to our success. To support our
inclusive company culture, and to help us understand the views of
our employees, London-based employees were invited to answer
questions and provide their views and preferences on their future
working environment. Engagement with employees will continue to
be conducted throughout the planning and fit-out stages to ensure
that we make the most of the new workspace.
Communities and environment: 10 Coleman Street has been designed
for sustainability, wellbeing and inclusivity. The new office has been
developed using a climate-focused approach and supports the
delivery of our sustainable growth agenda. The building is set to be
net zero in construction and is on track to achieve a Building Research
Establishment Environmental Assessment Methodology (BREEAM)
‘Outstanding’ rating and a 4.5 star National Australian Built Environment
Rating System (NABERS) rating. These strong sustainability credentials
align with L&G’s target to become net zero initsoperational carbon
footprint by 2030. The landscaped outdoor spaces will also provide
urban greening, biodiversity and first-class public realm for both the
occupiers and the local community.
Legal & General Group Plc Annual report and accounts 2024 72

Key stakeholder engagement during the year
Stakeholder Key engagement activities throughout the year
Shareholders
• The Chair, Group CEO and Group CFO attend numerous investor roadshows throughout the year with our key institutional investors
tounderstand their views on areas such as our strategy, financial performance, AGM voting and the macroeconomic environment.
• Following the release of our full and half year financial results, the Group CEO, Group CFO and divisional CEOs meet with
investors and analysts. Inaddition, a webcast of each results presentation is made publicly available on the corporate website to
enable accessibility forourshareholders.
• The Group CEO, Group CFO and divisional CEOs also met with investors and presented the Group’s strategy in June 2024 at the
Capital Markets Event. Alive presentation webcast was also made available.
• The AGM continues to provide an important opportunity to engage with all shareholders, particularly our retail shareholders.
• In December 2024, we held the first in a series of deep dives for investors to find out more about our Institutional Retirement business.
• As at February 2025, L&G’s shareholder tracing programme had reunited shareholders with over 1.2 million shares and led to the
reissue of over £1 million of dividend payments.
Suppliers
• The Group CFO and members of the senior management team meet with key suppliers during the year to discuss performance
and strategy.
• The L&G Resources Limited board, our main contracting entity for suppliers, is responsible for reviewing and monitoring the Group’s
keysupplier relationships and receives an update at each board meeting on our relationships with suppliers and their performance.
• The Executive Risk Committee, Group Risk Committee and Group Data and Technology Committee receive reports relating to
suppliers’ operational and cyber security resilience.
• The Group Environment Committee also receives updates on suppliers in the context of setting environmental targets aligned
with our net zero ambitions. More information on the sustainability of our suppliers can be found in the Social impact report and
the Climate and nature report.
Regulators
• Board members engage with our regulators on a regular basis in an open and transparent manner, including discussion on
supervisory priorities.
• Regular meetings continue to take place between senior management and our regulators, the outcomes of which are reported to
the Board and relevant Board Committees.
• Periodic meetings continue to take place between management, trustees of our master trust pension scheme and The Pensions
Regulator, the outcomes of which are reported to relevant subsidiary boards, as appropriate.
Communities
andenvironment
• Through organised site visits, Board members are able to see first-hand how the Group’s direct investments in infrastructure
positively impact local communities by delivering socially and environmentally positive housing and workplaces at scale.
• Our Group Sustainability function is responsible for developing areas of focus for sustainability activity, as well as forming
charitable partnerships and enabling our employees’ fundraising and volunteering endeavours.
• Our Group Environment Committee is responsible for overseeing and monitoring progress of the Group’s environmental
commitments.
• For information on the Group’s climate commitments, see the Climate and nature report.
Customers
• Laura Wade-Gery, in her role as Consumer Duty Champion, continues to lead on providing Board oversight of the implementation
of the Consumer Duty regulation across the Group to ensure that we continue to deliver good outcomes for retail customers.
Laura chairs the Customer Outcomes Forum, which was established to oversee the implementation and subsequent embedding
of the Duty across the Group.
• The Board receives detailed customer management information at each meeting to ensure that customer outcomes are
robustlymonitored.
• We hold annual member forums for thousands of members of our pension schemes which allow members to ask questions
inalive Q&A environment.
• We launched the L&G app, providing our workplace members with easy access to pension, savings, and retirement tools in
oneuser-friendly platform.
Employees
• Nilufer Kheraj continues to engage with our workforce through her position as our Designated Workforce Director. Further details
of Nilufer’s engagement can be found on pages 68 and 69.
• Members of the Board host numerous employee town halls throughout the year at our various office locations, including following
the announcement of full year and half year results, which provide an opportunity for the Board to increase employee awareness of
the factors affecting the performance of the Company, as well as supporting direct engagement through live Q&A sessions.
Other considerations in the Act
Likely consequences of decisions in the long term
When setting the Group’s strategy, the Board aims to
drive the ongoing and sustained success of the Group’s
businesses, while also considering the long-term
impacts of itsdecisions and actions on its stakeholders.
For more information on our strategic priorities:
Read more on pages 10 to 13
Maintenance of a reputation for high
standardsofbusiness conduct
The Board is cognisant of maintaining the Company’s
reputation and maintaining high standards of business
conduct throughout the Group.
For more information on the sustainability of our
businessand our risk management framework:
Read more on pages 30 to 39 and 44 to 53
Legal & General Group Plc Annual report and accounts 2024
73
Strategic report Governance Financial statements Other information

Audit Committee report
Committee overview
Committee meetings and
membership
The Committee metsixtimes during the year.
The Committee comprises only independent
non-executive directors and fulfils the experience
and expertise criteria required by the UK
Corporate Governance Code and the FCA’s
Disclosure and Transparency Rules.
Meeting attendance
Member Scheduled Ad hoc
Tushar Morzaria (Chair) 5/5 1/1
Philip Broadley 5/5 1/1
Carolyn Johnson 5/5 1/1
Nilufer Kheraj OBE 5/5 1/1
George Lewis 5/5 1/1
The role of the Committee
The Committee monitors the integrity of
theGroup’s financial reporting (including
climate and other ESG-related disclosures)
and provides oversight of the control
environment. In addition, the Committee
monitors the adequacy and effectiveness
ofthe Group’s system of risk management
and internal control as well as the Group’s
internal and external audit processes.
Key responsibilities
• Consider the integrity of the Group’s
financial and non-financial reporting,
formal announcements and regulatory
information in relation to the Group’s
financial performance.
• Assess the going concern assumption
and the longer-term viability statement.
• Advise the Board on whether the Annual
report and accounts is fair, balanced
andunderstandable and provides the
information necessary for shareholders
toassess the Company’s performance,
business model and strategy.
• Review the Group’s accounting policies,
including any proposed changes, and
review the appropriateness of significant
accounting policies and judgements.
• Review and make a recommendation
tothe Board on the adequacy and
effectiveness of the Group’s system of
internal control over financial reporting.
• Oversee the appointment, reappointment,
remuneration, independence and
effectiveness of the external auditor.
• Oversee the work of Group Internal Audit
(GIA)including the independence
andeffectiveness of the function.
• Oversee the audit committees of the
Company’s principal operating subsidiaries.
Committee’s terms of reference
The Committee’s terms of reference can be viewed
onourwebsite:
Discover more online
group.legalandgeneral.com/groupboardcommittees
I am pleased to present my report as Chair
ofthe Audit Committee for the year ended
31 December 2024. The Committee has
continued to assist the Board in fulfilling
itscore responsibilities this year, including
monitoring the integrity of the Group’s
financial reporting, the adequacy and
effectiveness of the internal control
environment and the performance and
objectivity of both the internal and external
audit functions.
During a year of change for the Company, the
Committee has continued to oversee, scrutinise
and challenge key issues and management
judgements as part of its monitoring and
assessment of the integrity of the Group’s
financial and non-financial reporting. This
wasparticularly pertinent as we oversaw
theaccounting implications of the Group’s
new strategy and subsequent divisional
restructure, as well as a number of material
transactions that occurred during and after
the year end. The Committee has also focused
on the internal control environment and
receives regular updates from management
on the effectiveness of the controls in place
for financial reporting, while also examining
the progress of remediation for any deficiencies
identified throughout the year. In particular,
following the implementation of IFRS 17 and
IFRS 9 in 2023, the Committee has continued
to oversee the embedding of these complex
new accounting standards into financial
reporting processes and controls, and has
been pleased to see the speed and quality of
progress made in this regard. The Committee
has also received regular updates on the
changing legislative and regulatory environment
and the implications of this in respect of
reporting, including the new requirements of
the 2024 UK Corporate Governance Code.
Committee membership
and skills
The Board considers that the Committee, as a
whole, has a balance of skills and experience
to deliver its responsibilities and has competence
relevant to the sector and broader financial
services industry. In addition, the Board
considers that I, as Chair of the Committee,
have recent and relevant financial experience
and am competent in accounting and auditing.
All members of the Committee are also members
of the Risk Committee, which ensures that there
is appropriate identification and management
ofany issues that are relevant to both
committees. The full biographies of all
Committee members can be found on
pages58 and 59. Between meetings,
Imeetregularly with senior management
across the Group’s Finance, Tax and Internal
Audit functions, as well as with the lead
external audit partner.
Legal & General Group Plc Annual report and accounts 2024 74

Financial and
non-financial disclosures
The Committee reviewed the half year and
annual financial statements, which focused
onthe integrity, accuracy and clarity of
disclosure, application of accounting policies
and judgements and compliance with legal
and relevant reporting standards. As part of
itsreview, the Committee received regular
updates from management and the external
auditor and was able to place reliance on the
updates provided by management throughout
the year on internal controls in relation to financial
and non-financial reporting. For more information
relating to the application of accounting policies,
please refer to Note 1 of the financialstatements.
As part of its review of financial disclosures,
the Committee also considered whether
theannual report was fair, balanced and
understandable (FBU) and whether it provided
the information necessary for shareholders to
assess the Company’s position, performance,
business model and strategy, as well as the
risks facing the business including in relation
to increasingly important ESG and climate
considerations. The Committee reviewed the
FBU assessment taking into consideration the
impact of market volatility and the changing
interest rate and inflationary environment and
giving due attention to the use of Alternative
Performance Measures (APMs) in increasing
the level of information available to investors
on the Company’s underlying performance
and the effects of one-off financial events.
Asa result of the launch of the Group’s new
strategy in June 2024, a number of new APMs
have been introduced, and the Committee
hasconsidered the appropriateness of their
incorporation into the Group’s suite of external
reporting documents from an FBU perspective,
as well as their alignment with the guidelines
of the European Securities and Markets Authority
(ESMA) in relation to APMs. In conjunction
with verification processes, management
assurance and a report from the external
auditor, the Committee recommended to
theBoard that the Annual report and
accounts,taken as a whole, is fair,
balancedand understandable.
The Audit Committee, together with the Risk
Committee, reviewed the key assumptions
and methodologies of the risk-based capital
model, Solvency II disclosures and disclosures
made in relation to internal control and risk
management, as well as the principal risks and
uncertainties the Group faces. The Committee
can confirm that the key judgements and
significant issues considered in relation to the
2024 financial statements are consistent with
the disclosures of key estimation uncertainties
and critical judgements as detailed in Note 1
on page 134. The statement is underpinned
bythe Committee’s belief that all important
information has been disclosed and that
thedescriptions and reviews of the Group’s
business and performance as set out in the
Strategic report are consistent with the financial
reporting in the Group’s financial statements.
Internal control
The Committee has the primary responsibility
for the oversight of the Group’s system of
internal controls including controls over
financial reporting and the work of the Internal
Audit function. The Committee, in collaboration
with the Risk Committee, seeks to ensure
thatthe Group operates within a framework
ofprudent and effective controls that allow
risks to be identified, assessed and managed.
The Committee has received regular updates
on the Group’s overall control environment
throughout the year as well as further in-depth
updates focused on the Group’s divisions and
where areas for improvement in the control
environment have been identified.
Policies and manuals in relation to International
Financial Reporting Standards (IFRS) and
Solvency II reporting requirements and a
Financial Control Framework (FCF) are in
place across the Group. FCF is a first line
framework that supports the Committee in
enabling it to understand and assess the
design and effectiveness of controls over
financial reporting (covering IFRS, APMs,
andSolvency II) and climate and other
non-financial reporting. FCF is a risk-based
approach with management identification,
documentation, testing, remediation (as
required), reporting and certification over
keyreporting-related controls.
The Committee, together with the Risk
Committee, monitored the effectiveness of
thesystems of internal control over financial
and non-financial reporting that support the
integrity of the Group’s financial and non-
financial disclosures, in accordance with
therequirements of the guidance on risk
management, internal control and related
financial and business reporting published
bythe FRC. During this review, the Committee
did not identify any weaknesses which were
determined to be significant to the preparation
of the financial statements. Where areas
forimprovement were identified, processes
are inplace to ensure that the necessary
actions are taken, and progress is monitored
by the Committee.
In January 2024, the FRC announced the
publication of the 2024 Code. The Committee,
together with the Risk Committee, will oversee
and make recommendations to the Board
inrelation to the changes to Provision 29
ofthe Code, which will come into force from
1 January 2026. The changes bring a greater
level of transparency as to how the Board is
fulfilling its broader requirements in relation
toaudit, risk and internal control, and will
require the Board to make a specific declaration
on the effectiveness of material controls at the
balance sheet date. The Committee is overseeing
any work that is required to enable the Board
to make such a declaration, which will be in
the Annual report and accounts for the year
ended 31 December 2026.
Audit quality
It remains an important aspect of the
Committee’s work to keep under review
theindependence and effectiveness of
theinternal and external audit process.
Internal audit
The Committee continued to oversee and
support the work of the GIA during the year.
The Group ChiefInternal Auditor presents a
report at each scheduled Committee meeting,
to update the Committee on the results of
audits since the previous meeting. The report
includes: GIA’s assessment of the overall
control environment for each of the Group’s
divisions; details of any significant audit
reports issued; and an update on the status
ofopen and overdue issues to address audit
findings and key themes and trends.
Key areas of GIA’s work reported to the
Committee during the year included: processes
and controls supporting financial reporting under
IFRS 17; processes and controls supporting
solvency capital requirements; management of
liquidity and market risk; data, cyber and physical
security; technology resilience; third party risk
management; implementation and embedding
ofthe FCA’s Consumer Duty; processes and
controls to prevent and detect financial crime;
governance and processes supporting the
Group’s strategic change programme; and
various audits of key operational processes.
GIA continues to evaluate the risk and control
culture across the Group and includes specific
reporting to the Committee on the results of
this work. The Committee approved GIA’s
risk-based audit plan for the year and monitored
the delivery of the plan throughout the year
aswell as the associated key performance
metrics. GIA retained EY as a strategic
co-source partner and Deloitte for the
provision of independent quality assurance
(QA) over a sample of audits completed during
theyear. The results of the independent QA
activity were reported to the Committee.
Legal & General Group Plc Annual report and accounts 2024 75
Strategic report Governance Financial statements Other information

Audit Committee report continued
The Committee continued to meet with
theGroup Chief Internal Auditor in private
throughout the year. In accordance with
theChartered Institute of Internal Auditors’
Financial Services Code of Practice, the
Committee conducted its annual review
oftheindependence and objectivity of the
Group Chief Internal Auditor and concluded
that independence and objectivity had been
maintained throughout the year. The Committee
undertook its annual review of, and approved,
the GIA Charter, which includes GIA’s mandate
and its role in the organisation, which was to
help the Board and senior management to
protect the assets, reputation and sustainability
of the organisation through the provision of
independent, risk-based and objective
assurance, advice and insight. The Committee
also undertook a regular review of key
performance indicators, including: audit plan
delivery progress; resourcing and skill levels;
and progress by GIA in completion of its
strategic development actions.
Based on regular internal audit reporting,
private sessions with the Group Chief Internal
Auditor, and taking into consideration the
independent QA activities over GIA’s audits,
the Committee is satisfied with the effectiveness
of the GIA function, the independence of the
Group Chief Internal Auditor, its positive impact
upon the effectiveness of governance, risk
management and controls across the
organisation; and the appropriateness
ofitsresources.
External audit
The Committee has the primary responsibility
for overseeing the relationship with, and
performance of, the external auditor. This
includes making recommendations for their
appointment, reappointment, removal and
approval of remuneration. The Committee
reviews and approves the terms of engagement
of the external auditor and monitors its
compliance with the independence criteria
inthe UK Corporate Governance Code.
The Committee meets regularly and privately
with the external auditor. These meetings
allow for regular and open dialogue of any
issues relevant to the Committee’s work. Audit
Committee members also meet regularly with
management outside of formal Committee
meetings to discuss the relationship with the
external auditor and the efficiency of the audit
process. Throughout the year, the Committee
has received updates on the quality of the
external audit process and has continued to
work with, and challenge, management and
KPMG on efficiency gains and ensuring that
audit fees are fair and proportionate to the
audit work required for the Group.
Appointment
The Company confirms that it has complied
with requirements governing the appointment
of an external auditor, notably the requirements
of the Competition & Markets Authority
contained in the Statutory Audit Services
forLarge Companies Market Investigation
(Mandatory Uses of Competitive Tender
Process and Audit Committee Responsibilities)
Order 2014, including requirements for mandatory
audit firm rotation. Following a competitive
tender carried out in 2016, KPMG was appointed
as the Group’s external auditor with effect
from the financial year ended 31 December
2018. In May 2024, KPMG was reappointed as
the Group’s external auditor for the financial
year ended 31 December 2024, which is their
seventh year as the Group’s external auditor.
The Committee considers the quality and
effectiveness of the external audit and
recommends to the Board, on an annual basis,
whether to recommend the reappointment of
the external auditor for shareholder approval.
On the basis that KPMG continue to maintain
their independence and objectivity, and the
Committee continues to remain satisfied with
their performance, there are no plans as at the
date of this report to conduct a tender exercise
for external audit services in relation to reporting
periods before the end of the current required
period of 10 years. The Committee believes it
would not be appropriate to tender before the
end of this period as it recognises that, while
itis important to ensure the audit firm remains
objective and does not become overly familiar
with management, there is animportant
balance to be struck with the investment of
time required both from management and
anycompletely new audit team for them to
gain sufficient understanding of a large and
complex organisation, such as L&G, to ensure
a high quality audit.
Assessment of independence
and effectiveness
The Committee is responsible for assessing
the effectiveness, objectivity and independence
of the external auditor. This assessment is
ongoing throughout the year and concludes
with a formal, internal, effectiveness review,
which was conducted in December 2024. The
2024 audit effectiveness review was undertaken
to assist the Committee in assessing the
quality of external auditor services provided to
the Group through completion of a questionnaire
by the Committee, senior management, and
members of the Group’s finance teams. As part
of the ongoing assessment and effectiveness
review, the Committee assesses the external
auditor against a number of criteria, including
but not limited to: delivery of an efficient and
effective audit; the quality of judgements and
audit findings; the ability tomeet objectives
within agreed time frames; provision of timely
and accurate industry-specific and technical
knowledge; and maintaining a professional
and open dialogue with the Audit Committee
Chair andmembers at all times. The Committee
holds regular private meetings with the external
auditor to discuss the audit process and
relationship with management.
The Committee and management have a
regular and open dialogue with KPMG and
theaudit partner regularly attends Committee
meetings. The Committee also receives
reports from the external auditor on the
progress of its audit activities and updates
onits risk assessment. The Committee
reviews the content of thesereports and the
level of professional scepticism and challenge
of management assumptions demonstrated
by the external auditor and, where appropriate,
requests that management respond to that
challenge and tracks management responses
to ensure a satisfactory outcome to the
challenges raised.
The Committee was provided with the findings
of the FRC’s Audit Quality Review (AQR)
inspection of KPMG and other large firms
which largely covered the years ending
between June 2022 and May 2023, and
discussed these with KPMG. No specific
actions were required as a result of the AQR.
The AQR provided further external evidence
tothe Committee of the robustness and
quality of the external audit process.
Legal & General Group Plc Annual report and accounts 2024 76

Overall, the assessment of KPMG remains
positive and, where opportunities for
improvement have been identified through
theeffectiveness review, KPMG were asked
toconsider that feedback in future audit cycles.
Taking into account the result of theformal
evaluation and the ongoing assessment
throughout the year, the Committee concluded
that KPMG maintained its independence and
objectivity and that theaudit process was
effective. Upon the Committee’s recommendation,
the Board hasrecommended that KPMG be
reappointed as the Company’s auditor, by
shareholders, atthe 2025 AGM.
Non-audit services
In order to safeguard the auditor’s
independence and objectivity, the Group has
inplace a policy setting out the circumstances
in which the external auditor may be engaged
to provide services other than those covered
by the audit. The policy applies to all L&G
subsidiaries and other material entities over
which the Group has significant influence. The
core principle of the policy is that non-audit
services (other than those legally required to
be carried out by the Group’s auditor) should
be performed by the auditor only in certain
controlled circumstances. The policy sets
outthose types of services that are permitted
(permitted services) and those types of services
which are not permitted. The policy pre-approves
a number of the permitted services, provided
the fee is below a certain threshold; all other
permitted services must be specifically
approved in advance by the Committee.
The policy is reviewed on an annual basis
toensure that it is fit for purpose and that it
reflects applicable rules and guidelines. The
policy is aligned with the FRC’s requirements
and includes the requirement to consider the
self-review test under the International Ethics
Standards Board for Accountants (IESBA)
Code of Ethics, applicable for periods beginning
on or after 15 December 2022, before a
proposed engagement is assigned. It is also
aligned with KPMG’s own internal policy on
non-audit services for FTSE 350 companies,
which broadly restricts non-audit work to
services that are ‘closely related’ to the audit.
Any changes to the policy are required to
beapproved by the Committee. This is in
accordance with laws applicable in the UK
andFRC guidance, pursuant to which audit
committees of Public Interest Entities are
required to approve non-audit services
provided by their auditors to such entities;
andsubsidiary Public Interest Entities in the
UK – such as Legal and General Assurance
Society Limited (LGAS) – can rely on the
approval of non-audit services by the
ultimateparent board’s Audit Committee.
Audit fees
The Committee assesses the external
auditor’s fee structure, resources and terms
ofengagement annually. Total fees paid to
theauditor for the year were £19.8 million
(2023: £23.1 million), of which £2.3 million
(2023: £1.9 million), was spent on other
audit-related and non-audit other assurance
services. £1.8 million (2023: £1.6 million)
wasspent on audit-related services required
by legislation, which is excluded from any
calculation of the ratio of non-audit to audit
fees in accordance with the UK FRC Revised
Ethical Standard for Auditors (2019). Further
details can be found in Note 31 to the
consolidated financial statements. The
non-audit fee represents 6% of the total
auditfee for 2024. The Committee continues
to work with KPMG to ensure costs remain
appropriate and proportionate to the
servicesprovided.
2024
£m
2023
£m
2022
£m
Audit 15.7 19.6 14.2
Audit-related
required by
legislation 1.8 1.6 1.6
Other audit-related 1.2 1.0 0.9
Non-audit other
assurance 1.1 0.9 0.8
Total 19.8 23.1 17.5
Tushar Morzaria
Chair of the Audit Committee
Legal & General Group Plc Annual report and accounts 2024 77
Strategic report Governance Financial statements Other information

Audit Committee report continued
Key accounting and reporting judgements
Throughout the year, the Committee was briefed at each meeting on the Group’s key accounting and reporting judgements by management and
KPMG. The Committee’s response to each issue can be found below, and the Committee is satisfied that the financial statements appropriately
address the key accounting judgements and estimates in respect of both the amounts reported and disclosures made.
Issue Committee’s response
Valuation of insurance contract
liabilities – retirement:
The insurance liabilities for
retirementproducts are significant
insize and their estimation is
inherently judgemental.
The Committee evaluated the significant judgements that have an impact on the valuation of insurance liabilities for retirement
products. This included considering:
Longevity assumptions – which estimate how long policyholders receiving annuity payments will live. The challenge around the
setting of longevity assumptions was a particularly significant area for review as the judgements made could be expected to
have a material impact on the Group’s results. The Committee considered the effectiveness of the controls over the accuracy
and completeness of the data used in determining the longevity assumption and the validity of independent industry data
supporting those assumptions. The Committee also reviewed available data illustrating recent trends in mortality experience in
the UK population and the mortality experience on different blocks of our business, taking account of the uncertainty in more
recent data as a result of Covid-19.
Valuation interest rates – which are used to discount the liabilities. These are sensitive to judgements made, for example, on
credit default of the backing assets, as well as the investment data used to calculate the internal rate of return. The Committee
focused on management’s proposed changes to reserving assumptions, other modelling changes, and the determination of
the credit default assumption. This included analysis of internal historical data and external market experience.
Directly attributable expense assumptions – which determine the specific future expenses that are incorporated in the
calculation of the IFRS insurance liabilities. The Committee considered the allocation between servicing new and existing
business and the consistency of approach applied.
The Committee concluded that the retirement insurance contract liabilities are appropriate for including in the financial
statements, reflecting the asset risks and the available data on policyholder longevity.
Valuation of complex investments:
Mark to model investments can involve
significant judgement and can
produce valuation challenges for
investments in new classes.
Mark to model valuations inherently
include assumptions that lead to the
existence of a range of plausible
valuations for financial instruments
(known as valuation uncertainty).
Certain assets are subject to a higher
degree of valuation uncertainty,
particularly where valuations are
modelled using no market inputs or the
valuations are affected by other factors
such as the illiquidity of the asset.
The Group balance sheet carries exposure to complex investments (typically classified as Level 3 in the fair value hierarchy), in
line with the Group’s strategy and risk appetite. The valuation of these investments, including property assets, lifetime
mortgages and private credit, requires the use of complex models and management judgement. The Committee seeks to
ensure that the valuation process for these investments is robust.
These harder to value assets remain a key area of focus, partially heightened in 2024 as a result of macro-economic volatility
and geopolitical events. The valuation of a number of asset classes is sensitive to varying interest rates and inflation, and these
have therefore been areas of enhanced challenge and review by the Committee.
The Committee has continued to review the processes and controls over investment valuations, and in particular the valuation
uncertainty policies and governance which include management’s assessment of valuation uncertainty by asset type. While we
do not currently see any material impact on the valuation of our asset portfolio arising from climate change, this continues to be
an area of increased consideration along with other ESG factors in both internal and third-party valuations.
The Committee concluded that there are appropriate controls surrounding the valuation of complex assets and that they are
valued appropriately for inclusion in the financial statements.
Valuation of insurance
liabilities–protection:
The insurance liabilities for protection
contracts are an important driver of
the profitability for this line of business
and require judgements to be made
regarding the assumed rates of
mortality and persistency. The
Company makes extensive use of
reinsurance to reduce mortality risk.
The Committee has reviewed the methodology for calculating reserves including the allowance made for payments to and
from reinsurance counterparties. The assumptions for the rate of future mortality and morbidity (how many customers will die
or become ill during the policy term) and persistency (how many customers will discontinue cover) are based on the Company’s
internal experience and use judgement about how experience may vary in the future. During 2024, the Committee has spent
time reviewing the findings and judgements in respect of the continuing elevated levels of mortality experienced in the UK and
the US, reflecting indirect impacts of Covid-19 related illness, and potentially reflecting the deferral of diagnostics and medical
treatments for other conditions.
The Committee reviewed the judgements underlying the directly attributable expenses included in the insurance liabilities and
considered the effectiveness of controls in place over valuation models.
The Committee concluded that the insurance liabilities of the Group’s insurance businesses are appropriate for inclusion in the
financial statements.
Alternative performance
measures(APMs):
APMs offer investors and stakeholders
additional information on the
Company’s performance and the
financial effect of ‘one-off’ events,
andthe Group uses a range of these
metrics to enhance understanding
ofthe Group’s performance.
As part of its consideration of whether the Annual report and accounts is fair, balanced and understandable, the Committee has
paid particular attention to the use of APMs in reporting the Group’s performance.
The Committee has reviewed the addition of new APMs following the launch of the Group’s new strategy in June 2024, namely
Core operating profit, Core operating earnings per share and Operating return on equity. Specifically, the Committee has
considered the incorporation of these APMs into the Group’s suite of external reporting documents to ensure that they are
aligned to both the Group’s disclosed policies on these APMs and the underlying principles of fair and consistent reporting.
Where appropriate the Committee has reviewed additional disclosures provided to enhance transparency in respect of the
Group’s APMs.
The Committee concluded that the use and disclosure of APMs, including the clarity of labelling the prominence of APMs
versus statutory measures, are appropriate for inclusion in the Annual report and accounts.
Legal & General Group Plc Annual report and accounts 2024 78

Data and Technology
Committee report
Committee overview
Committee meetings
andmembership
The Committee met five times during the
year.The Committee is comprised entirely
ofindependent non-executive directors. As
well as the Committee members, the Group
CEO, the Group CFO, the Group CRO and the
Group Chief Technology Officer are expected
to attend each meeting. The Committee is
advised by independent Cyber Security and
Information Technology advisors, who also
attend each meeting.
Meeting attendance
Member Scheduled Ad hoc
Laura Wade-Gery (Chair) 4/4 1/1
Clare Bousfield¹ 1/1
Philip Broadley 4/4 1/1
Carolyn Johnson² 1/1 1/1
Nilufer Kheraj OBE 4/4 1/1
1. Appointed to the Committee with effect from
1December 2024.
2. Appointed to the Committee with effect from
1September 2024.
The role of the Committee
The role of the Committee is to provide
assurance to the Board on the management
of data and technology and associated
change programmes, and to ensure that
theGroup is operating within its targeted
information security and cyber risk appetite.
Key responsibilities
• Provide oversight of, and guidance to,
theBoard with regards to all aspects
ofinformation technology, data and
analytics and cyber security (including
ITand information security) across
theGroup.
• Review and endorse the Group information
technology and digital strategy, Group data
strategy and Group cyber security strategy,
and their respective implementation plans.
• Oversee technology and data aspects
ofmajor change programmes and
understand their strategic contribution
and risks.
• Review and endorse the operating model
in place for information technology, data
and analytics and cyber and information
security, and subsequently consider its
ongoing suitability.
• Review and approve any proposed
technology projects and contracts
withinits remit of responsibility.
• Consider current capabilities relating
totechnology, data, cyber and digital
skills and plans to address any gaps.
• Consider the adequacy, resilience and
performance of suppliers and supply
chains for IT and cyber.
Committee’s terms of reference
The Committee’s terms of reference
canbeviewedonourwebsite:
Discover more online
group.legalandgeneral.com/groupboardcommittees
I am pleased to present my report as the Chair
ofthe Data and Technology Committee. The
Committee’s membership has been further
strengthened this year through the appointments
of Carolyn Johnson and Clare Bousfield, both
of whom have previous experience in technology
and organisational transformation.
The Committee’s focus during the year
hasbeen on overseeing the development,
design and implementation of the group-wide
technology strategy. At this year’s Board
strategy event, the Board identified technology as
a major opportunity to support growth, simplify
complexities and costs, improve capabilities
and enhance the Group’s overall operating
model. Alongside the Group Management
Committee, the Committee has therefore
overseen the implementation of the technology
strategy to realise the benefits identified, which
has included changes to IT functional leadership
and accountability across the Group, as well the
design of a technology operating model. We
have benefited from the continued support of
our external advisors throughout this process,
who have worked closely with the executive to
ensure that the strategy is centred on the right
capabilities to drive future business growth and
efficiency. The wider data analytics strategy
continues to be a consideration for the executive
as the Group’s transformation develops.
During the year, the Committee has received
updates from each of the Group’s divisions on
their respective transformational and major
change portfolios. This has provided a rich
insight into the maturity of the divisions’
innovation and use of data and technology to
drive strategic growth and improve efficiencies.
The Committee continues to work with the
divisions to ensure that they thoroughly
consider the full potential of the Group’s
technological capabilities. In addition,
throughout the year the Committee approved
various technology-related business case
spends within its remit of Board-delegated
responsibility, received regular updates on
technology service performance, data and
cyber from the Executive Data and Technology
Committee, and oversaw improvements to
themanagement of technology risks across
the Group through the implementation of
animproved IT control framework. The
Committee also continued to provide
oversight of technology-related major
changeprogrammes throughout the year.
Significant progress has been made on the
use of GenAI across the Group, and throughout
the year there has been positive collaboration
between divisions on the use cases being
developed. Further work is required to ensure
that AI and data continue to be built into the
Group’s strategic and transformation plans,
which the Committee will continue to oversee.
Laura Wade-Gery
Chair of the Data and Technology Committee
Legal & General Group Plc Annual report and accounts 2024 79
Strategic report Governance Financial statements Other information

Nominations and Corporate
GovernanceCommitteereport
I am pleased to present my report as
Chairofthe Nominations and Corporate
Governance Committee.
One of the Committee’s main areas of
focusfor the year was succession planning,
atboth an executive and non-executive level.
On the executive side, we welcomed the
appointments of Eric Adler, our new CEO, Asset
Management, and Katie Worgan, our new
Group Chief Operating Officer, both ofwhom
joined the Group Management Committee on
appointment. Wealso appointed Clare Bousfield
as a Non-Executive Director to the Board,
following a rigorous search process.
In addition, the Committee has continued
itsengagement with the Group’s principal
operating subsidiaries throughout the year,
overseeing a number of changes to the
composition of key subsidiary boards.
Sir John Kingman
Chair
Committee overview
Committee meetings
andmembership
The Committee met five times during the year.
The composition of the Committee remains
incompliance with the Code, the requirements
ofits terms of reference and comprises only
independent non-executivedirectors.
Meeting attendance
Member Scheduled Ad hoc
Sir John Kingman (Chair) 4/4 1/1
Henrietta Baldock 4/4 1/1
Philip Broadley¹ 3/4 1/1
Clare Bousfield² 1/1
Carolyn Johnson 4/4 1/1
Nilufer Kheraj OBE 4/4 1/1
Lesley Knox³ 3/4 1/1
George Lewis 4/4 1/1
Ric Lewis 4/4 1/1
Tushar Morzaria 4/4 1/1
Laura Wade-Gery 4/4 1/1
1. Unable to attend for medical reasons.
2. Appointed to the Committee with effect from 1
December 2024.
3. Unable to attend for personal reasons.
The role of the Committee
The role of the Committee is to ensure
thatthe Board’s composition, and that of
itsCommittees, is appropriate to discharge
itsduties effectively, and to oversee the
Company’s corporate governance framework
and commitments to diversity and inclusion.
Key responsibilities
• Regularly review the structure, size
andcomposition of the Board.
• Lead the process for new appointments
to the Board, ensuring appointments bring
the required skills, knowledge, background
and experience to the Board to support
the development and oversight of the
Group’s strategy, and taking into account
the promotion of diversity and inclusion.
• Give consideration to succession planning
for directors and seniorexecutives.
• Oversee and monitor the Company’s
corporate governance framework,
including its compliance with the UK
Corporate Governance Code.
• Oversee and monitor the Company’s
commitment to diversity and inclusion
across the Group.
• Oversee the process by which the Board,
each Committee and individual directors
assess their effectiveness.
• Review non-executive directors’ time
commitments and consider additional
external appointments.
Committee’s terms of reference
The Committee’s terms of reference
canbe viewed on our website:
Discover more online
group.legalandgeneral.com/groupboardcommittees
Legal & General Group Plc Annual report and accounts 2024
80

Key activities during 2024
• Looking ahead to two long-standing
directors coming to the end of their tenures
in 2025, implemented succession plans for
a number of key Board roles. This included:
− leading the process for the search and
appointment of our new Non-Executive
Director, Clare Bousfield
− appointing Mark Jordy, Chair of our
principal operating subsidiary in the
Asset Management division, L&G – Asset
Management Limited, to the Group Board
− appointing Henrietta Baldock as Senior
Independent Director (SID) designate
− appointing Carolyn Johnson as Designated
Workforce Director designate.
• Oversaw the development of a diverse
pipeline of talent for succession to
theGroup Management Committee
acrossnear- to long-term time horizons,
including the appointments of the CEO,
Asset Management, and the Group Chief
Operating Officer.
• Considered director reappointments,
external appointments and changes
tothecomposition of the boards of
ourprincipal operatingsubsidiaries.
• Oversaw the development of, and progress
against, the Group’s diversity and inclusion
workforce ambitions, including the annual
review and approval of the Board’s Diversity
and Inclusion Policy.
• Considered the results of the employee
Voice survey.
Corporate governance
The Committee is responsible for overseeing
and monitoring the Company’s corporate
governance framework and compliance with
the Code. The Company has complied with all
provisions of the UK Corporate Governance
Code (2018) throughout the year. Further
details of the Group’s corporate governance
framework, including compliance with the
Code, can be found on page 61.
Board composition, succession and
other changes throughout the year
Key Board changes and succession
Looking ahead to two of our long-standing
directors, Philip Broadley and Lesley Knox,
coming to the end of their tenures in 2025,
theCommittee was focused throughout the
year on implementing succession plans for
both of these directors.
Cognisant of the timing of the end of Philip’s
andLesley’s tenures, around the same time, the
Committee had discussed a phased approach
to replacing them both on the Board. Philip
brings deep life insurance expertise and Lesley
extensive experience in asset management;
Lesley is also a Non-Executive Director (and
waspreviously Chair) of L&G – Asset
Management Limited.
The first phase of the succession planning
was a search process to replace Philip
Broadley, which began in October 2023.
Spencer Stuart was engaged as the external
advisor to facilitate the search due to its depth
of experience in insurance and financial services
more generally, along with its track record of
focusing on diversity. Spencer Stuart has no
other connection with the Company or its
directors and is a signatory to the Voluntary
Code of Conduct for Executive Search Firms.
The role specification had focused on the
need for deep life insurance expertise, given
the rationale behind the search was to replace
Philip’s knowledge and experience on the
Board, and given the nature of the Group’s
business and balance sheet. A shortlist of
preferred candidates was produced, each
ofwhom were assessed against the role
specification and on merit before meeting
withthe Chair, Group CEO, SID, Chief
Transformation and People Officer and three
of our non-executive directors for interview.
Following this, Clare Bousfield was unanimously
the preferred candidate. Clarehas extensive
and deep life insurance experience, asset
management experience (including in private
markets, which is a growth area for the Company),
and strong digital and customer experience.
Further detail on Clare’s skills andexperience
can be found in the director biographies on
page 58. Inaddition, the Committee deemed
Clare an excellent cultural fit and was satisfied
that Clare would be independent on appointment
and had sufficient time to meet the responsibilities
ofthe Board. The Board approved Clare’s
appointment in August 2024, following
theCommittee’s formal recommendation.
Clare joined in December 2024 toallow for
asufficient period of overlap and handover
before the end of Philip’s term.
The second phase of the succession
planningwas for the Committee to
considerwho should replace Lesley Knox
onthe GroupBoard and who could step up
tothe roleof Senior Independent Director.
Onthefirst, the Committee considered that,
inorder to preserve the overlapping of knowledge
and expertise on the Group and L&G – Asset
Management Limited boards, and to ensure
continued oversight by the Group Board of L&G
– Asset Management Limited’s business (and
the Asset Management division more broadly),
Mark Jordy would be a good fit to succeed
Lesley as a Non-Executive Director. Given
Mark’s current role as Chair of the L&G – Asset
Management Limited board and his extensive
experience and deep expertise in asset
management, he was considered an excellent
candidate who would add great value and
experience to the Group Board. Given the
rationale for the appointment was to ensure
appropriate overlap and oversight of L&G –
Asset Management Limited business and the
Asset Management division, an external search
process was not initiated asthe Committee
considered that Mark wasbest-placed to take
on the role, with the relevant expertise and
experience required for this particular non-executive
appointment. TheBoard approved Mark’s
appointment in December 2024, following the
Committee’s formal recommendation, and
Mark will join theBoard in July 2025, following
athorough handover and induction period. The
Committee was satisfied that Mark would be
independent on appointment and had sufficient
time to meet the responsibilities of the Board.
On the second, the Committee ran an internal
process to decide who would be best-placed
to take on the role of Senior Independent
Director once Lesley steps down from the
Board. Following Committee and Group Board
approval in December 2024, Henrietta Baldock
will replace Lesley as SID with effect from
21 May 2025. Henrietta was considered an
excellent candidate for the SID role due to her
experience and expertise.
Having both joined the Board in 2016, Lesley
and Philip have supported the Company
through a period of significant evolution, and
Iwould like to thank them for the significant
contributions they have made to the Company
during each of their tenures.
In 2024, the Committee considered succession
planning for one additional key Board role, that of
Designated Workforce Director, given that Nilufer
Kheraj’s three-year term in the role is scheduled
tocome to an end in April 2025. Following a
Committee process, and as announced in
December, Carolyn Johnson will succeed Nilufer
as Designated Workforce Director from 1 April
2025. Carolyn was considered an excellent
successor due to her depth and breadth of
experience as an executive in leading large teams
of people, in particular through times of company
transformation. The Committee was satisfied
that Carolyn has sufficient time to fulfil the
additional duties and commitments of the
Designated Workforce Director.
Legal & General Group Plc Annual report and accounts 2024 81
Strategic report Governance Financial statements Other information

Board composition
The Committee undertakes a rigorous annual
review of the Board’s composition to support
discussions on succession planning. This
includes a capability assessment of Board
members’ knowledge, skills and experience
inthe context of the Company’s short- and
medium-term strategy, supported by a
self-assessment analysis undertaken by each
individual director, which forms part of an
overall Board skills matrix. The skills matrix
reflects the results of the assessment and
isreviewed by the Committee onan annual
basis to support discussions on composition
and succession. This year, the list of skills
included in the skills matrix was reviewed and
refreshed to ensure the matrix remained fit for
purpose in light of the Group’s new strategy.
Various other considerations, including the
tenure of the Board as a whole, independence
and diversity, are also considered by the
Committee when reviewing the Board’s
composition. The outcome of the 2024
discussion on composition was that, overall,
theBoard was of an appropriate size and
composition with relevant and deep skills
andexperience in the sectors in which the
Company operates, and would continue to
beso once all of the succession plans outlined
on page 81 had been implemented.
The Committee also considered reappointments
of directors to the Board, and directors’ external
appointments to the boards of other companies.
Where the Committee approved new external
appointments, it was satisfied that the
appointments did not give rise to a conflict of
interest and would not impact the directors’
time commitment to the Company.
Subsidiary composition andsuccession
The Company benefits from a strong governance
framework operating at subsidiary level. The
continued strength of the boards of the Group’s
subsidiaries is vital for ensuring the Group’s
high standards are maintained and there is
sufficient oversight of activity further down the
Group, particularly in our principal operating
subsidiaries. While succession planning
remains the responsibility of each subsidiary
board, it is nevertheless very important for
theCommittee to have continued oversight
ofits principal operating subsidiaries and to
ensure orderly succession plans are in place.
Appointments to the Group’s principal
operating subsidiaries are made on the
recommendation of the Committee. This
year,the Committee recommended the
reappointment of existing non-executive
directors to the boards of two of our principal
operating subsidiaries, LGAS and L&G – Asset
Management Limited. The Committee also
recommended the appointment of new
non-executive directors to the boards of LGAS
and L&G – Asset Management Limited during
the year, following thorough consideration of
the candidates’ respective skills and experience.
Carolyn Johnson succeeded Sir Charles
Roxburgh as Chair of the board of LGA in
March 2025. The Committee endorsed the
appointment, recognising the collaborative
benefits of having cross-directorships between
the Group Board and its key subsidiaries.
In addition, as part of the Committee’s
continued oversight of principal operating
subsidiary succession, this year the chairs
ofthe LGAS and L&G – Asset Management
Limited boards attended aCommittee
meeting to provide a deep diveon the
composition of their respective subsidiary
boards. This included a review oftheir
respective skills matrices. Following these
updates, the Committee concluded that
theboards of both subsidiaries continued
tohaveappropriate and relevant skills,
experience and capabilities.
The Chair of the Group Board also meets
regularly with the non-executive directors
ofour principal operating subsidiary boards,
without the presence of executive management,
to gain direct feedback.
Executive succession and talent management
In addition to reviewing the Board’s
composition, throughout the year the
Committee focused on executive-level
succession across near- to long-term time
horizons to ensure a credible pipeline of
successors for executive roles is maintained.
In September 2024, the Board approved the
appointment of Eric Adler as the new CEO of
the Asset Management division, who joined
the Company in December 2024. Eric was
appointed due to his credible executive
career and extensive experience in private
markets across real estate, private credit
and private equity, previous track record
ofsuccessfully growing businesses,
outstanding leadership capabilities
andalignment to the Group’s values.
In addition, the Board approved the
appointment of Katie Worgan as the
GroupChief Operating Officer, a new role
for L&G, who joined the Group in March
2025. Katiewasappointed due to her
broadcommercial background, large-scale
operational leadership experience, success
indelivering transformation programmes,
and focus on customerexperience.
Both executive appointments were made
insupport of the execution of our group-
wide strategic vision for a growing, simpler
andbetter-connected L&G. Eric will lead
our Asset Management division, which
brings together our public and private
markets businesses to form a unified
global asset manager with international
growth ambitions. Katie will provide
operational leadership and oversight for
core service functions across the Group
toensure we have a joined-up, sharply
focused approach that enables us to
worktogether with ease and deliver
forourcustomers and clients.
Throughout the year, the Committee was
also consulted on various additional senior
leadership changes, including the appointment
of Laura Mason as CEO, Retail.
Social impact report
More information on the diversity of our workforce
can be found inourSocialimpact report:
Discover more online
group.legalandgeneral.com/SocialImpactReport2024
Board Diversity and Inclusion Policy
The Board Diversity and Inclusion Policy
isavailablehere:
Discover more online
group.legalandgeneral.com/en/about-us/
corporate-governance
Nominations and Corporate Governance Committee report continued
Legal & General Group Plc Annual report and accounts 2024 82

Diversity and inclusion
(D&I)
As a Group, we are working towards a more
equitable workplace where all our people can
realise their potential. We believe that diversity
of experience and skills brings diversity of
thought and perspective, which in turn drives
greater proximity to our customers and
promotes a more inclusive culture which more
readily embraces innovation and creates fair
opportunities for everyone. For more information
on our group-wide D&I activity during 2024,
including our progress on achieving our
objectives, please see page 40 of this report.
D&I of the Board
As a Committee, we believe that diversity is
important as it supports good decision making
and reduces the risk of groupthink by providing
different viewpoints, ideas and challenge. As
part of this, we believe that it is important for
our Board to be diverse in terms of gender,
ethnic and social backgrounds and have a
broad range of perspectives to help us make
better strategic decisions and lead by example
in creating an inclusive culture for our people.
We are proud to have a Board which is diverse,
both in terms of gender and ethnicity. As at
31 December 2024, the Board comprised
46%women, and 23% of the Board was from
an ethnically diverse background. Both of these
percentages exceed regulatory requirements,
the targets in the FTSE Women Leaders
Review (Hampton-Alexander) and Parker
Review, as well as the goals we set ourselves
in our Board Diversity and Inclusion Policy.
TheBoard is also compliant with the board
diversity targets in the Listing Rules and
discloses its compliance in the prescribed
format below. In addition, we have taken steps
this year to introduce new processes to track
broader socio-economic elements of the
Board’s diversity, to measure the Board’s
diversity in thought and background.
When making appointments to the Board, the
Committee only engages executive search
firms that are signatories to the Voluntary
Code of Conduct for Executive Search Firms,
which promotes gender diversity and best
practice for corporate board searches.
D&I of senior management
A diverse senior leadership team is as important
as a diverse Board, because we believe that
executive decision making is more effective
ifit takes into account a wider range of views
and opinions. As a Committee, we continue to
review progress against our diversity objectives
and goals, backed up by analysis of our workforce
demographic, and review remediation plans
for any shortfalls in performance.
During 2024, we made good progress towards
our workforce ethnic representation goals of
17% of our senior roles and 17% of ‘all grades’
employees, being people from minority ethnicity
backgrounds, by 2027. As at 31 December 2024,
we have achieved this representation goal for all
grades across our workforce, including at senior
level, where 18.3% of this constituency isnow
from a minority ethnicity (2023: 17.3%). Our
immediate focus ahead of the 2027 deadline
willbe to maintain our performance.
We continue to monitor the progress of
ourgender diversity goals of 40% female
leadership by 2025 and a 50:50 gender balance
across the workforce by 2025. Thepace of
change to meet our gender diversity goals
remains slow, although we remain committed
tothem. We recognise that leaders are critical
inachieving our goals due to their impact and
influence across the Group, therefore wecontinue
to support the work of the Group Management
Committee and the D&I Council to challenge our
leaders to take accountability for improving
retention and embedding D&I into all areas
ofdecision making, including hiring, talent
sponsorship and talent development. As at
31 December 2024, our Group Management
Committee comprised 33% women*, with 33%
ofour businesses led by a female CEO, and
representation at the senior level was 38.5%
women (2023: 37.2%). Our new Group Chief
Operating Officer, Katie Worgan, joined in
March 2025, and the Group Management
Committee nowcomprises 43%women*.
Board D&I Policy
During the year, the Committee reviewed and
approved the Board Diversity and Inclusion
Policy, which complements the Group’s wider
workforce policies and values on D&I. The
Board Diversity and Inclusion Policy sets
outthe approach to diversity and inclusion
ofthe Board of Legal & General Group Plc,
andits Committees, in compliance with the
Disclosure Guidance and Transparency Rules
(DTR). As part of the policy, the Board, upon
recommendation from the Committee, has
committed to building a diverse and inclusive
Board and a more diverse and inclusive senior
management team, as well as driving diversity
and inclusion across the Group.
Listing Rule disclosure on diversity
Number of
Board members
Percentage of
the Board
Number of senior
positions on the Board
(CEO, CFO, SID and Chair)
Number in executive
management*
Percentage of executive
management*
Men 7 54% 3 4 67%
Women 6 46% 1 2 33%
Not specified/prefer not to say – – – – –
Number of Board
members
Percentage of
the Board
Number of senior
positionson the Board
(CEO,CFO, SID and Chair)
Number in executive
management*
Percentage of executive
management*
White British or other White
(including minority-white groups) 10 77% 4 6 100%
Mixed/Multiple ethnic groups – – – – –
South Asian 2 15% – – –
East Asian/Southeast Asian – – – – –
Black/African/Caribbean/Black British 1 8% – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
* Exclusive of the Group CEO and Group CFO who are included in the number of Board members.
The information in this table was collected on a confidential and voluntary self-reporting basis and is accurate as at the date of this report. For the purpose of this disclosure,
‘executive management’ means the Group Management Committee as at 31 December 2024.
Legal & General Group Plc Annual report and accounts 2024
83
Strategic report Governance Financial statements Other information

Year 1 Year 2 Year 3
Progress
against actions
implemented
during 2024
Agreed
actions for
2025 and
beyond
FY24
Externally-facilitated
internal review
FY25
Externally-facilitated
internal review
FY23
Independent
external review
Another role of the Committee
is to oversee the annual Board
and Committees’ effectiveness
review. Inline with best practice,
a formal and rigorous review of
the effectiveness of the Board and
its Committees is conducted each
year. The Board and its Committees
undergo afull, independent external
evaluation every three years, and
an externally-facilitated internal
evaluation on all other years, in
linewith the requirements ofthe Code.
This year was our externally-facilitated internal
review. Clare Chalmers Limited was again
chosen by the Board as the independent external
reviewer to facilitate the 2024 evaluation. Clare
was chosen due to her specialism in financial
services firms. Clare Chalmers Limited has no
other connection with the Company or individual
director and is accredited as a member of The
International Register of Board Reviewers.
Clare met with the Group Company Secretary
to agree the scope and aim of the 2024
effectiveness review, which was to assess the
effectiveness of the Board, both as a collective
unitary Board and at Committee level. Clare
met with each of the Board members and
theGroup Company Secretary to complete
aquestionnaire covering the performance of
the Board and its Committees. The questions
were developed by Clare in consultation with
the Chair and Group Company Secretary and
were designed to provide an overarching view
of the effectiveness of the Board and its
Committees, as well as build upon the themes
identified in the prior year’s review. The review
focused on, amongst other things, the Board’s
composition and expertise, board dynamics,
strategy, risk and culture.
Following these meetings, Clare produced
adraft report on her independent review
findings, which she discussed with the Chair
and Group Company Secretary in the first
instance. The Chair was identified as Clare’s
escalation point. The final written report
wasshared with the Board for discussion.
Noviews were attributed toanyindividual
inthefinal report.
Assessing Board and
Committee effectiveness
Three-year board evaluation cycle
Legal & General Group Plc Annual report and accounts 2024 84

Update on previous Boardevaluations
An overview of the recommendations from the2023 review and progress against them isprovided below.
Recommendations from 2023 review Progress against recommendations
Continuing to support the new Group
CEO ashetransitions into the role
The Group CEO has one-to-one sessions with each of the non-executive directors ahead of each
Board meeting. In addition, the non-executives continue to informally offer support in their specific
areas of expertise.
Continuing to develop relationships
with, andappropriate governance of, the
Group’s principaloperating subsidiaries
The Chairs of the Group’s principal operating subsidiaries, LGAS and L&G – Asset Management
Limited, attended the Nominations andCorporate Governance Committee in December 2024 to
present a deep dive intothe composition of theirrespective boards, which included a
consideration of their respective skills matrices. The Chairs of LGAS and L&G – Asset
Management Limited have also attended various Nominations andCorporate Governance
Committee meetings throughout the year to provide updates onsuccession planning.
The Chair of L&G – Asset Management Limited continues to attend each Board meeting for the
routine discussion on the Asset Management business, and the chairs of the principal operating
subsidiaries were invited to attend relevant updates at the Board’s strategy event in April, as well as
the Board’s off-site event in Chicago in November 2024.
Carolyn Johnson was appointed Chair of the LGA Board in March 2025. In addition, Mark Jordy,
the Chair of the L&G – Asset Management Limited board, will join the Group Board in July 2025.
Continuing to oversee how the
Consumer Duty is embedded into
the organisation and how reporting
onconsumers could be more strategic
The Board received updates on Consumer Duty at each Board meeting in 2024, and signed off the
Annual Board Report at its meeting in July 2024. The Board now receives regular management
information (MI) on Consumer Duty at each Board meeting; following feedback from Board
members, this MI is continuing to evolve to ensure itprovides the Board with sufficient oversight
on how the Consumer Duty is embedded into the organisation. The Board hosted a session with
the second line in December 2024 to discuss specifically how the Consumer Duty is being embedded
into the organisation. Laura Wade-Gery, the Board’s Consumer Duty Champion, provides updates
to the Board at each meeting from discussions at the Consumer Outcomes Forum. Laura has a
particular focus on how reporting on consumers could be more strategic, and the MI and deep
-dive Board reporting is evolving to meet this challenge.
The tone of the feedback from the review was
positive overall, and indicated that the Board,
and each of its Committees, continued to
operate effectively. The Board particularly
welcomed the open and proactive engagement
style of the new Group CEO, which was felt to
have enhanced the potential for the Board to
add value, as well as the dedication from the
Board and senior management to developing
the Group’s new strategy. There was also
positive feedback on the effectiveness of
eachof the Board’s Committees, the Board’s
oversight of, and connection with, its principal
subsidiaries and other key stakeholders, and
the implementation of the Consumer Duty.
The review highlighted that effort should
continue to be made to ensure that succession
planning processes remain robust and transparent
and the importance of continuing to seek
“lessons learnt” exercises from management.
The Board discussed the findings of the 2024
effectiveness review and subsequently agreed
an action plan for the coming year. The key
actions included (i) continue with the Board’s
current momentum of strategic discussions
with strategic teach-ins and reporting on
competitors, (ii) continue to enhance the
Board’s oversight of the Company’s culture,
and (iii) enhancing and streamlining reporting
to the Board and its Committees. Progress to
implement the agreed actions is underway.
Progress is monitored by the Group Company
Secretary and will continue to be reported to
the Board at each meeting.
Clare had the opportunity tocomment on
these disclosures.
Chair and individual
directors performance
evaluations
The SID leads the non-executive members
ofthe Board in an annual evaluation of the
performance of the Chair, which includes
anassessment of the working relationship
between the Chair and the Group CEO. In
carrying out the annual evaluation, the SID
meets with the non-executives without the
Chair present and takes into account the views
of the executive directors, as appropriate.
Following this year’s review, the effectiveness
ofthe Chair continued to be highly rated.
The Chair meets with Board members
throughout the year to assess their individual
performance. Following this year’s review,
andthe insights gained from the external
facilitator, the Chair confirmed that the
individual directors continued to contribute
effectively to the Board.
Legal & General Group Plc Annual report and accounts 2024 85
Strategic report Governance Financial statements Other information

Risk Committee report
Committee overview
Committee meetings
andmembership
The Committee met five times during the year.
The composition of the Committee remains
incompliance with the requirements set out
inits terms of reference and comprises only
independent non-executive directors.
Meeting attendance
Member Scheduled
George Lewis (Chair) 5/5
Henrietta Baldock 5/5
Clare Bousfield
1
1/1
Philip Broadley 5/5
Carolyn Johnson 5/5
Nilufer Kheraj OBE 5/5
Lesley Knox 5/5
Tushar Morzaria 5/5
Laura Wade-Gery 5/5
1. Appointed to the Committee with effect from
1December 2024.
The role of the Committee
The Committee assists the Board in its
oversight of risk by assessing the effectiveness
of the Group’s risk management framework,
risk strategy, risk appetite and tolerance for
the categories of enterprise, emerging and
principal risks to which the Group may be
exposed and providing advice on what
constitutes acceptable risk taking.
Key responsibilities
• Review the Group’s risk profile and
appetite for risk and assess the
effectiveness of the Group’s risk
management framework.
• Oversee and advise the Board on the
current risk exposures of the Group
andoversee the management by the
executive of those categories of risk.
• Oversee and advise the Board on the
governance, operation and performance
of the Group’s internal model, and provide
advice to the Audit Committee on Internal
Model assumptions for regulatory and
public disclosures upon request.
• Review and approve the Group’s own
riskand solvency assessment (ORSA)
which isdesigned to measure, aggregate
and monitor risks in accordance with
strategy, policy and principles.
• Provide advice to the Remuneration
Committee on any risk adjustments
tobeapplied to performance objectives
andother issues as requested by
theCommittee.
Committee’s terms of reference
The Committee’s terms of reference
canbeviewedonourwebsite:
Discover more online
group.legalandgeneral.com/groupboardcommittees
I am pleased to present my report as Chair
ofthe Risk Committee. In a continuingly
uncertain and challenging macroeconomic
and geopolitical environment, the Committee
has continued to oversee management’s
approach to risk management, while
simultaneously providing robust challenge,
and advising the Board on the Group’s current
and future risk exposures and profile, against
the backdrop of a new strategic direction for
the Group. The Committee has continued to
monitor the ongoing global economic and
political uncertainties in the lead up to several
important elections, as well as in the context
of ongoing geopolitical conflict which continues
to heighten. The Committee, in conjunction
with the Audit Committee, keeps under review
the effectiveness of the Company’s risk
management and internal control systems,
which monitor and review all material controls
including financial, operational and compliance
controls. In addition, we closely monitor risk
appetite and tolerance levels and challenge
management to ensure these are regularly
stress tested to ensure they are able to withstand
wider macroeconomic and other risk events.
Throughout 2024, I have continued to engage
with my fellow Committee members to
understand their views, in particular, on any
risk areas which they feel require further oversight
and challenge. This has been supported by
myactive and regular engagement with key
colleagues in the business, with particular
emphasis on the support received from the
Group Chief Risk Officer and his team.
2024 activity
There remains ongoing uncertainty within the
macroeconomic and geopolitical environment,
and the Committee has spent a significant
amount of time during the year hearing directly
from the business, alongside risk and compliance
colleagues, about how the associated risks are
being managed and appropriately mitigated
against. The Committee receives an update
from the Group Chief Risk Officer at each
meeting which covers an in-depth overview
ofthe risk profile, outlook and landscape.
There has been particular focus this year on
emerging risks as we look to future-proof the
new strategy and navigate the external macro
environment. This has included the overhaul of
our formal emerging risk framework which aids
the Committee’s discussion when assessing the
impact and likelihood of emerging risks on the
Group’s strategy. Within this context, the
Committee has received a number of in-depth
updates and debated at length the UK pensions
landscape, as well as the outcomes and
potential impacts of UK and US elections.
Legal & General Group Plc Annual report and accounts 2024 86

During the year, the Committee has paid close
attention to the risk governance associated
with the use of funded reinsurance as part
ofpension risk transfer (PRT) transactions.
TheCommittee has been kept updated on
theconsultation, and subsequent publication,
of the Prudential and Regulation Authorities
(PRA) Supervisory Statement 5/24 – Funded
reinsurance, which sets out the PRA’s
expectations of insurers entering into or
holding funded reinsurance arrangements as
cedants. As a Company, we engaged extensively
in the consultation, and the Committee approved
the new Funded Reinsurance Risk Framework,
which amalgamated existing Group policies
on reinsurance and outlines how funded
reinsurance risk will be managed. In addition,
the Committee has also focused on credit risk
throughout the year, which has included a
number of deep dives given the size of the
Group’s current PRT business and the
important part that future PRT business
contributes to the Group’s strategy.
In addition to the geopolitical and
macroeconomic climate, the Committee
hascontinued to focus on the management of
the Group’s non-financial risks. The Committee
received regular updates, and challenged the
progress made by management, on operational
resilience, embedding the Consumer Duty,
change management, and ensuring appropriate
risk mitigations are in place in relation to
financial crime.
Alongside the Group Chief Risk Officer’s report,
the Committee is provided with management
information on risk appetite, comparing actual
positions relative to the Group’s risk appetite
statement and quantitative analysis of the
Group’s exposures to financial and operational
risks, including risk-based capital requirements
in relation to the core risks implicit in the
Group’s businesses. The Committee also
receives an assessment of the overall profile
of conduct risks for the Group; analysis and
trends in complaints data; and a suite of
customer service metrics designed to enable
the Committee to assess the management of
the customer journey and ultimately the good
outcomes we deliver to our customers.
Annual review of Group
riskappetite: financial
andnon-financial risk
In July and October 2024, the Committee
considered the risk profile of the Group’s
strategic plan and its alignment with the
Group’s risk appetite. The Committee
undertook a detailed review of the Group’s
strategic risk appetite statements. As part of
the review, the appetites were differentiated
between financial and non-financial risk, under
the umbrella of the strategic risk profile, which
enabled a fulsome review of the respective
appetite statements, metrics and tolerances
used to determine acceptable risk taking.
Thefocus of the refinements to the financial
risk-related metrics had been on ensuring
consistency with the statements that were
made at the Group’s Capital Markets Event
inJune 2024, and ensuring the metrics
continued to reflect the evolving nature of
thebusiness.
Similarly, the refinements recommended to
the non-financial risk metrics supported the
consistent application of the taxonomy across
the Group as agreed in 2023. The differentiation
of the risk appetite statements ensure a more
reliable and accurate measure of the Group’s
performance against risk appetite.
Risk-based capital model
The Group’s risk-based capital model (internal
model) is used to determine the capital
requirements for the Group and forms the
calculation engine for the Solvency II internal
model. In July 2024, the Committee reviewed
and approved the internal model development
plan and validation report. As part of this
review, the Committee takes into consideration:
• key assumptions, methodologies and areas
of expert judgement used within the model
• activities undertaken to validate the outputs
of the model
• development of the model to ensure that it
reflects the business lines and risk profile
ofthe Group
• processes to ensure that changes
appliedinthe model are undertaken in a
controlled manner, and in line with model
development plans.
In addition, the Committee also reviewed and
approved the 2024 ORSA policy and scenarios,
which are an ongoing assessment of the risks
to which the Group is exposed and an assessment
of the capital resources available to ensure
that the Group is able to sustain its business
over the plan horizon.
Climate risk
It is widely recognised that actions taken
todaycan influence the likelihood of different
climate outcomes, and impact on future risk
exposures. This, alongside climate scenario
analysis, informs our risk management
framework. During the year, the Committee
considered the Group’s climate risk management
approach, how we will continue to evolve our
approach to ensure our risk management
remains reflective of the underlying risks, and
how we are approachingour management of
broader nature-related risks.
Working collaboratively
The Committee continued to work closely
throughout the year with the Audit Committee
on risk and control matters as well as the
Remuneration Committee so that risk
management and risk culture are properly
considered when setting the remuneration
policy and determining remuneration outcomes.
In addition, the Committee also works closely
with the Data and Technology Committee to
consider technology risk. An important element
of this will be the emerging risk and opportunities
that the use of AI presents the business.
TheCommittee also considered data risk
management and governance during the year.
L&G has a strong subsidiary governance
framework in place to support the Board in
discharging its responsibilities for the Group. The
Committee also operates as the Risk Committee
for LGAS and directors of the Group’s principal
operating subsidiaries (LGASand L&G – Asset
Management Limited) are also members of the
Risk Committee; this brings valuable insight,
oversight and challenge to the Committee’s
discussions on specific aspects of the Group’s
operations. An overview of the Company’s risk
appetite and risk management approach, as well
as our principal and emerging risks, can be
found on pages 44 to 53.
2025 priorities
The Committee has an important role in
supporting the Board in the oversight and
management of the risk framework. During
2025, the Committee will continue to focus on:
• the continued implementation of the new
Group strategy and Plan as approved by
theBoard during 2024
• impacts and associated risks arising from
the macroeconomic and geopolitical
environment, and regulatory landscape
including global climate change, with
continued consideration of emerging risks
• management of capital and liquidity risks
• oversight of the current and emerging
non-financial and conduct risk exposures of
the Group, including operational resilience,
change management and the Consumer
Duty regulation.
George Lewis
Chair of the Risk Committee
Legal & General Group Plc Annual report and accounts 2024 87
Strategic report Governance Financial statements Other information

Directors’ report on remuneration
I am pleased to present the Remuneration
Committee’s report for 2024, having taken
over as the Chair of the Committee from
Lesley Knox in February 2024. On behalf
oftheCommittee, I would like to thank Lesley
for her work as Chair. This report sets out
remuneration outcomes for 2024 as well as
information on how we intend to implement
our remuneration policy in 2025.
Link between pay
andperformance
2024 was a year of change for L&G. António
Simões commenced in role on 1 January
andafter six months of getting to understand
the business in detail, he announced our
newstrategy to the market on 12 June.
Themanagement team have been focused
onthedelivery of this new strategy.
Annual Variable Pay (AVP)
For executive directors, 70% of the bonus
opportunity is determined by Group financial
performance, measured against pre-determined
targets. This scorecard contains a number of
financial metrics which assess both our in
year profitability and performance as well as
growth metrics, assessing the extent to which
new business is written in the year which will
generate profits for shareholders in future
years. Targets and outcomes are summarised
in the ‘Quick read’ section on page 90.
The overall outcome across all financial
measures is 34.9%. There have been a range
of outcomes for the various measures, but
with the majority scoring between threshold
andmaximum against targets set. In year
performance was strong with our adjusted
operating profit outcome exceeding target
andoperating ROE exceeding maximum.
Whilst a number of growth metrics performed
well, we did not meet the threshold level of
performance for net movement in CSM
andAsset Management ANNR.
The outcome in net movement in CSM is
heavily impacted by our pivot to a gilts-based
investment strategy in how we write our PRT
business. Adopting this strategy lowers the
level of CSM recorded for the same volume of
business. However this strategic pivot is in the
interest of shareholders, materially decreasing
the level of strain and increasing the level of
funds available to return to shareholders.
Theincentive outcome is materially below
threshold, and whilst we are not adjusting
thisformulaic outcome, the Committee’s
viewis that this understates the strong
levelofperformance in the year.
Similarly, whilst the Asset Management
ANNRmetric was marginally below threshold,
this is a business which has gone through
material strategic change during 2024,
following the merger of the former Investment
Management and Capital divisions.
Committee overview
Committee meetings
andmembership
The Committee met eight times during the
year. The Committee comprises only independent
non-executive directors, fulfilling the requirements
of the UK Corporate Governance Code. The
Board is satisfied that the members of the
Remuneration Committee have the relevant
expertise and experience to deliver its
responsibilities. The majority of members of
the Committee are also members of the Risk
Committee, ensuring appropriate identification
and consideration of any issues that are relevant
to both committees.
Meeting attendance
Member Scheduled Ad hoc
Laura Wade-Gery (Chair) 6/6 2/2
Henrietta Baldock 6/6 2/2
Philip Broadley 6/6 2/2
Lesley Knox
1
6/6 1/2
George Lewis 6/6 2/2
Ric Lewis
1
6/6 1/2
Tushar Morzaria 6/6 2/2
1. Unable to attend due to prior commitment.
Key responsibilities
• Determine and make a recommendation
to the Board on the Group’s remuneration
policy.
• Determine the contractual terms and
remuneration of the Chair, executive
directors and designated senior managers,
including base salary, policy and scope for
pension arrangements, share and other
incentive plans, bonus arrangements and
shareholding requirements.
• Determine the framework for the
remuneration policy for all other
employees of the Group.
• Design of, or amendment to, any share-
orcash-based performance-related
payplans operated by the Company.
• Exercise the powers of the employer in
relation to the operation of the Group
ShareSave Plan, Employee Share Plan
andshare incentive plans.
• Review the ongoing appropriateness
andrelevance of the Group’s various
remuneration policies and compliance
with all regulatory requirements.
Committee’s terms of reference
The Committee’s terms of reference can
beviewedonourwebsite:
Discover more online
group.legalandgeneral.com/groupboardcommittees
Legal & General Group Plc Annual report and accounts 2024
88

The Committee are confident that this
business is in a strong position to target
growth opportunities in 2025 and beyond.
Strategic objectives determine the other
30%of bonus opportunity, including strategy,
customer and culture, and risk, with climate
measures operating as an underpin. In line
with previous years, customer and culture
andrisk measures are assessed taking into
account a very wide range of quantitative and
qualitative measures. For 2024, the strategic
measure was primarily assessed against the
development and initial delivery of our new
strategy. This measure scored highly, and
initial progress has been very strong. The
announcements we made on 7 February 2025,
including the sale of our US protection business
for $2.3 billion, and the creation of a long-term
strategic partnership with Meiji Yasuda, and an
expectation of returning c.40% of our market
cap to shareholders over 2025 – 2027 through
a combination of dividends and buybacks,
areemerging evidence of how this strategy
isincreasing returns to shareholders.
Overall bonus outcomes are 60.4% and 56.4%
ofmaximum for the CEO and CFO and the
Committee are comfortable that these
formulaic outcomes are appropriate and
consistent with performance.
Performance Share Plan (PSP)
The long-term incentive (PSP) awards granted
in 2022 were subject to earnings per share
(EPS) growth and total shareholder return
(TSR) growth over the three-year period
ended31 December 2024. Both measures
were below threshold and therefore no
shareshave vested from the 2022 PSP
awards. The PSP performance targets
andoutcomes are summarised in the
‘Quickread’ section on page 93.
Implementation of
remuneration policy
for2025
Base pay
Having reviewed pay and conditions across
the Group, and considered the broader
marketand overall business performance,
theCommittee have determined to increase
base pay for António Simões by 3% to
£1,210,300, below the increase for the
widerUK workforceof 3.6%.
Since António has been in role, one of his
immediate areas of focus has been to
reviewthe roles, responsibilities, and make-up
ofhissenior team to ensure that L&G is well
positioned to target a number of growth
opportunities. Jeff Davies, as Group CFO, is
acritical member of theteam to deliver this
growth and ultimately shareholder value.
Asweannounced in June 2024, this has
included taking on additional responsibility
forCorporate Investments, which relates to
the management of all non-strategic assets,
with the goal of maximising shareholder
valueahead of potential divestment. Jeff also
played a significant role in developing our
strategic partnership with Meiji Yasuda.
Inrecognition of Jeff’s responsibilities and
criticality to the Group, the Committee has
determined to increase base pay to £800,000.
Before finalising this decision, the Committee
consulted with our largest shareholders
toexplain our intended approach, including
consideration of his target total remuneration,
ensuring that it is in line with the median for
FTSE 100 financial services companies.
The Committee are cognisant of the fact
thatthis is a material increase to base pay
butrecognise the significant value that Jeff
brings to L&G.
Both of these will be effective from 1 March 2025.
AVP
The proportion of the annual bonus measures
assessed against financial metrics will remain
70%, with 30% assessed against non-financial
objectives. For 2025, we are making two
changes to our measures.
Firstly, net movement in CSM is being
replacedwith New Business CSM. This change
is being made to ensure that the incentive
measure better reflects the contribution that
management make duringthe year.
Secondly, operating ROE is being replaced by
core operating EPS. In recent years, we have
seen material changes in investment variance,
which is primarily outside of management’s
control. Investment variance impacts our
operating ROE measure, but does not impact
core operating EPS. With this in mind, the
Committee believes that core operating EPS
will provide a better reflection of business
performance and our ability to return capital
toshareholders. Further details on measures
are shown on page 99.
PSP
PSP measures will be unchanged from 2025,
with 40% based on EPS growth, 40% based
onrelative TSR and 20% based on progress
against our published climate commitments.
The Committee believes this is an appropriate
combination of measures in assessing our
absolute and relative growth whilst ensuring
thatgrowth does not come at the expense of
ouroverarching ESG commitments. Further
details on measures and targets are shown
onpages 102 and 103.
Consideration of the
widerworkforce
The Committee has regard for the
remuneration of all employees across the
Group. The policies and practices applying
toexecutive directors are the same as for the
wider workforce in most instances, although
quantum and participation by location and
grade may vary.
During 2024, L&G undertook a review of
thereward strategy for the wider workforce
looking at all aspects of reward to ensure
thatremuneration structures continue to be
appropriate and aligned with the longer-term
ambitions of the Company. The Committee
also approved a further increase tothe
employer pension contribution of 1% ofbase
salary for UK employees below senior
management, effective from 1 April 2025,
following on from the 1% increase in 2024,
with a view to aligning employer pension
contributions with those for senior management.
The average annual base pay increase for UK
employees was 4.5% in 2024 with base pay
increases stratified so that higher base-salary
increases applied to employees in lower-paid
roles, reflecting their proportionally greater
exposure to price inflation. A similar approach
has also been adopted for 2025 with those
inmore junior roles receiving a base pay
increase of 3.8%.
Most employees are eligible to be considered
for a bonus payment based on Group, divisional,
individual and/or other specific performance
metrics, with bonuses for performance during
2024 paid shortly after the year end, at the
same time as bonuses for executive directors.
The Committee continues to maintain an
oversight of progress on continuing work
ondiversity and inclusion and achieving
afurther narrowing of the gender pay gap.
Further details on this can be found on
page40 andinour social impact report.
2025 and beyond
At the AGM in 2026, we shall submit a new
Directors’ remuneration policy for approval by
shareholders, when our previous policy, which
was approved by over 95% of shareholders in
2023, expires.
The key focus of the Committee in 2025 will
therefore be in reviewing this policy to ensure
it best aligns with both our evolving strategy
and the external market environment. Since
the previous policy was introduced, we have
appointed a new CEO, who is now established
in their role with a clearly communicated
strategy todeliver sustainable growth and
enhanced returns, and we are in our third year
of reporting under IFRS 17 which has driven a
material change in how we consider various
KPIs. The review of our policy will take into
account both of these factors, as we focus on
ensuring we have the right incentives in place
to incentivise management and measure the
successful delivery of our strategy.
As we progress with our review during 2025
we will be engaging with major shareholders
and representative bodies. It is very important
to me that any proposals we bring forward
have the support of our shareholders and that
we take on board their views and expertise
andI greatly look forward to engaging with
themlater this year.
Conclusion
In a year of material evolution at L&G, the
Committee believes that management
have delivered a strong set ofresults, have
developed an aspirational andexciting new
strategy and that we are well set to deliver on
these growth opportunities. I hope that you
will find this report a clear summary of our
decision making in the year. I look forward to
your support at the AGM inMay and engaging
with you in 2025.
Laura Wade-Gery
Chair of the Remuneration Committee
Legal & General Group Plc Annual report and accounts 2024 89
Strategic report Governance Financial statements Other information

Remuneration policy summary and 2024 implementation
Remuneration element
andtime horizon Policy summary 2024 implementation
Base pay
2024 2025 2026 2027 2028
Operation
Reviewed annually, with any increases effective 1 March.
Opportunity
No maximum, but any increases will normally be in line with the range for
other UK employees. In specific circumstances, the Committee may award
increases above this level.
Performance
Personal performance will be taken into consideration in determining
anyincrease.
Effective
1 March
2024
Effective
1 March
2025
%
increase
António Simões £1,175,000 £1,210,300 3.0%
Jeff Davies £689,000 £800,000 16.1%
Employees below the Board (average) 3.6%
Pension
contributions
2024 2025 2026 2027 2028
Operation
DC pension plan or a cash allowance in lieu. Base pay is the only element
ofpensionable remuneration.
Opportunity
For executive directors appointed since 2019, pension contributions are
aligned to that available to the majority of the workforce (currently 10% of
base pay). Pension contributions for executive directors appointed before
2019 have been aligned with the contributions for other senior managers in
the UK, but were changed to align with the majority of the UK workforce at
the end of 2022.
Performance
No performance conditions.
Pension contributions during 2024 (as % of base pay):
António Simões 10%
Jeff Davies 10%
Majority of UK workforce 11%
Other senior managers in the UK 15%
Effective from 1 April 2025, employer pension
contributions for the wider workforce have
increasedto12% of base pay.
Benefits
2024 2025 2026 2027 2028
Operation
In line with benefits provided to other employees and senior managers
inthe UK.
Opportunity
Maximum amount is the cost of providing benefits, subject to the limits
ofthe benefit plans and HMRC rules.
Performance
No performance conditions.
Benefits during 2024 included:
• allowance in lieu of a company car
• private medical insurance
• life insurance
• income protection
• all-employee (ShareSave and Share Purchase) plans.
Quick read summary
Legal & General Group Plc Annual report and accounts 2024 90

Remuneration policy summary and 2024 implementation
Remuneration element
andtime horizon Policy summary 2024 implementation
Annual Variable
Pay (AVP)
2024
50% cash
50% deferred for 3 years
2025 2026 2027 2028
Operation
Performance assessed over a one-year period, with targets and weightings set
annually. Awards are determined after the year end, taking into consideration
performance against targets, individual performance and overall business
performance. 50% of any AVP award is paid in cash, and 50% is deferred
into shares for a further three years. Malus and clawback provisions apply.
Opportunity
Up to 200% of base pay for the Group Chief Executive Officer and up
to150% of base pay for the Group Chief Financial Officer. No bonus is
payable for threshold performance or below, with up to 50% of maximum
for target performance.
Performance
Financial performance (at least 70% weighting), plus strategic and
personalperformance, including ESG measures.
Bonus for 2024
(as % of base pay):
At
target
At
max.
Actual 2024
(as %
of max.)
António Simões 100% 200% 60.4%
Jeff Davies 75% 150% 56.4%
Performance
Share Plan (PSP)
Performance
Deferred
2024 2025 2026 2027 2028
Operation
Conditional award of shares, subject to a performance period of no less
than three years and a holding period such that no awards are released
before five years from grant. Performance targets are set annually by the
Committee, aligned with the delivery of shareholder returns over the longer
term. The Committee may amend the vesting downwards (but not increase
the level of vesting) depending on the overall performance of the Group.
PSP awards are subject to malus and clawback.
Opportunity
The maximum award opportunity is 300% of base pay. 15% of the award
vests for threshold performance, increasing to 100% of the award vesting
for achievement of maximum performance.
Performance
An appropriate mix of earnings performance, shareholder returns and
other strategic performance measures (currently this is progress against
the Climate transition plan).
PSP grants in 2024
(as % of base pay): Maximum
2024
grant
Vesting
period end
2024
(% of grant)
António Simões 300% 300% –
Jeff Davies 300% 250% 0%
Shareholding requirements
Executive directors’
share ownership
Employment + 2 years
Executive directors are expected to retain any after-tax vested shares until
theirshareholding requirements are met, and maintain that shareholding
requirement (oractual shareholding if lower) for at least two years after
leavingemployment.
The shareholding requirement is 325% of base pay for all executive directors.
Share ownership at 31 December 2024
Jeff Davies
António Simões
182%
344%
325%
70% Financial performance
30% Strategic and personal performance
40% EPS
20% TSR (vs FTSE 100)
20% TSR (vs comparator group)
20% Progress against the
Climate transition plan
Legal & General Group Plc Annual report and accounts 2024 91
Strategic report Governance Financial statements Other information

Alignment with the UK Corporate Governance Code
When determining our directors’ remuneration policy, the Committee reviewed our alignment with the provisions of the UK Corporate Governance
Code. The table below details how the Committee addressed the principles set out in the UK Corporate Governance Code in respectof the
directors’ remuneration policy.
Clarity • The Committee welcomes open and frequent dialogue with shareholders on our approach to remuneration and seeks to maintain an
active and productive dialogue on the remuneration aspects of corporate governance. During 2025, the Committee will continue to
closely examine our remuneration principles and policies to ensure they remain appropriate in the context of future business strategy,
updated investor guidelines, and evolving best practice and will consult with the Group’s largest shareholders on any proposed changes.
• The remuneration policy for our executive directors has been designed in line with the remuneration philosophy and principles that
underpin remuneration across the Group, and the details of our approach to executive remuneration is transparent for all employees.
Simplicity • Our remuneration arrangements throughout the Group are simple in nature and well understood by both participants and shareholders.
Although quantum and participation will vary, the policies and practices applying to executive directors are the same as for the wider
workforce in most instances.
• The objective of each element of our policy is explained and the amount paid in respect of each element of pay is clearly set out.
Risk • In line with regulatory requirements, our approach aims to promote sound and effective risk management whilst supporting our long-term
success. The Committee considers that the structure of incentive arrangements do not encourage inappropriate risk-taking.
• In reviewing award outcomes the Committee is presented with a comprehensive report from the Chief Risk Officer to ascertain that
objectives have been fulfilled within the risk appetite of the Group. In addition, the Committee receives feedback from the Group
Regulatory Risk and Compliance function on any issues to consider around regulatory breaches or customer outcomes.
• AVP deferral, the PSP holding period and our shareholding requirement (including the post-cessation shareholding requirement) provide
aclear link to the ongoing performance of the business and the experience of our shareholders.
• Malus and clawback provisions apply to both the AVP and PSP (details are provided on page 96).
Predictability • Our policy contains details of threshold, target and maximum opportunity levels under our AVP and PSP, with actual outcomes dependent
on performance achieved against predetermined measures and target ranges. This is illustrated by the charts on page 93 and in more
detail on pages 99 and 100.
Proportionality • The AVP scorecard rewards achievement of our annual operating targets and the PSP scorecard rewards achievement of long-term
financial and shareholder value creation targets. The Committee’s ability to apply discretion to reduce formulaic outcomes under
bothplans ensures appropriate outturns in the context of underlying Company and individual performance.
• Our performance measures and target ranges under the AVP and PSP are aligned to Company strategy. This is illustrated in the
sectionbelow.
Alignment to culture • Under the AVP, the Committee assess performance against a range of objectives, including those related to our customers and culture,
strategy and risk, including ESG measures. This ensures that reward is not determined solely on financial performance but also drives
behaviours consistent with L&G’s culture.
Alignment with strategy and 2024 performance outcomes
Our remuneration approach is designed to support our purpose and strategic priorities and reward the achievement of long-term sustainable
performance. Financial and non-financial KPIs are set for AVP and PSP to ensure this alignment:
Strategic priority Alignment with strategic priorities through setting KPIs that: 2024 AVP & 2025 PSP KPIs
Sustainable growth Reward the delivery of sustainable growth across our three core
businesses and the delivery of:
• future growth in shareholder returns
• positive customer outcomes
• progress against stated climate commitments.
AVP and PSP KPIs that represent a balanced scorecard of financial
and non-financial measures focused on:
• profitability and equity returns
• capital generation
• new business growth
• implementation of strategic priorities
• delivery of excellent customer outcomes
• ensuring culture and behaviours aligned with the strategy
• ensuring progress against stated climate commitments.
Sharper focus
Reward a focus on the implementation of the strategy, focused on
the priorities for our core businesses.
Enhanced returns
See pages 11 to 13
Reward the delivery of enhanced shareholder returns linked to:
• achievement of target against key financial metrics
• investment in the business for long-term growth.
Details of performance against the 2024 AVP and 2022 PSP targets are provided below with further details on pages 99 to 102.
The performance measures for AVP and PSP awards are aligned to the key elements of the business strategy. This includes measures aligned to
the Group’s key financial performance indicators as well as non-financial measures, focusedon effective risk management, customer and culture
outcomes, and progress against our Climate transition plan.
Quick read summary continued
Legal & General Group Plc Annual report and accounts 2024 92

Total remuneration received (£’000)
The charts below provide a breakdown of the total remuneration received by the executive directors and their maximum remuneration opportunity.
António Simões
Actual remuneration
Maximum remuneration
1,419 7,421 10,567
2024
1,727
2,350 7,421
11,498
2024
1,727
Fixed (base pay, benefits and pension contributions)
Annual Variable Pay (AVP)
Replacement Award
Key
Jeff Davies
Actual remuneration
2023
Maximum remuneration
776 583 1,359
2024
1,034 1,306
3,116
2,034
2024
776
522 765747
Fixed (base pay, benefits and pension contributions)
Annual Variable Pay (AVP)
Performance Share Plan (PSP)
Key
Performance Share Plan
Performance measures Weightings
20.0% 40.0%10.0% 30.0% 50.0%
TSR vs FTSE 100
25.0%
0%
25%
TSR vs comparator group
25.0%
0%
25%
EPS growth
50.0%
0%
50%
The values for the 2021 PSP, which vested in 2024, in the charts above have been adjusted to reflect the share price at vesting on 6March 2024,
which was not known at the publication date of the 2023 Annual report and accounts. Further details can be found on page 98.
Annual Variable Pay
Performance measures Weightings
2.5% 7.5% 12.5%5.0% 10.0% 15.0%
Adjusted operating profit
15.0%
13.8%
15.0%
Operating ROE
10.0%
10.0%
10.0%
Net movement in CSM
12.5%
0.0%
12.5%
Solvency II operating surplus generation
12.5%
6.3%
12.5%
Solvency II NBVA
Institutional Retirement
5.0%
0.0%
5.0%
Retail Annuities
2.5%
2.3%
2.5%
Protection
2.5%
2.5%
2.5%
Asset Management ANNR
10.0%
0.0%
10.0%
Strategic priorities
1
10.0%
8.0%
10.0%
Risk management
1
10.0%
8.5%
10.0%
Customer and culture
1
10.0%
9.0%
10.0%
1. Chart based on outcomes for the Group CEO.
Maximum Actual
Maximum Actual
Legal & General Group Plc Annual report and accounts 2024
93
Strategic report Governance Financial statements Other information

The directors’ remuneration policy was approved by shareholders by way of a binding vote at the 2023 AGM on 18 May 2023 and applies for
three years from the 2023 AGM. The policy table below summarises key aspects of the approved policy. The full remuneration policy can be
found in the 2022 Annual report and accounts, and on the Company’s website.
Summary of remuneration policy
Fixed pay
Base pay Pension contributions Benefits Annual Variable Pay (AVP)
Performance Share Plan (PSP) Non-executive directors’ fees Shareholding requirements
Purpose
andlink to
strategy
Provides a fixed level of
earnings, appropriate to the
market and requirements
ofthe role.
Provides a basis for
savings to provide an
income in retirement.
Provides benefits and allowances
appropriate to the market, and
assists employees in efficiently
carrying out their duties.
Incentivises and rewards the achievement of annual
financial performance and delivery of strategic priorities.
50% of any AVP award is deferred into shares,
reinforcing retention and alignment with shareholders
by encouraging long-term focus and risk alignment.
Provides a direct and transparent link between
executive pay and the delivery of shareholder
returnsover the longer term.
Compensates non-executive directors for their
responsibilities and time commitment.
Provides alignment with shareholder returns and
ensures the impact on directors’ shareholdings
moves in line with L&G’s share price.
Operation Reviewed annually with
effectfrom 1 March,
takinginto account:
• the individual’s skills,
experience and
performance
• scope of the role
• external market data,
including other FTSE 100
companies and other
financial and non-
financialinstitutions
• pay and conditions
elsewhere in the Group
• overall business
performance.
There is no obligation to
increase base pay upon any
such review, and any decision
to increase base pay will take
into account the associated
impact on overall quantum.
In line with other
employees in the UK,
executive directors may:
• participate in a DC
pension plan
• receive a cash
allowance in lieu
• receive some
combination thereof.
Non-UK national
executives may be
permitted to participate
inhome-country pension
plans where relevant.
Base pay is the only
element of pensionable
remuneration.
In line with other employees in the
UK, benefits currently include:
• private medical insurance
• life insurance
• income protection
• all-employee (ShareSave
andShare Purchase) plans.
Executive directors may
participate in voluntary benefits
and choose to acquire L&G
products which they fund
themselves, sometimes
throughsalary sacrifice.
In line with other senior managers
in the UK, executive directors
receive a non-pensionable cash
allowance in lieu of a company car.
Where an executive director is
required to relocate, or perform
duties outside their home country,
additional benefits may be
provided (including healthcare and
assistance for housing, school
fees, home travel, relocation costs
and tax compliance advice) for a
period not exceeding two years.
In normal circumstances:
• performance is assessed over a one-year period
• performance measures and weightings are set
annually to ensure they are appropriately stretching,
and aligned with the Group’s strategic priorities
• performance targets take into account internal
forecasts, market expectations and prior year
performance. Target normally equates to the
forecast in the strategic plan, with maximum
setatan appropriate stretch above plan, but
stillwithin the Company’s risk appetite
• AVP awards are determined after the year end,
takinginto consideration performance against
targets, individual performance, and overall
businessperformance
• 50% of any AVP award is paid in cash, after the year
end, with 50% deferred into restricted shares (or
nil-cost options, or phantom equivalent, or other
forms dependent upon business or regulatory
requirements) for a further three years
• dividends or dividend equivalents may accrue
duringthe deferral period and vest and are paid
inshares upon vesting
• malus and clawback apply to both cash awards
anddeferred awards.
A conditional award of shares (or nil-cost options,
orphantom equivalent, or other forms dependent
uponbusiness or regulatory requirements). In
normalcircumstances:
• subject to a performance period of no less than
threeyears and a further holding period of no
lessthan two years following the end of the
performance period
• performance measures and targets are set annually
by the Committee to ensure they are relevant and
appropriately stretching, and aligned with the
deliveryof shareholder returns over the longer term
• performance targets take into account internal
forecasts, any guidance provided to the market,
market expectations, prior performance, and the
Company’s risk appetite
• dividends or dividend equivalents may accrue during
the performance period based on the number of
shares that vest but not those that have lapsed
• malus and clawback apply.
Exceptionally, the Committee may adjust and amend
the PSP awards in accordance with the rules, including:
• lengthening the performance period and/or the
holding period for future awards
• reducing (but not increasing) the level of vesting
dependent upon the performance of the Group.
Fees for the Chair and non-executive directors are
setatan appropriate level to reflect:
• time commitment required to fulfil the role
• responsibilities and duties of the positions
• typical competitor practice in the FTSE 100
andother financial services institutions.
Fees comprise a base fee for membership of the
Board,plus (where applicable) additional fees for:
• Senior Independent Director (SID)
• Committee Chairship
• Committee membership (not including the
Nominations and Corporate Governance Committee)
• Designated Workforce Director
• Consumer Duty Champion.
Additional fees for membership of Committee, or
Chairship or membership of subsidiary boards, or other
fixed fees may apply if justified by time or commitment.
The Chair receives an inclusive fee for the role. The
Chair’s fee is reviewed annually by the Committee, and
the non-executive directors’ fees are reviewed by the
executive directors. There is no obligation to increase
fees upon any such review.
Executive directors are expected to retain any
after-tax vested share awards until their
shareholdingrequirements are met, and maintain
thatshareholding requirement (or their actual
shareholding at the date of leaving, if lower) for
atleast two years after leaving employment
withtheGroup.
The Committee retains the discretion to withhold
future PSP grants if executive directors are not
making sufficient progress towards their
shareholdingrequirement.
Non-executive directors may elect to receive a
proportion of their fees (normally 50%) in L&G
sharesuntil their shareholding requirement is met.
The sale of shares prior to the shareholding
requirements being met may be permitted in
extenuating situations, for example, a change to
personal circumstances, ill-health, etc.
Opportunity There is no set maximum
base pay, but any increases
will normally be in line with the
range of increases for other
UK employees. In specific
circumstances, the
Committee may award
increases above this level,
forexample where:
• base pay for a recently
appointed executive
director has been set with a
view to allowing progression
in the role over time
• there has been a significant
increase in the size or
scope of an executive
director’s role or
responsibilities
• there is a significant
changein the regulatory
environment.
Pension contributions for
executive directors are
aligned to that available
tothe majority of the UK
workforce (currently up
to10% of base pay).
The maximum amount paid in
respect of benefits will be the
actual cost of providing those
benefits which, particularly in
thecase of insured benefits, may
vary from year to year, although
the Committee is mindful of
achieving the best value from
benefit providers.
The maximum opportunity for
participation in the all-employee
share plans is the same for all
employees and takes into
account prevailing HMRC rules.
The maximum opportunity in respect of any financial
year is:
• up to 200% of base pay for the Chief Executive
Officer and any executive director appointed after the
approval by shareholders of the remuneration policy
• 150% of base pay for the current Chief Financial Officer.
No bonus is payable for threshold performance or below,
with up to 50% of maximum for target performance.
• The Committee will consider the calculated outcome
in the context of a range of factors (not just the specific
performance measures) including risk management,
behaviours, culture, capital generation, Solvency II
coverage ratio and sustainable financial performance,
and may apply a ‘moderator’ to reduce (but not
increase) an AVP award if there are factors that
warrant such a reduction.
The maximum opportunity for an executive director
inrespect of any financial year is 300% of base pay.
• 15% of the award vests for threshold performance.
• 100% of the award vests for achievement of maximum.
The Committee assesses the formulaic vesting
outcome, and may amend the vesting downwards
(butnot increase the level of vesting) considering
arange of factors including overall performance,
riskmanagement, capital generation, Solvency II
coverage ratio, and ESG.
Fees are subject to the aggregate limit in the Company’s
Articles of Association or any subsequent shareholder
resolution. Any changes in this limit would be subject to
shareholder approval.
The Chair and non-executive directors are not eligible to
participate in any benefit, pension or incentive plan.
However, additional benefits may be provided if the
Board feels this is justified, such as tax compliance
advice, work permits or similar. Expenses incurred in
carrying out duties (and any associated tax liability) may
be reimbursed or paid directly by the Company.
Shares owned outright equivalent to:
• 325% of base pay for executive directors
• 100% of base fee for non-executive directors.
Performance Personal performance will
betaken into consideration
indetermining any base
payincrease.
There are no performance
conditions.
There are no performance
conditions.
A combination of:
• financial performance (primary measure with
atleast 70% weighting) – to ensure growth
andreturn to shareholders
• strategic and personal performance – to safeguard
the future, with the development of future income
streams, and focus on key metrics including
customers, culture, and ESG.
An appropriate mix (normally an equal weighting) of:
• earnings performance – to incentivise growth
inearnings
• shareholder return – to deliver a competitive return
for shareholders
• strategic performance including ESG – to
incentivisethe delivery of broader aspects
oftheCompany’s strategy.
The maximum weighting for any strategic measures
will be 20%.
No performance conditions. Not applicable.
Legal & General Group Plc Annual report and accounts 2024 94

Fixed pay
Base pay Pension contributions Benefits Annual Variable Pay (AVP)
Performance Share Plan (PSP) Non-executive directors’ fees Shareholding requirements
Purpose
andlink to
strategy
Provides a fixed level of
earnings, appropriate to the
market and requirements
ofthe role.
Provides a basis for
savings to provide an
income in retirement.
Provides benefits and allowances
appropriate to the market, and
assists employees in efficiently
carrying out their duties.
Incentivises and rewards the achievement of annual
financial performance and delivery of strategic priorities.
50% of any AVP award is deferred into shares,
reinforcing retention and alignment with shareholders
by encouraging long-term focus and risk alignment.
Provides a direct and transparent link between
executive pay and the delivery of shareholder
returnsover the longer term.
Compensates non-executive directors for their
responsibilities and time commitment.
Provides alignment with shareholder returns and
ensures the impact on directors’ shareholdings
moves in line with L&G’s share price.
Operation Reviewed annually with
effectfrom 1 March,
takinginto account:
• the individual’s skills,
experience and
performance
• scope of the role
• external market data,
including other FTSE 100
companies and other
financial and non-
financialinstitutions
• pay and conditions
elsewhere in the Group
• overall business
performance.
There is no obligation to
increase base pay upon any
such review, and any decision
to increase base pay will take
into account the associated
impact on overall quantum.
In line with other
employees in the UK,
executive directors may:
• participate in a DC
pension plan
• receive a cash
allowance in lieu
• receive some
combination thereof.
Non-UK national
executives may be
permitted to participate
inhome-country pension
plans where relevant.
Base pay is the only
element of pensionable
remuneration.
In line with other employees in the
UK, benefits currently include:
• private medical insurance
• life insurance
• income protection
• all-employee (ShareSave
andShare Purchase) plans.
Executive directors may
participate in voluntary benefits
and choose to acquire L&G
products which they fund
themselves, sometimes
throughsalary sacrifice.
In line with other senior managers
in the UK, executive directors
receive a non-pensionable cash
allowance in lieu of a company car.
Where an executive director is
required to relocate, or perform
duties outside their home country,
additional benefits may be
provided (including healthcare and
assistance for housing, school
fees, home travel, relocation costs
and tax compliance advice) for a
period not exceeding two years.
In normal circumstances:
• performance is assessed over a one-year period
• performance measures and weightings are set
annually to ensure they are appropriately stretching,
and aligned with the Group’s strategic priorities
• performance targets take into account internal
forecasts, market expectations and prior year
performance. Target normally equates to the
forecast in the strategic plan, with maximum
setatan appropriate stretch above plan, but
stillwithin the Company’s risk appetite
• AVP awards are determined after the year end,
takinginto consideration performance against
targets, individual performance, and overall
businessperformance
• 50% of any AVP award is paid in cash, after the year
end, with 50% deferred into restricted shares (or
nil-cost options, or phantom equivalent, or other
forms dependent upon business or regulatory
requirements) for a further three years
• dividends or dividend equivalents may accrue
duringthe deferral period and vest and are paid
inshares upon vesting
• malus and clawback apply to both cash awards
anddeferred awards.
A conditional award of shares (or nil-cost options,
orphantom equivalent, or other forms dependent
uponbusiness or regulatory requirements). In
normalcircumstances:
• subject to a performance period of no less than
threeyears and a further holding period of no
lessthan two years following the end of the
performance period
• performance measures and targets are set annually
by the Committee to ensure they are relevant and
appropriately stretching, and aligned with the
deliveryof shareholder returns over the longer term
• performance targets take into account internal
forecasts, any guidance provided to the market,
market expectations, prior performance, and the
Company’s risk appetite
• dividends or dividend equivalents may accrue during
the performance period based on the number of
shares that vest but not those that have lapsed
• malus and clawback apply.
Exceptionally, the Committee may adjust and amend
the PSP awards in accordance with the rules, including:
• lengthening the performance period and/or the
holding period for future awards
• reducing (but not increasing) the level of vesting
dependent upon the performance of the Group.
Fees for the Chair and non-executive directors are
setatan appropriate level to reflect:
• time commitment required to fulfil the role
• responsibilities and duties of the positions
• typical competitor practice in the FTSE 100
andother financial services institutions.
Fees comprise a base fee for membership of the
Board,plus (where applicable) additional fees for:
• Senior Independent Director (SID)
• Committee Chairship
• Committee membership (not including the
Nominations and Corporate Governance Committee)
• Designated Workforce Director
• Consumer Duty Champion.
Additional fees for membership of Committee, or
Chairship or membership of subsidiary boards, or other
fixed fees may apply if justified by time or commitment.
The Chair receives an inclusive fee for the role. The
Chair’s fee is reviewed annually by the Committee, and
the non-executive directors’ fees are reviewed by the
executive directors. There is no obligation to increase
fees upon any such review.
Executive directors are expected to retain any
after-tax vested share awards until their
shareholdingrequirements are met, and maintain
thatshareholding requirement (or their actual
shareholding at the date of leaving, if lower) for
atleast two years after leaving employment
withtheGroup.
The Committee retains the discretion to withhold
future PSP grants if executive directors are not
making sufficient progress towards their
shareholdingrequirement.
Non-executive directors may elect to receive a
proportion of their fees (normally 50%) in L&G
sharesuntil their shareholding requirement is met.
The sale of shares prior to the shareholding
requirements being met may be permitted in
extenuating situations, for example, a change to
personal circumstances, ill-health, etc.
Opportunity There is no set maximum
base pay, but any increases
will normally be in line with the
range of increases for other
UK employees. In specific
circumstances, the
Committee may award
increases above this level,
forexample where:
• base pay for a recently
appointed executive
director has been set with a
view to allowing progression
in the role over time
• there has been a significant
increase in the size or
scope of an executive
director’s role or
responsibilities
• there is a significant
changein the regulatory
environment.
Pension contributions for
executive directors are
aligned to that available
tothe majority of the UK
workforce (currently up
to10% of base pay).
The maximum amount paid in
respect of benefits will be the
actual cost of providing those
benefits which, particularly in
thecase of insured benefits, may
vary from year to year, although
the Committee is mindful of
achieving the best value from
benefit providers.
The maximum opportunity for
participation in the all-employee
share plans is the same for all
employees and takes into
account prevailing HMRC rules.
The maximum opportunity in respect of any financial
year is:
• up to 200% of base pay for the Chief Executive
Officer and any executive director appointed after the
approval by shareholders of the remuneration policy
• 150% of base pay for the current Chief Financial Officer.
No bonus is payable for threshold performance or below,
with up to 50% of maximum for target performance.
• The Committee will consider the calculated outcome
in the context of a range of factors (not just the specific
performance measures) including risk management,
behaviours, culture, capital generation, Solvency II
coverage ratio and sustainable financial performance,
and may apply a ‘moderator’ to reduce (but not
increase) an AVP award if there are factors that
warrant such a reduction.
The maximum opportunity for an executive director
inrespect of any financial year is 300% of base pay.
• 15% of the award vests for threshold performance.
• 100% of the award vests for achievement of maximum.
The Committee assesses the formulaic vesting
outcome, and may amend the vesting downwards
(butnot increase the level of vesting) considering
arange of factors including overall performance,
riskmanagement, capital generation, Solvency II
coverage ratio, and ESG.
Fees are subject to the aggregate limit in the Company’s
Articles of Association or any subsequent shareholder
resolution. Any changes in this limit would be subject to
shareholder approval.
The Chair and non-executive directors are not eligible to
participate in any benefit, pension or incentive plan.
However, additional benefits may be provided if the
Board feels this is justified, such as tax compliance
advice, work permits or similar. Expenses incurred in
carrying out duties (and any associated tax liability) may
be reimbursed or paid directly by the Company.
Shares owned outright equivalent to:
• 325% of base pay for executive directors
• 100% of base fee for non-executive directors.
Performance Personal performance will
betaken into consideration
indetermining any base
payincrease.
There are no performance
conditions.
There are no performance
conditions.
A combination of:
• financial performance (primary measure with
atleast 70% weighting) – to ensure growth
andreturn to shareholders
• strategic and personal performance – to safeguard
the future, with the development of future income
streams, and focus on key metrics including
customers, culture, and ESG.
An appropriate mix (normally an equal weighting) of:
• earnings performance – to incentivise growth
inearnings
• shareholder return – to deliver a competitive return
for shareholders
• strategic performance including ESG – to
incentivisethe delivery of broader aspects
oftheCompany’s strategy.
The maximum weighting for any strategic measures
will be 20%.
No performance conditions. Not applicable.
Legal & General Group Plc Annual report and accounts 2024 95
Strategic report Governance Financial statements Other information

Summary of remuneration policy continued
Malus and clawback provisions
The Committee may apply malus (i.e. reduce the number of shares in respect of which an award vests, or delay such vesting, or impose additional
vesting conditions) in the event of:
• financial misstatement
• personal misconduct
• failure of risk management
• reputational damage
• factual error in calculating payment/vesting
• material downturn in performance
• other exceptional circumstances identified by the Committee.
The Committee may also, in exceptional circumstances, claw-back share awards which have already been released to individuals, if it considers
itappropriate to do so having regard to such factors as it deems relevant – such as the likelihood of recovery, any loss suffered, and the link between
the award and the event. Clawback will normally only apply within four years of the end of the relevant performance period.
Recruitment remuneration
Component Policy and operation
Overall approach The Committee will pay no more than it considers necessary to attract appropriate candidates, and it is not contemplated that remuneration will
need to be different from the structure or exceed the limits set out in the remuneration policy table.
Maximum variable
remuneration
The maximum variable remuneration will be in line with that set out in the remuneration policy table, that is 500% of base pay, excluding any
compensation for awards forfeited on appointment.
Compensation for
forfeited awards
As a result of regulations around the globe in the financial services sector, executives are likely to have accrued deferred remuneration which may
be lost upon a change of employment. Accordingly, to aid the recruitment of a new executive director, the Committee may grant deferred cash
and share awards to compensate for awards forfeited upon leaving a previous employer, taking into consideration relevant factors including:
• the form of the award
• any performance conditions
• the vesting profile and likelihood of vesting
• relevant regulatory requirements and guidance.
Any awards will reflect the terms and the value of the arrangements forgone, and any such compensation will be subject to forfeiture and
clawback if the executive leaves the Company voluntarily within a fixed time period determined by the Committee, being not less than three
years.Where possible the Committee will use existing share-based plans. However, in the event these are not appropriate, the Committee
retainsthe discretion to use the Listing Rules exemption (LR 9.3.2) for the purpose of making an award to compensate for amounts forfeited
uponleaving a previous employer.
For internal appointments, the Committee may continue to honour prior commitments made before joining the Board.
Relocation Where a new executive director has to relocate to take up the appointment, either within the UK or from overseas, practical and/or financial
support may be provided in relation to relocation or mobility, including the cost of any tax incurred for a period not exceeding two years.
For appointments from overseas, certain home country benefits may continue to apply. Relocation and mobility support may also apply to the
recruitment of a non-executive director.
The Committee will normally align the remuneration arrangements for new non-executive directors with those outlined within the policy table.
Legal & General Group Plc Annual report and accounts 2024 96

Termination and payments for loss of office
Component Policy and operation
Fixed pay Any termination payments in lieu of notice would consist solely of base pay and the cost of providing benefits for the outstanding notice
period. Any statutory requirements will be observed. Our standard practice is to include within executive directors’ contractual terms
mitigation provisions as regards to payments in lieu of notice.
Annual Variable Pay
(AVP)
Eligibility for AVP, deferred AVP awards and performance share awards are governed by their respective plan rules, as summarised below:
• AVP – there is no automatic entitlement to an annual bonus in the year of cessation of employment. However, for a ‘good leaver’, the
Committee may determine that an executive director will receive a bonus pro-rated for the period through to leaving based on targets
andperformance for the full year, and an assessment of overall business and personal performance
• deferred AVP awards – in the event that a participant is a ‘good leaver’, any outstanding unvested deferred awards will normally be released
inaccordance with the ordinary timescale. Exceptionally, the Committee reserves the right to accelerate any vesting or payment, for example
inthe case of terminal illness.
Performance
Share Plan (PSP)
PSP – unless the Committee determines otherwise, in the event that a participant is a ‘good leaver’, any unvested PSP awards will be
pro-rated for the period through to leaving and vest based on targets and performance to the end of the performance period, with awards
released at the normal times. Exceptionally, the Committee reserves the right to accelerate vesting or payment due, for example, in the case
of terminal illness.
Other payments The Committee reserves the right to make any other payments in connection with a director’s cessation of office/employment where the
payments are made in good faith, in the discharge of an existing legal obligation (or by way of damages for breach of such obligation) or by
way of settlement of any claim arising in connection with the cessation of the director’s office/employment, or for any fees for outplacement
assistance, and/or director’s legal and/or professional advice fees in connection with his/her cessation of office/employment.
‘Good leaver’ circumstances are leaving due to death, disability, ill-health or injury, redundancy, retirement with Company agreement, the
individual’s employing company/business ceasing to be part of the Group, or other circumstances at the Committee’s discretion. For all
otherleavers, unvested awards lapse.
Awards will generally vest early upon a takeover of the Company, merger or other corporate reorganisation. Alternatively, participants may be
allowed or required to exchange their awards for new awards. If there is a demerger, delisting or special dividend or other transaction which
mayaffect the share price, the Committee may allow awards to vest on the same basis as for a takeover.
Legal & General Group Plc Annual report and accounts 2024 97
Strategic report Governance Financial statements Other information

Annual report on remuneration
Audited information
Content contained within a grey outline box indicates that all the information
in the panel is audited.
Planned implementation for 2025
Content contained within a black outline box indicates that all the
information in the panel is planned for implementation in 2025.
‘Single figure’ of remuneration – executive directors
The following table shows a single total figure of remuneration for each executive director in respect of qualifying services for the 2024 financial
year, together with a comparative figure for 2023.
Single figure table
Fixed Variable
Executive director
Base pay
£’000
Benefits
£’000
Pensions
£’000
Total
fixed
£’000
AVP
£’000
Replacement
award
£’000
PSP
£’000
Total
variable
£’000
Total
£’000
2024
António Simões
1,171 439 117 1,727 1,419 7,421 – 8,840 10,567
Jeff Davies
684 24 68 776 583 – – 583 1,359
2023
Jeff Davies
1
656 25 66 747 522 – 765 1,287 2,034
1. Reporting of the 2021 PSP in the 2023 Annual report and accounts
The vesting date of the 2021 PSP award occurred after the 2023 results announcement. As a result, the PSP figures recognised in the 2023 Annual report and accounts were based
on a three-month average share price to 31 December 2023. The 2021 PSP figures reported in the 2024 single figure table above now reflect the share price at vesting on 6 March 2024,
at249.6 pence per share. The figure in the 2023 report was £693,255.
Base pay
Executive director
Annual base pay as at
1 January 2024
Annual base pay effective
1 March 2024
Total paid
in 2024
Base pay effective
1 March 2025
%
increase
António Simões
1
1,175,000 1,175,000 1,170,744 1,210,300 3.0%
Jeff Davies
660,400 689,000 684,233 800,000 16.1%
1. Total salary paid from start date of 2 January 2024 to 31 December 2024.
Benefits
Benefits include the elements shown in the table below.
Executive director
Car allowance,
insurances and
taxable expenses
£’000
Relocation
expenses
£’000
Dividends
£’000
Discount on
ShareSave, and ESP
matching shares
£’000
Total
benefits
£’000
2024
António Simões
46 393 – – 439
Jeff Davies
20 – 2 2 24
2023
Jeff Davies
20 – 2 3 25
The Employee Share Purchase (ESP), matching shares and dividends relate to the all-employee share purchase plan. No dividends are payable
onoutstanding Share Bonus Plan (SBP) or PSP awards. ShareSave is calculated based on the value of the discount on ShareSave shareoptions
exercised in the year.
António Simões was formally appointed as Group CEO from 1 January 2024. The appointment required António to relocate from Spain, to the UK.
In line with our policy on recruitment remuneration, António has been provided with practical and financial support, in preparation for and during
his relocation.
Relocation expenses until the end of 2024 have been £393,202 in total which has included support in relation to housing, provision of appropriate
schooling, and travel expenses. Some further relocation support may be provided to the end of 2025.
Legal & General Group Plc Annual report and accounts 2024 98

Benefits for 2025
Benefits for 2025 remain in line with policy.
Pension
António Simões and Jeff Davies received a cash allowance in lieu of pension contributions equal to 10% of base pay, aligned with the employer
pension contributions for the majority of the UK workforce. All cash allowances are subject to normal payroll deductions for income tax and
national insurance.
Pension for 2025
For 2025, António Simões and Jeff Davies will receive a cash allowance of 10% of base pay, aligned with employer pension contributions for the majority of the UK workforce.
2024 AVP awards
The 2024 AVP awards are based on performance for the year ended 31 December 2024. 70% of the bonus opportunity is determined
byfinancial performance and 30% is based upon the achievement of strategic objectives.
The figures below represent the total 2024 AVP awards to be paid, incorporating the amount payable in cash in 2025 (50%), and the
amountdeferred into restricted shares for a further three years to be released in 2028 (50%) subject to continued employment with
malusand clawback provisions.
2024 performance targets and outcome AVP award (% of maximum)
Performance measure
Threshold
(0% max)
Target
(50% max)
Maximum
(100% max) Actual
Outcome
(% of max) Weighting António Simões Jeff Davies
Adjusted operating profit
£1,544m £1,642m £1,724m £1,711m 92.0% x 15.0% = 13.8% 13.8%
Operating return
on equity (ROE)
26.1% 28.7% 33.0% 34.8% 100.0% x 10.0% = 10.0% 10.0%
Net movement in contractual
service margin (CSM)
£342m £389m £455m £81m 0.0% x 12.5% = 0.0% 0.0%
Solvency II operational
surplus generation
£1,698m £1,751m £1,804m £1,751m 50.0% x 12.5% 6.3% 6.3%
Solvency II new business
value add (NBVA):
Institutional Retirement
5.3% 6.0% 8.1% 5.3% 0.0% x 5.0% 0.0% 0.0%
Retail Annuities
4.7% 5.5% 6.3% 6.2% 93.8% x
2.5%
2.3% 2.3%
Protection
5.6% 6.1% 6.5% 7.1% 100.0% x 2.5% 2.5% 2.5%
Asset Management ANNR
£20m £39m £59m £17.4m 0.0% x 10.0% 0.0% 0.0%
Strategic – António Simões
85.0%
30.0% =
25.5%
Strategic – Jeff Davies
71.7% 21.5%
Total (% of maximum)
100% 60.4% 56.4%
x x
Maximum bonus opportunity (% of base pay)
200% 150%
x x
Base pay
£1,175,000 £689,000
= =
2024 AVP award
£1,419,100 £582,800
Strategic objectives comprise a qualitative assessment by the Remuneration Committee of operational performance and risk management,
customer and culture metrics, and other strategic objectives set by the Committee, including ESG objectives. A qualitative assessment, rather
than an outcome based only on pre-determined numerical targets, is considered more appropriate for the assessment of strategic objectives,
as this enables the Committee to consider performance in the context of a range of factors and changing situations during the year.
Legal & General Group Plc Annual report and accounts 2024 99
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
Key focus areas are identified at the beginning of each year, and strategic objectives may be set individually for each executive director or assessed as their
individual contribution to joint objectives. Normally, 10% of the total bonus opportunity is allocated to each category encompassing:
• strategy: focus on safeguarding the future of the Company and developing future income streams
• culture & customer: based on a range of metrics which reflect the impact of culture on employees and customers, including customer performance scores
and feedback, employee engagement scores, and progress against gender and other diversity goals
• risk: supported by analysis from the Chief Risk Officer, using quantitative and qualitative metrics, including divisional and Group operational performance,
capital management, prudential risk, IT and cyber risk, and internal audit
• environmental (moderator*): progress against key environmental commitments as referenced in our 2024 Climate and nature report and increase in the
prominence of sustainability considerations in commercial decisions taken during the year (including operational, investment and product development decisions).
* ESG metrics are incorporated into the existing strategic and personal performance measures, rather than a separate or additional component. AVP may be reduced if
insufficient progress is made against ESG metrics.
Outcomes (out of 10)
Performance measure and focus areas Commentary CEO CFO
Strategy (10% weighting)
Development, communication and roll
outofthenew strategy.
• Led a well structured process, engaging closely with the
seniorteam and Board, ensuring the new strategy was
clearlycommunicated.
• Development of the senior team ensuring that appropriate
talentis in place for the delivery against the strategy.
• Effective execution on disposal of CALA Group.
8.0 8.0
Culture & customer (10% weighting):
Alignment of culture with delivery ofthe
newstrategy.
• Delivery of updated behaviours and purpose for the Group
aligned with the delivery of the new strategy.
• Reshaped the functioning of the leadership team aligned with
the new behaviours and purpose.
• Strong engagement from teams across the business, resulting
in high employee engagement scores.
• Engaged on the Consumer Duty programme ensuring progress
on key areas, including improved management information to
ensure continued delivery of high quality service to customers:
• ensuring payment of claims brought into line with service
levelagreements
• ensuring progress on track to improve drawdown journey
forcustomers.
9.0 6.0
Risk management (10% weighting)
Successful delivery of performance within
theGroup’s risk appetite.
• Delivered results within the financial risk appetite, establishing
and embedding new capital allocation framework.
• Supported ongoing enhancements to risk management
disciplines and assessment of residual and inherent risks
acrossthe Group.
• Highly responsive to rectification of issues identified through
internal audit.
• Strong progress on key projects enhancing operational resilience.
8.5 7.5
Environmental measures (moderator)
Investment portfolio carbon emission
intensityreduction
• Investment portfolio carbon emission intensity reduced
to51tCO
2
e/£ million in line with pathway to achieve 50%
reductionbyend 2030 (from a YE19 baseline).
Progress on or exceeding targets
Progress in delivery of operational
emissions science-based target (SBT)
• Good progress against operational emissions SBT with operational
footprint reduced to 27,418 tCO
2
e (2023: 27,722 tCO
2
e), inline
with our SBT and net zero ambition.
Increase prominence of sustainability
considerations in commercial decisions
• Group and Asset Management continue to play active roles
inindustry climate forums, government lobbying and shaping
ofthe regulatory framework for sustainability.
In addition, the Committee considers the Solvency II coverage ratio (2024: 232%) and sustainable financial performance, and may apply a ‘moderator’ to
reduce (but not increase) an AVP award if there are factors that warrant such a reduction. For 2024, it was determined that no adjustment was necessary
tothe calculated AVP award.
Risk consideration
The Committee reviewed a comprehensive report from the Chief Risk Officer to ascertain that the executive directors’ objectives had been
fulfilled within the risk appetite of the Group. In addition, the Committee received feedback from the Group Regulatory Risk and Compliance
function that there were no issues to consider relating to regulatory breaches or customer outcomes that would prevent payment of any
AVP award or trigger a recommendation that malus should be applied. The Committee was satisfied that the AVP awards should be paid.
Deferral policy
In line with the remuneration policy, 50% of all 2024 AVP awards have been deferred for three years into restricted shares, subject to
continued employment and with malus and clawback provisions.
Legal & General Group Plc Annual report and accounts 2024 100

AVP potential 2025
In line with the remuneration policy, for 2025 the target and maximum AVP opportunities for our executive directors will be:
Executive director
Target opportunity
(% of base pay)
Maximum opportunity
(% of base pay)
António Simões 100% 200%
Jeff Davies 75% 150%
The proportion of the AVP measures assessed against financial metrics will remain 70%, with 30% assessed against non-financial objectives.
Financial metrics will cover profitability and growth, aligned to António’s strategic review. Group financial targets will be disclosed in the 2025
Annual report and accounts. Some strategic and personal targets are considered confidential and will not be disclosed in any future report.
In line with the remuneration policy, 50% of all 2025 AVP awards will be deferred for three years into restricted shares, subject to continued
employment, with malus and clawback provisions.
Replacement awards
As was disclosed in the 2023 Annual report and accounts, António had numerous unvested awards which he forfeited as a result of joining
L&G. In summary, these awards were bought out taking into consideration relevant factors including but not limited to, the form of the award,
any performance conditions attached to those awards, the vesting profile and likelihood of vesting and any relevant regulatory requirements
and guidance in relation to awards. All awards were replaced on a ‘like for like basis’, meaning that:
• deferred cash and share awards have been bought out in cash/shares respectively
• all buyout awards have identical vesting/deferral periods to the original awards
• for all awards with performance conditions, a fair value was calculated based on how performance was tracking against targets.
The value of these awards were also all disclosed in full in the 2023 annual report and accounts, and are now being included inthis year’s
single figure tables in line with the applicable regulations. As a reminder, the value is made up of:
• £3,079,242 to replace the forfeiture of his annual bonus for 2023 from his previous employer, delivered 50% in cash in 2024 and 50%
inshares agreed in April 2024 vesting over three years
• £4,342,056 to replace the forfeiture of various long-term/deferred incentives from his previous employer. £2,922,490 was delivered in
shares vesting at various times between March 2024 and March 2028 for a total number of 1,229,642 shares at an effective grant price
of £2.377. £1,419,566 will be delivered as cash awards, payable at various times between March 2024 and March 2028.
All awards are subject to malus and clawback in line with the executive remuneration policy as set out on page 96.
Further details on the share awards granted, including the share prices used at grant, is provided in the scheme interests awarded in the
year section on page 104.
Details of how the 2022 PSP award vested
Outcomes against both the total shareholder return (TSR) performance (50%) and EPS growth (50%) over the three-year performance period
ended 31 December 2024, did not achieve the threshold level required for any shares to vest from the 2022 PSP award. Asummary of the
outcome per measure is shown below, with further detail provided on page 102.
Perfo rmance measure Weighting Outcome (% of maximum)
TSR vs FTSE 100 25% –
TSR vs bespoke comparator group 25% –
EPS growth (% p.a.) 50% –
Total (% of maximum) 100% –
The bespoke comparator group comprises:
Abrdn, Aegon, Ageas, Allianz, Assicurazioni Generali, Aviva, AXA, Gjensidige Forsikring, Hannover Rueck, Lincoln National, Mapfre, M&G, Metlife,
Muenchener Ruck, NN Group, Phoenix Group, Principal Financial, Prudential, Prudential Financial, Sampo A, Swiss Re, Talanx, Zurich Insurance Group.
Approach to calculation of EPS growth
EPS growth is determined based on measuring the change in EPS over the three-year performance period. However, as previously indicated,
theintroduction of IFRS 17 prevents EPS from being measured on the same basis from the start of the performance period (where EPS was
reported based on IFRS 4) to the end of the performance period (where EPS was reported based on IFRS 17). In order to fairly measure the
EPSgrowth performance, the Committee has considered the annual change in each of the three years, as the EPS for 2022 has been reported
onboth an IFRS4 and IFRS 17 basis. The basis for the calculation is illustrated in the table below:
Year on year EPS growth
EPS growth p.a. over 3-year
performance periodAccounting Standard 2021 to 2022 2022 to 2023 2023 to 2024
Adjusted EPS
IFRS 4 12.0%
(40.6)%
IFRS 17 (23.1)% (75.7)%
Legal & General Group Plc Annual report and accounts 2024 101
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
The results are shown below:
Grant date
Performance
period
Comparator
group L&G’s TSR
1
Median rank
80th
percentile
rank
L&G’s
rank
Outcome
(% of maximum)
19 April 2022 1 January 2022
to 31 December
2024
FTSE 100
(1.2)%
46.5 19.2 57.9 0%
Bespoke
comparator
group 12.0 5.4 19.4 0%
Performance target
Performance condition Threshold Maximum Actual performance
Outcome
(% of maximum)
EPS growth (% p.a.) 5% 12% (40.6)% 0%
1. TSR is calculated in accordance with the Performance Share Plan rules using the three-month average prior to the start and end of the performance period.
Performance was below the threshold level for all performance conditions. No share will vest from the 2022 PSP award.
Executive director
Shares granted
in 2022
Vesting outcome
(% of maximum)
Shares vesting
in March 2025
Value
of shares on
vesting (£)
Jeff Davies 582,767 0% – –
Performance Share Plan (PSP) awards for 2025
António Simões will be granted an award with a face value of 300% of base pay andJeffDavies will be granted an award with a face value
of250% of base pay.
For the 2025 award, the following performance measures will be used:
• TSR performance relative to the FTSE 100 (20% of award)
• TSR performance relative to a bespoke comparator group of companies (20% of award), noting that the bespoke comparator
groupwillbeunchanged from the 2024 PSP
• EPS growth (40% of award)
• progress against published commitments in our Climate transition plan, aligned to our three-pillar strategy of Invest, Influence,
Operate(20% of award), as detailed in the table on the following page.
Vesting of the overall awards will also be subject to assessment against Solvency II objectives.
In setting targets for the 2025 PSP awards, the Committee has considered:
• the business plan over the next three years and market expectations of performance
• the impact of the new IFRS 17 accounting standard on the timing of the reporting of profit
• progress against our published commitments with the Climate transition plan and projected progress over the performance period.
Based on these considerations, the Committee considered it appropriate for vesting to be based on performance as set out in the table
onthe following page.
Legal & General Group Plc Annual report and accounts 2024 102

Weighting Below threshold Threshold Maximum
Vesting 0% 15% 100%
TSR performance 40% Below median Median 80th percentile
EPS growth
1
40% <19.54p 19.54p 25.01p
Progress against Climate transition plan 20%
Investment portfolio GHG emission intensity reduction, from a YE19
baseline (alignedwith the pathway to achieving 50% reduction by 2030) 5% <40% 40% 45%
Investment portfolio temperature rating (SBTi metric) to achieve
2.1degreeportfolio alignment on listed equities and bonds
5%
>2.2 degrees 2.2 degrees 2.1 degrees
Progress on operational emissions SBT, from a YE21 baseline
(alignedwiththe pathway to achieving a 42% reduction in our absolute
scope 1 and 2 GHG emissions by 2030) 10% <35% 35% 39%
In determining the final outcome for the Climate transition measures, the Remuneration Committee may make a downwards adjustment if they are not satisfied
that positive and sufficient progress has been made against our target of 70% of eligible AUM to be managed in alignment with net zero
2
.
The Remuneration Committee will also consider material market movements or business composition changes when assessing the final outcome and may make
adjustments to the outcome as a result.
1. Targets are based on EPS achieved for the 2027 financial year, being the final year of the three-year performance period.
2. This reflects the important and significant impact that the Company has though influencing its investments while acknowledging the challenges in setting quantitative
targets at this point in time.
Other remuneration information
Total shareholder return (TSR)
The chart shows the value, as at 31 December 2024, of £100 invested
in L&G shares on 31 December 2014, compared to £100 invested in
theFTSE 100 on the same date. The FTSE 100 Index was chosen
asthe comparator because the Company is a member of this index.
Dec 14 Dec 15 Dec 16 Dec 17 Dec 19Dec 18 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24
FTSE 100 L&G
As at 31 December 2024
150%
50%
100%
0%
-50%
Group Chief Executive – historical remuneration information
The table below shows the remuneration of the Group Chief Executive in place at the time over the same period:
Year Name
Group Chief Executive
single figure of
total remuneration
(£’000)
Annual variable
element against
maximum
opportunity
PSP vesting rates
against
maximum
opportunity
2024 António Simões 10,567 60.4% 0%
2023 Sir Nigel Wilson 3,336 53.8% 61.1%
2022 Sir Nigel Wilson 4,016 91.4% 52.3%
2021 Sir Nigel Wilson 4,311 94.5% 82.9%
2020 Sir Nigel Wilson 2,092 23.5% 24.2%
2019 Sir Nigel Wilson 4,592 91.1% 86.9%
2018 Sir Nigel Wilson 3,398 80.4% 48.7%
2017 Sir Nigel Wilson 3,439 85.3% 59.9%
2016 Sir Nigel Wilson 5,417 87.8% 76.6%
2015 Sir Nigel Wilson 5,497 86.3% 100%
Due to the timing of the vesting of PSP awards, initially PSP figures within the single figure of remuneration are calculated based on the average
share price for the three months ended 31 December in the respective year. As noted under the single figure of remuneration table on page 98, the
figures are restated in the following year’s report to reflect the actual share price on the vesting date. The figures in the table above have been
restated to reflect the actual share price on vesting for the years 2015 – 2023.
Legal & General Group Plc Annual report and accounts 2024 103
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
Scheme interests awarded during the financial year
The following table sets out details of share awards granted in 2024.
Executive director Reason for award Award type Awards granted in 2024
Grant price
£
Face value at grant price
£
António Simões PSP Nil-cost option 1,396,371 2.5244 3,524,999
Deferred bonus assurance Restricted shares 610,314 2.5277 1,542,691
Buyout award Restricted shares 172,617 2.3767 410,259
Buyout award Restricted shares 170,512 2.3767 405,256
Buyout award Restricted shares 216,096 2.3767 513,595
Buyout award Restricted shares 85,256 2.3767 202,628
Buyout award Restricted shares 216,096 2.3767 513,595
Buyout award Restricted shares 85,256 2.3767 202,628
Buyout award Restricted shares 171,359 2.3767 407,269
Buyout award Restricted shares 112,450 2.3767 267,260
Jeff Davies PSP Nil-cost option 682,340 2.5244 1,722,500
Deferred AVP Restricted shares 103,461 2.5227 261,500
The buyout awards could not be granted under any of the Company’s existing incentive plans given the varying structures and terms of the
forfeited awards. The buyout awards were therefore granted under a one-off agreement in accordance with Listing Rule 9.3.2 under which
António is the sole participant, and the awards will be satisfied using shares purchased in the market.
Performance conditions for PSP awards granted in 2024
The PSP awards were granted on 8 April 2024. 20% of the award will vest based on TSR performance relative to the FTSE 100; 20% of
theaward will vest based on TSR performance relative to a bespoke peer group (comprising Abrdn, Aegon, Ageas, Allianz, Assicurazioni
Generali, Aviva, AXA, Gjensidige Forsikring, Hannover Rueck, Lincoln National, M&G, Mapfre, Metlife, Muenchener Ruck, NN Group,
PhoenixGroup, Principal Financial, Prudential Financial, Prudential, Sampo A, Swiss Re, Talanx and Zurich Insurance Group); 40% of
theaward will vest based on the EPS growth; and 20% will vest based on projected progress, over the performance period, against
published commitments in our Climate transition plan. Vesting will be based on performance as set out in the table below:
Weighting Below threshold Threshold Maximum
Vesting 0% 15% 100%
TSR performance 40% Below median Median 80th percentile
EPS growth 40% < 5% p.a. 5% p.a. 14% p.a.
Progress against Climate transition plan 20%
Investment portfolio GHG emission intensity
reduction, from a YE19 baseline (aligned with
thepathway to achieving 50% reduction by 2030) 5% <37% 37% 43%
Investment portfolio temperature rating (SBTi
metric) to achieve 2.1 degree portfolio
alignment on listed equities and bonds 5% >2.2 degrees 2.2 degrees 2.1 degrees
Progress on operational emissions SBT, from
aYE21 baseline (aligned with the pathway
toachieving a 42% reduction in our absolute
scope 1 and 2 GHG emissions by 2030) 10% <33% 33% 38%
In determining the final outcome for the Climate transition measures, the Remuneration Committee may make a downwards adjustment
ifthey are not satisfied that positive and sufficient progress has been made against our target of 70% of eligible AUM to be managed in
alignment with net zero by 2030
1
.
The Remuneration Committee will also consider material market movements and business composition changes when assessing the final
outcome and may make adjustments to the outcome as a result.
1. This reflects the important and significant impact that the Company has through the ability to influence clients’ decisions while acknowledging the challenges in setting
quantitative targets at this point in time.
Legal & General Group Plc Annual report and accounts 2024 104

Statement of directors’ shareholding and share interests
Total shareholding of executive directors:
Type
Owned outright/
vested shares
Subject to deferral/
holding period
Total vested and
unvested shares
(excludes any
shares with
performance
conditions)
Subject to
performance
conditions
Shares sold or acquired during the period
1January 2025 and 11 March 2025
Owned outright/
vested shares
Subject to deferral/
holding period
António Simões
Shares 91,487 1,667,339 1,758,826 – – –
ESP – – – – – –
Options – – – 1,396,371 – –
Jeff Davies
Shares 859,483 436,657 1,296,140 – – –
ESP 6,620 1,039 7,659 – 158 89
Options – 644,921 644,921 1,958,454 – –
Shareholding requirement – executive directors
The shareholding requirement for all executive directors is 325% of base pay.
Actual share
ownership as % of
2024 base salary
1
:
Shareholding
requirement met
Shares owned at
1 January 2024
Shares owned at
31 December 2024
Shares sold or acquired
during the period
1 January 2025 and
11March2025
António Simões 182% No – 932,177
–
Jeff Davies 344% Yes 902,449 1,032,821 247
1. Closing share price as at 31 December 2024: 229.8 pence.
Notes
Shares used for the calculations above exclude those with performance conditions and any shares held in a private trust where the executive director is not a trustee. They
include vested shares where the executive director has beneficial ownership, shares independently acquired in the market, those held by a spouse or civil partner or dependant
child under the age of 18 years, and unvested shares not subject to performance conditions (discounted for any anticipated tax liabilities).
Although the shareholding requirement is not contractually binding, executive directors are expected to retain any after-tax vested share
awards until their shareholding requirements are met, and maintain that shareholding requirement (or their actual shareholding at the date
of leaving, if lower) for at least two years after leaving employment. The Committee retains the discretion to withhold future grants under
the PSP if executives are not making sufficient progress towards their shareholding requirement. Once shareholding requirements have
been met, executive directors may sell shares in excess of the shareholding requirement if they wish. The Committee has discretion to
allowexecutive directors to sell shares prior to the shareholding requirement being met in extenuating situations, for example, a change
topersonal circumstances or ill-health, etc.
Share options exercised during 2024
PSP awards may be granted in the form of nil-cost options with an exercise date no earlier than the normal vesting date. Executive directors
may also participate in the Company’s ShareSave Plan. Where such share awards have been exercised during 2024, they are shown below:
Executive director Date of grant Shares exercised Exercise date
Share price at
date of exercise
£
Gain
£
Jeff Davies 16/04/2019 470,011 16/04/2024 2.433 1,143,537
Jeff Davies 09/04/2021 2,034 01/06/2024 2.534 476
Legal & General Group Plc Annual report and accounts 2024 105
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
Payments to past directors
The details of the treatment of Sir Nigel Wilson’s remuneration upon departure were fully disclosed in last year’s 2023 Annual report and
accounts. During 2024, Sir Nigel received base pay, pension and benefits until his retirement on 31 October 2024. The total payments
received were:
Base salary
£,000
Benefits
£,000
Pension
£,000
Total remuneration
£,000
2024 896 16 90 1,002
Outstanding deferred AVP awards have vested or will vest at the normal time as set out in the table below:
AVP award Grant date Vesting date Value of award No. of shares granted Grant price
2021 19/04/ 2022 19/04/2025 £694,200 255,220 £2.720
2022 06/04/2023 06/04/2026 £705,500 297,929 £2.366
2023 08/04/2024 08/04/2027 £433,600 171,881 £2.523
Sir Nigel Wilson had a maximum of 894,731 shares available to vest from the 2022 PSP award. As indicated on page 101, the 2022 PSP
vested at 0% based on performance to the end of 2024. In addition, Sir Nigel has a maximum of 687,761 shares available to vest from the
2023 PSP award. These will vest subject to the normal performance conditions over the full performance period.
All vested shares from the PSP awards will be released in accordance with the normal timescale.
Non-executive directors’ remuneration – 2024
Non-executive directors’ fees
The fees for the Chair and non-executive directors were reviewed during 2024, and with effect from 1 August 2024 the fee for the Chair was increased
from £603,500 to £617,000. From 1 August 2024, the Chair’s fee for the Audit, Risk, Remuneration, and Data and Technology Committees was
increased from £42,000 to £50,000. From 1 November 2024, a fee of £31,500 was introduced for the Consumer Duty Champion.
All other non-executive director fees remained unchanged from 1 August 2023. The table below sets out the current fees.
Annual fees
Current fee
£
Chair 617,000
Base fee 80,500
Additional fees:
Senior Independent Director 31,500
Designated Workforce Director 31,500
Consumer Duty Champion 31,500
Committee Chair fee (Audit, Remuneration, Risk and Data and Technology Committees) 50,000
Committee membership fee (Audit, Remuneration, Risk and Data and Technology Committees) 16,500
The current limit for base fees for non-executive directors is an aggregate of £3,000,000. This limit was approved by shareholders at the 2023 AGM.
Legal & General Group Plc Annual report and accounts 2024 106

The table below shows the actual fees paid to our non-executive directors in 2024 and 2023.
Non-executive
director
Fees
for 2024
Benefits
for 2024
4
Total
remuneration
for 2024
Fees
for 2023
Benefits
for 2023
Total
remuneration
for 2023
Sir John Kingman Chair N 609,125 2,419 611,544 588,333 – 588,333
Henrietta Baldock
1
N R Ri 222,479 2,774 225,253 245,042 130 245,172
Clare Bousfield D N Ri 9,458 – 9,458 – – –
Philip Broadley A D N R Ri 145,479 3,335 148,814 157,437 1,777 159,214
Carolyn Johnson A D N Ri 117,979 52,453 170,432 110,875 28,051 138,926
Nilufer Kheraj A D N Ri 160,479 – 160,479 149,250 – 149,250
Lesley Knox
2
N R Ri 278,229 4,547 282,776 251,122 3,170 254,292
George Lewis
3
A N R Ri 233,527 48,223 281,750 218,686 54,844 273,530
Ric Lewis N R 98,729 – 98,729 110,875 – 110,875
Tushar Morzaria A N R Ri 157,813 430 158,242 152,875 – 152,875
Laura Wade-Gery D N R Ri 188,051 2,333 190,384 146,750 – 146,750
Key:
NED Committee membership: A = Audit D = Data and Technology N = Nominations and Corporate Governance R = Remuneration Ri = Risk
1. Henrietta Baldock is also Chair of the Legal and General Assurance Society (LGAS) Board for which she receives a separate fee to that paid to her as a Non-Executive
Director of the Company. The actual fees in the table above include her total fees for both roles. The fee as Chair of LGAS increased from 1 January 2025, the firstincrease
since Henrietta’s appointment to the role.
2. Lesley Knox is also a NED of the L&G – Asset Management Limited Board for which she receives a separate fee to that paid to her as a Non-Executive Director of the
Company. The actual fees in the table above include her fees for both roles.
3. George Lewis is also Chair of L&G Assurance (Pensions Management) Limited Board for which he receives a separate fee to that paid to him as a Non-Executive Director
ofthe Company. The actual fees in the table above include his fees for both roles.
4. The Chair and non-executive directors are not eligible to participate in any benefits, pension or incentive plan. The amounts disclosed in the benefits section above relate
totaxable travel and accommodation expenses incurred, during the tax year ending in 2024, while undertaking their roles as non-executive directors of the Company.
Shareholding requirements – non-executive directors
1
Non-executive directors are required to build up a shareholding equivalent to 100% of base fee, typically within three years of appointment.
Non-executive directors may elect to receive a proportion of their fees (normally 50%) in shares until their shareholding requirement is met.
The table below shows their shareholding as at 6 January 2025, taking into account share purchases in relation to December 2024 fees.
Name
Shareholding as at
6 January 2025
Shareholding as a
%ofbasefee Guideline met
Shares purchased
from 7 January 2025
to 3 March 2025
Sir John Kingman 389,935 145% Met 1,393
Henrietta Baldock 74,272 212% Met 2,091
Clare Bousfield
2
– appointed 1 December 2024 – – Not Met –
Philip Broadley 92,260 263% Met –
Carolyn Johnson
3
10,500 151% Met –
Nilufer Kheraj 49,561 141% Met –
Lesley Knox 37,600 107% Met –
George Lewis 63,894 182% Met –
Ric Lewis 66,467 190% Met 2,230
Tushar Morzaria 60,000 171% Met –
Laura Wade-Gery 38,583 110% Met 2,034
1. Shareholding for non-executive directors includes connected persons.
2. Clare Bousfield was appointed on 1 December 2024 and is expected to meet the shareholding requirement within three years of appointment.
3. Carolyn Johnson holds 10,500 L&G Group American Depositary Receipts.
Non-executive directors’ terms of employment
Initial
appointment date
Current letter of
appointment end date
Sir John Kingman 24 October 2016 24 October 2025
Henrietta Baldock 04 October 2018 04 October 2027
Clare Bousfield 01 December 2024 01 December 2027
Philip Broadley 08 July 2016 08 July 2025
Carolyn Johnson 17 June 2022 17 June 2025
Nilufer Kheraj 01 May 2021 01 May 2027
Lesley Knox 01 June 2016 01 June 2025
George Lewis 01 November 2018 01 November 2027
Ric Lewis 18 June 2020 18 June 2026
Tushar Morzaria 27 May 2022 27 May 2025
Laura Wade-Gery 03 January 2022 03 January 2028
The standard term for non-executive directors is three years and for the Chair is five years. All non-executive directors are subject to annual
re-election by shareholders.
Legal & General Group Plc Annual report and accounts 2024 107
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
Remuneration for the wider workforce
General remuneration policy
The Group’s remuneration policy is designed to reward, motivate, and retain high performers in line with the risk appetite of the Group.
Remuneration is considered within the overall context of the Group’s sector and the markets in which it operates. The policy for the majority
ofemployees is to pay around the relevant mid-market range with a competitive package designed to align the interests of employees with
thoseof shareholders, and with an appropriate proportion of total remuneration dependent upon performance.
We define core remuneration as base pay, annual bonus, and other benefits such as pension. Key employees are also eligible to participate
inalong-term incentive plan, typically either the Share Bonus Plan (SBP) for the majority of employees, or the Performance Share Plan (PSP)
forthemost senior management.
Summary of the remuneration structure for the wider workforce
Element Policy
Fixed
Base pay We aim to attract and retain key employees by paying base pay which delivers competitive total remuneration. Factors taken into
account when determining salaries include:
• the individual’s skills, experience and performance
• scope of the role
• external market data
• pay and conditions elsewhere in the Group
• overall business performance.
As a member of the Living Wage Foundation, base pay is also set with reference to the Foundation’s UK and London living wage
levels. During 2024, the average increase was 4.5% but with increases applied on a stratified basis with the more junior employees
receiving, on average, the highest increases (generally 5%). For 2025, the average increase was 3.6%, applied again on a stratified
basis with more junior employees receiving increases, on average, of 3.8%.
Benefits All UK employees have access to private medical insurance, life insurance, and a range of family-friendly policies (maternity,
paternity, adoption and shared parental leave). In addition, there are several wellbeing support packages, including Unmind
(amental health app), childcare, and elderly care support. Employees of non-UK business are provided with benefits in line
withthe local market.
Pension All employees are given the opportunity to participate in a Group pension scheme. The pension opportunity offered to the
majority of the UK workforce in 2024 was 11% of base pay. With effect from 1 April 2025, the pension opportunity for the
majorityof the UK workforce will be increased to 12%, with further increases planned over the next three years to align the
pension opportunity with that for senior managers. Employees of non-UK business are provided with pension provision,
inlinewith thelocal market practice and legislative requirements.
Variable
Annual bonus The majority of employees participate in a discretionary bonus plan, unless an alternative plan applies based on role. An employee
will be considered for a discretionary bonus award based on achievement against objectives, conduct and behaviours, the role
performed during that year, and internal relativities.
The Group operates bespoke bonus plans where business-appropriate. However, the Remuneration Committee has ultimate
discretion over all bonus plans.
Bonuses above a certain threshold are subject to deferral. Deferred awards are normally held in shares for three years and are
subject to malus and clawback.
The Company reserves the right to adjust deferral levels for Material Risk Takers and Code staff, as deemed necessary to comply
with regulatory requirements.
Share bonus plan (SBP) Key employees, including senior managers, high-performing and high-potential individuals, and those with critical skills may
receive SBP awards, typically in the form of restricted shares vesting three years from the grant date.
SBP is also used as the vehicle for deferral of annual bonuses in the majority of cases.
Performance share plan (PSP) Participation in the PSP is offered to senior management each year in recognition of the strategic and influential role that they hold
in terms of driving Company performance, as well as their individual contribution. Participation in the plan for one year does not
guarantee participation in future years.
PSP awards were made to around 17 employees during 2024.
Where appropriate, grants under the PSP may also be made for new employees who join the Company during the year in key roles.
Other
Employee share plans All employees are given the opportunity to participate in a ShareSave plan and an Employee Share Purchase plan. These are both
HMRC-approved plans which offer all employees the opportunity to share in the success of the business.
Legal & General Group Plc Annual report and accounts 2024 108

Annual equal pay review
The Group seeks to ensure that our pay policies and practices are free from unfair bias. Part of the pay review process is an annual equal pay review
that reviews pay and bonus decisions by gender, ethnicity, age, and full-time versus part-time working. In addition, it considers the application of
the pay policy more widely, in particular looking at decisions made in the annual pay review across grades, functions, and divisions.
Gender pay reporting
The Group has published a new Social impact report, which contains the statutory disclosure of our gender pay gap for 2024.
Pay ratio in relation to the Group Chief Executive Officer
Since 2016, we have voluntarily disclosed details of the pay ratio in relation to the Group Chief Executive Officer and the wider UK employee
population. From 2018, we made some amendments to how we report the information in order to align with the reporting requirements set
outbythe Department for Business, Energy and Industrial Strategy (BEIS), which came into effect for financial years starting 1 January 2019.
The tables below provide the ratio between the base pay and single figure total remuneration of the Group Chief Executive Officer and the base
pay and total remuneration of UK employees at the upper quartile (75th percentile), median (50th percentile), and lower quartile (25th percentile).
Total remuneration
Year Method
Pay ratio All UK employees £
75th percentile Median 25th percentile 75th percentile Median 25th percentile
2024 (reported single figure)
B 98 161 271
107,476 65,490 38,997
2024 (single figure excluding replacement award) B 29 48 81
2023
A 30 61 91 111,017 55,108 36,780
2022
A 46 77 135 87,152 51,834 29,804
2021 A 52 88 146 82,475 49,226 29,531
2020 A 26 48 81 78,989 43,726 25,839
2019 A 61 105 167 70,892 40,982 25,814
2018 A 49 83 132 69,923 40,814 25,730
2017 A 52 89 137 66,572 38,802 25,023
Base pay
Year Method
Pay ratio All UK employees £
75th percentile Median 25th percentile 75th percentile Median 25th percentile
2024 B 14 22 37 81,333 52,173 31,833
2023 A 13 21 33 84,981 51,800 32,229
2022 A 14 23 38 72,530 44,549 26,875
2021 A 14 23 38 68,675 42,444 26,000
2020 A 15 26 42 65,101 37,677 23,232
2019 A 16 27 42 60,000 35,000 22,550
2018 A 16 27 41 57,853 34,475 22,781
2017 A 16 27 42 58,020 33,649 22,148
Pay ratio commentary
As a result of the replacement award made to António Simões, in respect of deferred remuneration forfeited on his resignation from his previous
employer, the ratio of total remuneration for the Group CEO compared to UK employees has increased significantly from 2023 to 2024, based on
the reported single figure of remuneration for the Group CEO. In addition, we have provided a ratio based on António’s single figure remuneration
excluding the one off replacement award which we believe provides a better basis for year on year comparisons. In this case the ratio has decreased
slightly compared with 2023, which is reflective of the overall change in variable remuneration for executive directors, with 2024 AVP outcomes
slightly higher than 2023 but no payout from the 2022 PSP.
Methodology
The Companies (Miscellaneous Reporting) Regulations 2018 permit different options for calculating the pay ratio. We have chosen option B as our
method for calculating the pay ratio for 2024, consistent with the methodology for gender pay reporting. The total remuneration figures for the UK
employees are based on salaries at 1 December 2024. Bonus amounts for 2024 are not able to be determined for some eligible employees until
after publication of this report, and therefore it is not possible to determine the exact 2024 total remuneration for all UK employees, as is required
for option A within this timescale. For completeness and transparency, we have included the pay ratios based on the option A method for previous
years and we will also retrospectively disclose the pay ratio for 2024, based on the option A method in the 2025 Annual report and accounts. We
do not believe that this will result in pay ratio figures that are materially different to the 2024 figures disclosed above.
Legal & General Group Plc Annual report and accounts 2024 109
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
Percentage change in directors’ 2024 remuneration compared with all UK employees
As required by the Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019, the analysis covers all
executive directors and non-executive directors.
Executive directors Chair and non-executive directors
1
António
Simões
Jeff
Davies
Sir John
Kingman
Henrietta
Baldock
Nilufer
Kheraj
Philip
Broadley
Carolyn
Johnson
Lesley
Knox
George
Lewis
Ric
Lewis
Tushar
Morzaria
Laura
Wade-
Gery
2
Average
forUK
employees
Year
ended
31 December
2024
Base pay/
fees
(% change)
n/a 4.3% 3.5% (9.2)% 7.5% (7.6)% 6.4% 10.8% 6.8% (11.0)% 3.2% 28.1% 4.7%
Benefits
(% change)
n/a (2.6)% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 5.4%
AVP
(% change)
n/a 11.6% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 5.8%
Year
ended
31 December
2023
Base pay/
fees
(% change)
n/a 4.9% 4.8% 18.0% (8.0)% (3.7)% 2.0% 8.0% 25.1% 3.4% 2.3% 50.4% 5.7%
Benefits
(% change)
n/a (13.7)% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 5.7%
AVP
(% change)
n/a (39.8%) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 5.2%
Year
ended
31 December
2022
Base pay/
fees
(% change)
n/a 5.9% 5.1% 3.4% 59.7% 5.0% n/a 3.5% 69.9% 8.1% n/a n/a 4.7%
Benefits
(% change)
n/a 4.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 4.7%
AVP
(% change)
n/a 6.3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a (0.3)%
Year
ended
31 December
2021
Base pay/
fees
(% change)
n/a 0.0% 4.2% 0.8% n/a 28.7% n/a 2.8% 11.0% 7.8% n/a n/a 2.4%
Benefits
(% change)
n/a 0.7% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.4%
AVP
(% change)
n/a 282.2% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 19.6%
Year
ended
31 December
2020
Base pay/
fees
(% change)
n/a 6.6% 3.3% 4.5% n/a 3.6% n/a 1.9% 4.9% n/a n/a n/a 3.5%
Benefits
(% change)
n/a 6.3% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 3.5%
AVP
(% change)
n/a (72.1)% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2.7%
1. The increase in fees for non-executive directors of the Company reflects the increases in Committee membership fees as well as changes in the membership of the Committees.
2. The increase in fees for Laura Wade-Gery reflects her appointment to the role as the Chair of the Remuneration Committee in February 2024 and the introduction of a fee for her
role as Consumer Duty Champion.
Clare Bousfield has not been included in the above table as she was appointed on 1 December 2024 and so does not have any prior year fees for
comparison. As with prior years, the whole UK employee population has been selected as the comparator group. This group was chosen because
it includes a wider cross-section of the Group’s employees. The increase in benefits for the employee comparator group relates to the impact of
increases in base salaries, and employer pension contributions for the wider UK workforce.
Relative importance of spend on pay
The chart opposite shows the relative importance of expenditure on
pay compared to share dividends, adjusted operating profit, and tax for
the year. Adjusted operating profit has been shown because it is a key
performance indicator of the business.
-500
2,500
1,500
2,000
500
0
1,000
2023 2024
(£m)
5.0% increase
2.64% increase
137.33% increase
Unchanged
Share dividends Adjusted operating
profit
Tax Expenditure on pay
Legal & General Group Plc Annual report and accounts 2024 110

Remuneration Committee
The table below shows the members and attendees of the Remuneration Committee during 2024.
Committee members, attendees and advice
Meetings in 2024
During 2024, the Committee met eight times and in addition had ongoing dialogue via email and other telecommunications. An outline of the
Committee undertakings in each quarter during 2024 is shown in the table below. During 2024, the Remuneration Committee comprised the
following non-executive directors:
Number of Remuneration Committee meetings
attended during 2024
Non-executive director Scheduled Ad hoc
Laura Wade-Gery 6/6 2/2
Henrietta Baldock 6/6 2/2
Philip Broadley 6/6 2/2
Lesley Knox 6/6 1/2
George Lewis 6/6 2/2
Ric Lewis 6/6 1/2
Tushar Morzaria 6/6 2/2
Committee undertakings
Quarter Governance Performance Remuneration policy Regulatory
First • Reviewed the 2023 Social
impactreport, which contains
ourgender andethnicity pay
gapdata.
• Reviewed findings of Board
effectiveness evaluation.
• Approved changes to the
structure of the Employee Share
Ownership Trust Committee.
• Reviewed findings of the 2024
Chief Risk Officer’s (CRO) report,
Climate and nature report,
andgroup-wide culture and
customer review.
• Approved the 2023/24 annual
pay review and executive
payawards.
• Approved vesting of the
2021PSP.
• Reviewed proposals for updates
toreward strategy.
• Reviewed proposals for the 2024
AVP performance measures.
• Approved the 2024 PSP
performance conditions.
• Approved 2024 PSP and
SBPawards.
• Approved the 2024
ShareSaveinvitation.
• Reviewed summary of 2024
variable pay outcomes for
CodeStaff and Solvency II
Identified Staff.
Second • Approved bespoke project-based
incentive plan for key employees.
• Approved 2024 AVP performance
measures and targets.
Third • Reviewed outcomes of AGM.
• Approved remuneration package
and buyout for the new CEO of
Asset Management.
• Financial update and
indicativevariable pay update
forexecutive teams.
• Reviewed PSP vesting forecasts.
• Reviewed update on progress
ofthe reward strategy.
Fourth • Reviewed and approved the
Committee’s terms of reference.
• Reviewed report on the activities
of the Group Reward Steering
Committee in 2024.
• Consideration of forecasted AVP
out-turns in respect of 2024.
• Consideration of budget for base
salary increases in 2025.
• Reviewed remuneration policy
forthe wider workforce, including
minor amendments to the malus
and clawback processes.
• Reviewed AVP and PSP
performance measures and
targets for 2024.
• Reviewed Code Staff and
Solvency II Identified Staff lists
and criteria for identification.
• Approved remuneration policy
statements for FCA and PRA.
• Approved the 2025 maximum
fixed to variable pay ratio for
MiFIDPRU regulated firms.
At the invitation of the Remuneration Committee, the Group Chair attends Committee meetings. Where appropriate, the Group Chief Executive,
the Chief Transformation and People Officer, Group Reward Director, Head of Executive Compensation, Director of Group Finance, Chief Risk
Officer and Group Climate Director also attend meetings. No person is present during any discussion relating to that person’s own remuneration.
At the invitation of the Remuneration Committee, a representative from PricewaterhouseCoopers (PwC) also attends Committee meetings.
During 2024, PwC principally advised the Committee on external developments affecting remuneration as well as specific matters raised by
theRemuneration Committee. PwC were appointed by the Committee. The Committee reflects on the quality of advice provided and whether
itproperly addresses the issues under consideration as part of its normal deliberations. The Committee is satisfied that the advice received
fromthe PwC engagement team is objective and independent. PwC are signatories to the Remuneration Consultants’ Group Code of Conduct
inrelation to executive remuneration consulting in the UK. The total fees paid to PwC, in relation to Remuneration Committee work during 2024,
were £152,650 (excluding VAT). While fee estimates are required for bespoke pieces of work, fees are generally charged based on time with hourly
rates in line with the level of expertise and seniority of the advisor concerned. During the year, PwC also provided the Company with HR consulting
services including advice to management on regulatory aspects of reward, as well as other professional services including tax, consulting,
accounting, regulatory compliance, and other advice to the Group.
Legal & General Group Plc Annual report and accounts 2024 111
Strategic report Governance Financial statements Other information

Annual report on remuneration continued
Considering risk
The Reward Steering Committee (RSC) and the Group Regulatory Risk and Compliance function make a key contribution to the process
ofdesigning reward structures and evaluating whether achievement of objectives and any payment from plans have taken into account
theoverallrisk profile of the Group.
Reward Steering Committee (RSC)
Reporting to the Remuneration Committee, the RSC helps set the framework within which incentive arrangements are normally reviewed and
implemented, with a view to supporting business strategy, while acting within the Group’s risk appetite. The members of the RSC include the
Group Conduct Risk Director, Asset Management Chief Compliance Officer, the Director of Group Finance, the Group Reward Director, and the
Head of Executive Compensation.
Where a business unit tables a proposal for consideration, the relevant business manager is required to attend the RSC meeting to explain the
background and to answer any questions from the RSC.
Group Regulatory Risk and Compliance function
The Remuneration Committee also works closely with the Group Regulatory Risk and Compliance function with respect to remuneration proposals.
In particular, the function reports to the Committee on an annual basis on whether any risks have been taken outside of pre-agreed parameters,
whether there have been regulatory breaches, or whether they are aware of any other considerations that may lead the Committee to consider
whether it should impact payments to employees (including in particular the executive directors and Code staff).
The Chief Risk Officer also specifically looks at the overall risk profile of the Group and whether executive directors have achieved objectives within
the Group’s accepted risk appetite, and also reviews the executive directors’ objectives for the forthcoming year to ensure they are in line with the
risk parameters.
Since the implementation of a new Solvency II remuneration policy in 2016, the scope of the Chief Risk Officer’s report has been extended to
consider whether there are any risk considerations which may warrant adjustments to the overall level of corporate annual variable pay awards.
Engagement with key stakeholders
The Committee seeks to maintain an active and productive dialogue with investors on developments in the remuneration aspects of corporate
governance and any changes to the Group’s executive pay arrangements. During 2022, we reviewed our approach to remuneration in the context
of future business strategy, updated investor guidelines and evolving best practice, and sought feedback from shareholders and representative
bodies. The responses that we received helped shape our thinking with respect to the new remuneration policy which was approved by shareholders
at the AGM in May 2023.
During 2025, the Committee will continue to closely examine our remuneration principles and policies to ensure they remain appropriate in the
context of future business strategy, updated investor guidelines, and evolving best practice, and will consult with the Group’s largest shareholders
on any proposed changes.
We engaged regularly with our workforce throughout 2024, including via our workforce representative bodies Unite (the trade union) and our
Management Consultative Forum on a number of topics, including pay, and propose to continue this dialogue in 2025, including in relation
toournew remuneration policy.
Legal & General Group Plc Annual report and accounts 2024 112

Statement of voting at the AGM
The table below shows the voting outcomes on the directors’ remuneration policy, approved at the 2023 AGM, and the directors’ remuneration
report, approved at the last AGM in May 2024.
Item For Against Abstain number
Remuneration policy
95.46% 4.54%
3,646,065,245 173,407,374 1,515,264
Remuneration report
96.51% 3.49%
3,594,955,335 130,133,675 2,197,448
Dilution limits
The Company’s share plans operate within the Investment Association’s dilution limit of 5% of issued capital in 10 years for executive schemes,
and all its plans will operate within the limit of 10% of issued capital in 10 years for all schemes.
As at 31 December 2024, the Company had 4.95% of share capital available under the 5% in 10 years limit and 9.55% of share capital under
the10% in 10 years limit.
As at 31 December 2024, 67,155,613 shares were held by the Employee Benefit Trust in respect of outstanding awards of 89,557,256 shares
forthe PSP and SBP.
Other information relating to directors’ remuneration
External appointments
During 2024, António Simões was a Trustee of the Kings Trust International and Jeff Davies was a Non-Executive Director of Ethniki Hellenic
General Insurance Company S.A.
External appointments are subject to annual agreement by the Board and must not be with competing companies. Fees may be retained
bytheindividual subject to the Board’s agreement.
Legal & General Group Plc Annual report and accounts 2024 113
Strategic report Governance Financial statements Other information

Financial
statements
Legal & General Group Plc Annual report and accounts 2024 114

Inside
this section
116 Group consolidated financialstatements
117 Independent auditor’s report
128 Primary statements and performance
158 Balance sheet management
212 Additional financial information
238 Company financial statements
Strategic report Governance Financial statements Other information
Legal & General Group Plc Annual report and accounts 2024 115

The Group consolidated financial statements are divided into three sections:
• The Primary statements and performance section, which includes the Group primary statements and other notes which we believe
areintegral to understanding our financial performance.
• The Balance sheet management section, which provides further details on our financial position and approach to risk management.
• The Additional financial information section, which includes disclosures required to be compliant with accounting standards
ortheCompanies Act. We view this information as important, but less significant in understanding our business and performance.
Contents
Group consolidated financial statements Additional financial information
Independent auditor’s report 117 29. Investment return 212
30. Tax 214
Primary statements and performance 31. Auditor’s remuneration 218
Consolidated Income Statement 128 32. Employee information 218
Consolidated Statement of Comprehensive Income 129 33. Share-based payments 219
Consolidated Balance Sheet 130 34. Share capital, share premium and employee scheme treasury shares 221
Consolidated Statement of Changes in Equity 131 35. Restricted Tier 1 convertible notes 222
Consolidated Statement of Cash Flows 132 36. Other liabilities 222
1. Basis of preparation and accounting policies 133 37. Related party transactions 223
2. Supplementary adjusted operating profit information 151 38. Contingent liabilities, guarantees and indemnities 223
3. Post balance sheet events 156 39. Commitments 224
4. Insurance service and other expenses 156 40. Associates and joint ventures 225
5. Dividends 156 41. Related undertakings 225
6. Earnings per share 157 42. Interests in structured entities 236
Balance sheet management Company financial statements 238
7. Principal products 158
8. Asset risk 160
9. Balance sheet analysis 163
10. Intangible assets 164
11. Property, plant and equipment 165
12. Financial investments and investment property 166
13. Derivative assets and liabilities 172
14. Receivables and other assets 173
15. Cash and cash equivalents 174
16. Market risk 174
17. Credit risk 176
18. Insurance risk 179
19. Long-term insurance valuation assumptions 180
20. IFRS sensitivity analysis 183
21. Insurance contracts 185
22. Investment contract liabilities 197
23. Borrowings 198
24. Provisions 203
25. Payables and other financial liabilities 206
26. Leases 207
27. Management of capital resources 208
28. Disposals 211
Consolidated financial statements
Legal & General Group Plc Annual report and accounts 2024 116

KPMG LLP’s Independent auditor’s report
To the members of Legal & General Group Plc
1. Our opinion is unmodified
In our opinion:
• the financial statements of Legal & General Group Plc give a true and fair view of the state of the Group’s and of the parent company’s affairs
as at 31 December 2024, and of the Group’s profit for the year then ended
• the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards
• the parent company financial statements have been properly prepared in accordance with UK accounting standards, including FRS 101
Reduced Disclosure Framework
• the Group and parent company financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
What our opinion covers
We have audited the Group and parent company financial statements of Legal & General Group Plc (the Company) for the year ended
31 December 2024 included in the Annual report and accounts, which comprise:
Legal & General Group Plc and its subsidiaries Parent company (Legal & General Group Plc)
Consolidated Income Statement, Consolidated Statement of Comprehensive
Income, Consolidated Balance Sheet, Consolidated Statement of Changes in
Equity and Consolidated Statement of Cash Flows. Notes 1 to 42 to the Group
financial statements (including the accounting policies in Note 1) except the
information being disclosed as unaudited.
Company Balance Sheet and Company Statement of Changes in Equity.
Notes1to14 to the parent company financial statements, including the
accounting policies in Note 1.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities are
described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion
andmatters included in this report are consistent with those discussed and included in our reporting to the Audit Committee (AC).
We have fulfilled our ethical responsibilities under, and we remain independent of the Group in accordance with, UK ethical requirements including
the FRC Ethical Standard as applied to listed public interest entities.
2. Overview of our audit
Factors driving
ourview of risks
Following our 2023 audit, and considering developments affecting
theGroup since then, we have updated our audit risk assessment
forKey Audit Matters (KAMs) previously identified.
The risk associated with the valuation of UK annuity policyholder
liabilities KAM (4.1) is predominantly driven by the inherent subjectivity
associated with the longevity, expense and credit risk assumptions
for UK annuity policyholder liabilities. We continue to consider the
impact of external factors such as the current economic conditions
and the long-term view on life expectancy affecting the measurement
of annuity liabilities. The level of risk has been reduced in the current
year due to the removal of the operational challenges associated with
the first-time adoption of IFRS 17 across multiple periods, resulting in
more stable operational and financial reporting processes. This
includes the initial determination of the UK deferred annuity coverage
units’ methodology which was completed in 2023.
The risk associated with the valuation of hard to value (Level 3)
investments KAM (4.2) is predominantly driven by the significant
estimation uncertainty associated with valuing Level 3 investments,
specifically UK lifetime mortgages, private credit portfolios, and
investment property.
The continuing financial significance of the parent company’s
investment in subsidiaries drives the identification of recoverability
ofthe parent company’s investment in subsidiaries as a key area of
focus for the parent company’s audit (4.3).
Key Audit Matters vs 2023 Item
Valuation of UK annuity policyholderliabilities 4.1
Valuation of hard to value (Level3)investments
4.2
Parent company risk: Recoverability ofparent
company’s investments insubsidiaries
4.3
Audit Committee
interaction
During the year, the Audit Committee met 6 times. KPMG are invited to attend all Audit Committee meetings and are provided with an
opportunity to meet with the Audit Committee in private sessions without the Executive Directors being present. For each Key Audit Matter,
we have set out communications with the Audit Committee in section 4, including matters that required particular judgement for each.
The matters included in the Audit Committee report on page 74 are materially consistent with our observations of those meetings.
Legal & General Group Plc Annual report and accounts 2024 117
Strategic report Governance Financial statements Other information

Our independence We have fulfilled our ethical responsibilities under, and
weremainindependent of the Group in accordance with,
UKethicalrequirements including the FRC Ethical Standard
asapplied tolistedpublic interest entities.
We have not performed any non-audit services during 2024 or
subsequently which are prohibited by the FRC Ethical Standard.
We were first appointed as auditor by the directors for the year ended
31 December 2018. The period of total uninterrupted engagement is
for the 7 financial years ended 31 December 2024.
The Group engagement partner is required to rotate every 5 years.
Asthese are the second set of the Group’s financial statements signed
by Philip Smart, he will be required to rotate off after the 2027audit.
The average tenure of component engagement partners
is2years,with the shortest being 1 and the longest being 3.
Total audit fee £15.7m
Audit related fees
(includinginterim review)
£3.0m
Other services £1.1m
Non-audit fee as a % of total
auditand audit related fees %
5.9%
Date first appointed 17 May 2018
Uninterrupted audit tenure 7 years
Next financial period
which requires a tender
2028
Tenure of Group
engagementpartner
2 years
Average tenure of component
engagement partners
2 years
Materiality
(Item 6 below)
The scope of our work is influenced by our view of materiality
andourassessed risk of material misstatement.
We have determined overall materiality for the Group financial statements
as a whole to be £80.8m (2023: £82.9m) and for the parent company
financial statements as a whole to be £36m (2023: £33m).
Consistent with 2023, we determined that profit before tax from
continuing operations (PBTCO) normalised to exclude this year’s
investment and other variances and gains/(losses) attributable to
non-controlling interests remains the benchmark for the Group. This
is due to its importance to users of the financial statements because
the share price is more sensitive to changes in the PBTCO than other
metrics. As such, we based our Group materiality on normalised
PBTCO, of which it represents 4.72% (2023: 4.97%).
In addition, we applied materiality of £3.3bn (2023: £3.3bn) to the
unitlinked assets and liabilities in the Consolidated Balance Sheet &
Consolidated Income Statement and related notes, of which it
represents 0.9% (2023: 0.9%) of total unit linked assets, in accordance
with FRC Practice Note 20 ‘The Audit of Insurers in the United
Kingdom’.
Materiality for the parent company financial statements was
determined with reference to a benchmark of parent company
netassets of which it represents 0.52% (2023: 0.47%).
Materiality levels used in our audit
Group
GPM
HCM
PCM
LCM
AMPT
Group
Group Materiality
GPM
Group Performance Materiality
HCM
Highest Component Materiality
PCM
Parent Company Materiality
LCM
Lowest Component Materiality
AMPT
Audit Misstatement Posting Threshold
2024: £m
2023: £m
80.8
82.9
60.6
53.8
64.0
53.0
36.0
33.0
16.0
12.0
4.0
3.7
Group scope
(Item 7 below)
We have performed risk assessment and planning procedures
todetermine which of the Group’s components are likely to include
risks of material misstatement to the Group financial statements,
thetype of procedures to be performed at these components, and
theextent of involvement required from our component auditors
around the world.
Of the Group’s 12 in-scope reporting components, we identified
5quantitatively significant components, 4 components requiring
special audit attention, and 3 other components included in the
scopeof our work for other reasons.
We also have identified 1 shared service centre which performs expense
work for all components within the Group. The components within the
scope of our work accounted for the percentages illustrated opposite.
We consider the scope of our audit, as communicated to the Audit
Committee, to be an appropriate basis for our audit opinion.
Coverage of Group financial statements
Our audit procedures covered 89% of Group revenue.
We performed audit procedures in relation to components
that accounted for the following percentages:
Quantitatively significant
Special audit attention
Other procedures performed
Remaining components
Group revenue
Group profit
before tax
Group
total assets
89%
11%
94%
5%
1%
94%
5%
1%
Independent auditor’s report continued
Legal & General Group Plc Annual report and accounts 2024 118

The impact of climate
change on our audit
In planning our audit, we have considered the potential impact of climate change on the Group’s business and its financial statements.
Climate change, and the associated initiatives and commitments, impact the Group in a variety of ways including the potential financial risks
which could arise from the associated physical and transition risks and the greater narrative and disclosure of the impact of climate change
risk that is incorporated into the Annual report and accounts. The Group’s exposure to climate change is primarily through climate-related
transition risks which potentially impact the carrying amount of investments and potential reputational risk associated with the Group’s
delivery of its climate-related commitments. The Group has set out its commitments under the Paris objective to achieve net zero carbon
emissions by 2050 in its Strategic report on page 35.
As a part of our audit we have made enquiries of management to understand the extent of the potential impact of climate change risk on the
Group’s financial statements, including how climate is considered as part of the investment making and monitoring processes, and the Group’s
preparedness for this. We have performed a risk assessment of how the impact of climate change may affect the financial statements and
our audit.
On the basis of the risk assessment procedures performed above, and taking into account the nature of the Group’s assets and basis of the
related valuations, we concluded that, while climate change may pose a risk to the determination of asset values, the risk was not significant
inthe current year. As a result, there was no significant impact from climate change on our KAMs.
We have also read the disclosures of climate-related information in the Strategic report as set out on pages 30-39 and considered
consistencywith the financial statements and our audit knowledge. We have not been engaged to provide assurance over the accuracy
ofthese disclosures.
3. Going concern, viability and principal risks and uncertainties
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the parent company
or to cease their operations, and as they have concluded that the Group’s and the parent company’s financial position means that this is realistic.
They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue asa going
concern for at least a year from the date of approval of the financial statements (the going concern period).
Going concern
We used our knowledge of the Group and parent company, its industry, and the general economic environment in
which it operates to identify the inherent risks to its business model and analysed how those risks might affect
the Group and parent company’s financial resources or ability to continue operations over the going concern
period. The risks that were considered most likely to adversely affect the Group’s and parent company’s available
financial resources over this period were:
• adverse impacts arising from fluctuations or negative trends in the economic environment including, but not
limited to, wider credit spreads and defaults which affect regulatory capital solvency coverage ratios, liquidity
ratios, the valuations of the Group’s hard to value (Level 3) investments that require judgement and valuation
ofinsurance contract liabilities
• severely adverse policyholder lapse or claims experience.
We also considered less predictable but realistic second order impacts, such as the failure of counterparties
whohave transactions with the Group (such as banks and reinsurers), which could result in a rapid reduction
ofavailable financial resources.
We considered whether these risks could plausibly affect the capital and liquidity in the going concern period by
comparing severe, but plausible downside scenarios that could arise from these risks individually and collectively
against the level of available financial resources by the Group’s financial forecasts.
We considered whether the going concern disclosure in Note 1 (ii) to the financial statements gives an accurate
description of the directors’ assessment of going concern, including the identified risks and related sensitivities.
Accordingly, based on those procedures, we found the directors’ use of the going concern basis of accounting
without any material uncertainty for the Group and parent company to be acceptable.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes
that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions
are not a guarantee that the Group or the parent company will continue in operation.
Our conclusions
• We consider that the directors’ use of the going
concern basis of accounting in the preparation
ofthe financial statements is appropriate.
• We have not identified, and concur with the
directors’ assessment that there is not, a material
uncertainty related to events or conditions that,
individually or collectively, may cast significant
doubt on the Group’s or parent company’s ability
tocontinue as a going concern for the going
concern period.
• We have nothing material to add or draw attention
to in relation to the directors’ statement in Note 1
tothe financial statements on the use of the going
concern basis of accounting with no material
uncertainties that may cast significant doubt over
the Group and parent company’s use of that basis
for the going concern period, and we found the
going concern disclosure in Note 1 to be acceptable.
• The related statement under the Listing Rules set
out on page 248 is materially consistent with the
financial statements and our audit knowledge.
Disclosures of emerging and principal risks and longer-term viability
Our responsibility
We are required to perform procedures to identify whether there is a material inconsistency between the
directors’ disclosures in respect of emerging and principal risks and the viability statement, and the financial
statements and our audit knowledge.
Based on those procedures, we have nothing material to add or draw attention to in relation to:
• the directors’ confirmation within the viability statement on page 48 that they have carried out a robust
assessment of the emerging and principal risks facing the Group, including those that would threaten its
business model, future performance, solvency and liquidity
• the risks and uncertainties disclosures describing these risks and how emerging risks are identified and
explaining how they are being managed and mitigated
• the directors’ explanation in the viability statement of how they have assessed the prospects of the Group, over
what period they have done so and why they considered that period to be appropriate, and their statement as
to whether they have a reasonable expectation that the Group will be able to continue in operation and meet its
liabilities as they fall due over the period of their assessment, including any related disclosures drawing
attention to any necessary qualifications or assumptions.
We are also required to review the viability statement set out on page 48 under the Listing Rules.
Our work is limited to assessing these matters in the context of only the knowledge acquired during our financial
statements audit. As we cannot predict all future events or conditions and as subsequent events may result
inoutcomes that are inconsistent with judgements that were reasonable at the time they were made, the
absence of anything to report on these statements is not a guarantee as to the Group’s and parent company’s
longer-term viability.
Our reporting
We have nothing material to add or draw attention
toin relation to these disclosures.
We have concluded that these disclosures are
materially consistent with the financial statements
and our audit knowledge.
Legal & General Group Plc Annual report and accounts 2024 119
Strategic report Governance Financial statements Other information

4. Key Audit Matters
What we mean
• Key Audit Matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements and include the most
significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on:
• the overall audit strategy
• the allocation of resources in the audit
• directing the efforts of the engagement team.
We include below the Key Audit Matters in decreasing order of audit significance together with our key audit procedures to address those matters
and our results from those procedures. These matters were addressed, and our results are based on procedures undertaken, for the purpose of
our audit of the financial statements as a whole. We do not provide a separate opinion on these matters.
4.1 Valuation of UK annuity policyholder liabilities (Group)
Financial statement elements Our assessment of risk vs 2023 Our results
2024 2023 With 2024 being the second year of reporting under IFRS 17,
theoperational challenges associated with first-time adoption
ofIFRS17 across multiple periods have diminished, including
theinitialdetermination of the UK deferred annuity coverage
unitmethodology. The overall risk associated with the valuation
ofinsurancecontract liabilities has therefore reduced.
2024: Acceptable
2023: Acceptable
UK annuity policyholder liabilities
included within insurance
contract liabilities £91.075bn £86.706bn
Description of the Key Audit Matter Our response to the risk
The insurance contract liabilities balance consists of the present value of future
cash flows, risk adjustment for non-financial risk, and contractual service margin
(CSM) components.
Subjective valuation:
The valuation of UK annuity policyholder liabilities within insurance contract
liabilities is an inherently subjective area, requiring management judgement in the
setting of key assumptions, including longevity, credit and expense risk. A small
change in these assumptions can have a significant impact on the liabilities.
Longevity assumptions
Longevity assumptions have two main components: mortality base assumptions
and the rate of mortality improvements. Changing trends in longevity and emerging
medical trends means there is a high level of uncertainty in the assumptions. This
uncertainty remains heightened in the current year due to the potential medium
and long-term impacts of Covid-19 on trends in future mortality. There is also
ahigh degree of reliance on CMI models, and industry convergence across the
industry on its parameterisation. Hence, there is a risk that other mortality and
health data sources are not appropriately considered under the assumption
setting methodology.
Credit assumptions
The Group discounts the fulfilment cash flows in order to calculate the present
value of future cash flows (PVFCF) at the balance sheet date using current
discount rates. The Group’s current discount rate is derived by adjusting a
reference asset portfolio for risks not present in the related insurance liabilities,
inparticular credit risk, such that the discount rate includes a yield above the
risk-free rate that appropriately reflects the risks in the liabilities, in particular
theirilliquid nature. The credit risk deduction method is judgemental and small
changes in this can have a significant impact on the PVFCF. The assumptions
surrounding this deduction require significant judgement and there is a risk that
changes in investment yields, market spreads, current actual default experience,
and anticipated trends are not appropriately reflected.
Expense assumptions
Management judgement is required in setting the maintenance expense
assumption which is based on management’s long-term view of the expected
future costs of administering the underlying policies, the allocation between
costcentres, and determination of costs that are directly attributable to and
non-directly attributable to the maintenance of insurance contracts.
Data capture
There is a risk that incomplete and inaccurate annuity data is used in the calculation
of insurance liabilities resulting from inaccurate transfer or conversion of aggregate
data from the policy administration systems into model point files used to value
the liabilities in the actuarial models. In addition, there is a risk that inaccurate
asset data, including projected cash flows, is used to calculate the default
adjustment applied to the discount rate.
Estimation uncertainty:
The effect of these matters is that, as part of our risk assessment, we determined
that the valuation of insurance contract liabilities has a high degree of estimation
uncertainty, with a potential range of reasonable outcomes greater than our materiality
for the financial statements as a whole, and possibly many times that amount. The
financial statements disclose the sensitivities (Note 20) estimated by the Group.
We used our own actuarial specialists to assist us in performing our procedures in
this area. Our procedures to address the risk included:
• Control design and re-performance: testing reconciliation controls designed
toensure completeness of data flows from policy administration systems to
theactuarial models. With the assistance of our IT audit specialists, testing
controls over user access of annuity policy administration systems and over
theaccuracy of data flows and data conversions from these systems to the
actuarial valuation models.
• Test of detail: testing the completeness of data used in the valuation of annuity
liabilities by reconciling the data from the policy administration system to the data
used in the actuarial models.
• Test of detail: by using data and analytics procedures, testing the accuracy
ofhistorical data input into the actuarial model, comparing the data used
forreporting as at 31 December 2024 to the data used for reporting as at
31December 2023 in relation to policies that were in force at that time.
• Test of detail: tracing a sample of policyholder data inputs relating to new
business, surrenders, maturities and deaths from the actuarial valuation model
tothe underlying policy documents.
• Test of detail: for a sample of assets, validating the accuracy of the asset data
used to project the cash flows, from which is derived the yield that is applied in the
calculation of the current discount rate and, with the assistance of our valuation
specialists, re-projecting those cash flows.
• Historical comparisons: evaluating whether the expense assumptions reflect
theexpected future costs of administering the underlying policies by considering
the historical accuracy of management’s forecast expenses and assessing
thereasonableness of the allocations of the forecast 2025 costs to directly
attributable maintenance expenses with reference to the historical allocations.
• Methodology choice: assessing the appropriateness of the methodology for
selecting assumptions by applying our understanding of developments in the
business and expectations derived from market experience, including
consideration of the effects of uncertain economic conditions on policyholder
mortality and credit risk. For longevity assumptions, this includes consideration
of the cause of death modelling performed by management and other non-CMI
sources alongside the CMI modelling used across the industry.
• Accounting analysis: assessing whether the Group’s proposed methodology
fordetermining the discount rate credit deduction and reference portfolios
isconsistent with the requirements of IFRS 17.
• Benchmarking assumptions: assessing mortality improvement assumptions
against industry data on expected future mortality rate improvements and industry
historic mortality improvement rates, and assessing the appropriateness of the
credit risk assumptions by comparing to industry practice and our expectations
derived from market experience.
• Historical comparisons: evaluating the mortality base assumptions used
inthevaluation of the annuity liabilities by comparing to the Group’s historic
mortality experience.
• Assessing transparency: considering whether the disclosures in relation
totheassumptions used in the calculation of the valuation of insurance
contractliabilities are compliant with the relevant accounting requirements
andappropriately represent the sensitivities of these assumptions to alternative
scenarios and inputs.
Independent auditor’s report continued
Legal & General Group Plc Annual report and accounts 2024 120

Communications with the Legal & General Group Plc Audit Committee
Our discussions with and reporting to the Audit Committee included:
• our approach to the audit of UK annuity policyholder liabilities included within insurance contract liabilities, including details of our planned substantive procedures,
and the extent of our control reliance
• our conclusions on the appropriateness of the Group’s methodology for setting assumptions and calculating annuity policyholder liabilities included within
insurance contract liabilities and accounting policies
• our conclusions on the appropriateness of the longevity, credit, and expense assumptions, including challenge of the assumptions using our sector experience and
market knowledge
• our conclusions on the completeness and accuracy of the annuity policyholder data that is used in the valuation of insurance liabilities and accuracy of the asset
cash flows used to derive the default adjustment applied to the discount rate
• the adequacy and appropriateness of the disclosures, particularly as they relate to the sensitivity of annuity policyholder liabilities included within insurance
contract liabilities to key assumptions.
Areas of particular auditor judgement
We identified the following as the areas of particular auditor judgement:
• the appropriateness of the assumptions, including longevity, credit, and expense assumptions
• the approach and methods applied to determine the discount rates, including the credit default deduction.
Our results
We found the resulting estimate of the valuation of UK annuity policyholder liabilities within insurance contract liabilities to be acceptable (2023 result: acceptable).
Further information in the Annual report and accounts: See the Audit Committee report on page 78 for details on how the Audit Committee
considered the valuation of UK annuity policyholder liabilities within insurance contract liabilities as an area of significant attention, page 135
fortheaccounting policy on insurance contract liabilities, and Notes 18, 19, 20 and 21 for the financial disclosures.
4.2 Valuation of hard to value (Level 3) investments (Group)
Financial statement elements Our assessment of risk vs 2023 Our results
2024 2023 We have not identified any significant changes to our assessment
ofthelevel of risk relating to valuation of hard to value (Level 3)
investments compared to 2023.
2024: Acceptable
2023: Acceptable
UK lifetime mortgages £5.359bn £5.324bn
Private credit portfolio £13.960bn £12.258bn
Investment property £9.822bn £8.893bn
Description of the Key Audit Matter Our response to the risk
Subjective valuation:
6.9% of the investment portfolio as at 31 December 2024 (2023: 6.7%) was
classified as Level 3 assets, of which we consider the valuation of UK lifetime
mortgages, private credit investments (UK and US) and investment property,
involve the greatest level of subjectivity. We continue to consider the impact
onthesubjectivity of the asset valuations as a result of the uncertainty caused
byeconomic conditions. For these positions a reliable third-party price from a
recentmarket transaction is not readily available and therefore the application
ofexpert judgement from management in the valuations adopted is required.
The key assumptions underlying the valuations are:
• UK lifetime mortgages: property price at the valuation date, property price
inflation, property price inflation volatility, voluntary redemption rate and the
illiquidity premium added to the risk-free rate.
• Private credit (UK) and US private placements (Private Credit):
internally-generated credit ratings based on management judgement.
• Investment property: yield of the property.
Estimation uncertainty
The effect of these matters is that, as part of our risk assessment, we
determinedthat the valuation of hard to value (Level 3) investments has a high
degreeof estimation uncertainty, with a potential range of reasonable outcomes
greater thanourmateriality for the financial statements as a whole, and possibly
manytimes that amount. The financial statements disclose the sensitivities
(Note12 (ii)) estimated by the Group.
Our procedures to address the risk included:
• Our valuation expertise:
• using our own valuation specialists to assess the suitability of the valuation
and credit rating methodologies used by the Group, to independently revalue
asample of the internally rated private credit investments
• using our own valuation specialists to evaluate the appropriateness of the
assumptions used in the valuation of investment properties with reference
tomarket data and industry benchmarks
• using our own actuarial specialists to evaluate the appropriateness of the
assumptions used in the valuation of UK lifetime mortgages with reference
tomarket data and industry benchmarks.
• Assessing valuers’ credentials: assessing the objectivity, professional qualifications
and competence of external valuers of private credit, and investment property
investments and reconciling the valuations provided by them to the valuations
recorded in the financial statements.
• Methodology choice: in the context of observed industry best practice, Group’s own
valuation methodology, relevant accounting standards and the provisions of the RICS
Valuation Professional Standards ‘the Red Book’, we challenged the appropriateness
of selected credit rating methodologies for internally rated private credit investments
and the valuation methodology adopted for investment property.
• Benchmarking assumptions: evaluating and challenging the key assumptions
upon which the valuations of lifetime mortgages, internally rated private credit
and investment property investments were based, including consideration of
theimpacts of economic uncertainties, by making a comparison to our own
understanding of the market, comparable evidence relied on by the valuers
usedby the Group and to industry benchmarks.
• Assessing transparency: assessing whether the disclosures in relation to the
valuation of hard to value (Level 3) investments are compliant with the relevant
financial reporting requirements and appropriately present the sensitivities of the
valuation to alternative assumptions.
Legal & General Group Plc Annual report and accounts 2024 121
Strategic report Governance Financial statements Other information

Communications with the Legal & General Group Plc Audit Committee
Our discussions with and reporting to the Audit Committee included:
• our approach to the audit of the valuation of the UK lifetime mortgages, internally rated private credit portfolios and investment property hard to value (Level 3)
investments, including details of our planned substantive procedures and the extent of our control reliance
• our conclusions on the appropriateness of the methodology and assumptions adopted by the Group to the valuation of UK lifetime mortgages, internally rated
private credit portfolio and investment property hard to value (Level 3) investments
• the adequacy of the disclosures, particularly as they relate to the sensitivity of Level 3 investments to key assumptions.
Areas of particular auditor judgement
We identified the following as the areas of particular auditor judgement:
• determination of the valuation methodology where external pricing sources are not readily available or unreliable
• the appropriateness of the credit ratings and valuation of internally rated private credit investments
• the appropriateness of the UK lifetime mortgages’ assumptions, including property price at valuation date, property price inflation, property price volatility,
voluntary redemptions and the illiquidity premium.
Our results
We found the resulting estimate of the valuation of hard to value (Level 3) investments to be acceptable (2023 result: acceptable).
Further information in the Annual report and accounts: See the Audit Committee report on page 78 for details on how the Audit Committee
considered the valuation of hard to value (Level 3) investments as an area of significant attention, page 136 for the accounting policy for Level 3
investments, and Note 12 for the financial disclosures.
4.3 Recoverability of parent company’s investment in subsidiaries (Parent)
Financial statement elements Our assessment of risk vs 2023 Our results
2024 2023 We have not identified any significant changes to our assessment
ofthelevel of risk relating to Recoverability of the parent company’s
investment in subsidiaries compared to 2023.
2024: Acceptable
2023: Acceptable
Parent company risk:
Recoverability of the parent
company’s investments
insubsidiaries £11.113bn £10.982bn
Description of the Key Audit Matter Our response to the risk
Low risk, high value:
The carrying amount of the parent company’s investments in subsidiaries represents
90.6% (2023: 89.2%) of the parent company’s total assets. The carrying amount is
not at a high risk of significant misstatement or subject to significant judgement.
However, due to its materiality in the context of the parent company financial
statements, this is considered to be the area that had the greatest effect on our
overall parent company audit.
We performed the tests below rather than seeking to rely on any of the parent
company’s controls because the nature of the balance is such that we would expect
toobtain audit evidence primarily through the detailed procedures described.
Our procedures included:
• Test of detail: comparing the carrying amount of the parent company’s
investments, with the subsidiaries’ financial information to identify whether
theirnet assets, being an approximation of their minimum recoverable amount,
are in excess of their carrying amount.
• Comparing valuations: for the investments where the carrying amount exceeded
the net asset value, comparing the carrying amount of the investmentwith the
expected value of the business.
Communications with the Legal & General Group Plc Audit Committee
Our discussions with and reporting to the Audit Committee included:
• our approach to the audit of the recoverability of the parent company’s investment in subsidiaries
• our conclusions on the appropriateness of the valuation of the parent company’s investment in subsidiaries.
Our results
We found the balance of the parent company’s investments in subsidiaries and the related impairment charge to be acceptable (2023: acceptable).
Further information in the Annual report and accounts: See page 135 for the accounting policy on investments in subsidiaries and Note 7 for the
parent company financial disclosures.
Independent auditor’s report continued
Legal & General Group Plc Annual report and accounts 2024 122

5. Our ability to detect irregularities, and our response
Fraud – identifying and responding to risks of material misstatement due to fraud
Fraud risk assessment To identify risks of material misstatement due to fraud (fraud risks) we assessed events or conditions that could indicate an
incentive or pressure to commit fraud, or provide an opportunity to commit fraud. Our risk assessment procedures included:
• enquiring of directors, the Audit Committee, internal audit and the Group Financial Crime Director as to whether they have
knowledge of any actual, suspected or alleged fraud and inspection of policy documentation as to the Group’s high-level
policies and procedures to prevent and detect fraud, including the internal audit function, and the Group’s channel
for“whistleblowing”
• reading Board, Audit Committee and Risk Committee meeting minutes
• considering remuneration incentive schemes and performance targets for management
• using analytical procedures to identify any unusual or unexpected relationships
• inspecting correspondence with regulators to identify instances or suspected instances of fraud
• reviewing the audit misstatements from prior period to identify fraud risk factors
• reading broker reports and other public information to identify third-party expectations and concerns.
Risk communications We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the
audit. This included communication from the Group audit team to component audit teams of relevant fraud risks identified at the
Group level and request for component audit teams to report to the Group audit team any instances of fraud that could give rise
toa material misstatement at the Group level.
Fraud risks As required by auditing standards and taking into account possible pressures to meet profit targets, we perform procedures
toaddress the risk of management override of controls, in particular the risk that Group and component management may be
inaposition to make inappropriate accounting estimates and judgements. Accordingly, we identified fraud risks related to the
valuation of insurance contract liabilities and valuation of hard to value (Level 3) assets that require management judgement
(private credit and lifetime mortgages) given the impact on the Group’s profit, the opportunity for management to manipulate
assumptions due to the subjectivity involved and given the long-term nature of these assumptions which are more difficult to
corroborate. We do not believe there is a fraud risk related to any other Group revenue because there is limited management
judgement involved in the recognition and measurement of the transaction price for all material revenue streams. The methodology
for determination of the coverage units has remained consistent year-on-year and there have been no new products requiring
alternative coverage unit methodologies. We therefore removed the fraud risk over revenue recognition for UK deferred annuities
from the Valuation of UK annuity policyholder liabilities KAM in Section 4.
Link to KAMs We identified fraud risks related to the valuation of UK annuity policyholder liabilities, and valuation of hard to value (Level 3)
investments in response to possible pressures to meet profit targets.
Further detail in respect of the valuation of UK annuity policyholder liabilities, and valuation of hard to value (Level 3) investments
is set out in the two KAM disclosures in Section 4 of this report.
Procedures to address fraud risks We performed procedures including:
• instructing Quantitatively Significant components and components where there is a heightened risk of management override
of controls to identify journal entries to test based on high-risk criteria sent to them and comparing the entries to supporting
documentation. These included, but were not limited to, journals impacting cash balances that were identified as unusual
orunexpected in our risk assessment procedures
• evaluating the business purpose of significant unusual transactions; and assessing whether the judgements made making
accounting estimates are indicative of a potential bias.
Laws and regulations – identifying and responding to risks of material misstatement relating to compliance
withlaws and regulations
Laws and regulations
riskassessment
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial
statements from our general commercial and sector experience, through discussion with the directors and other management
(as required by auditing standards), and from inspection of the Group’s regulatory and legal correspondence. We also discussed
with the directors and other management the policies and procedures regarding compliance with laws and regulations. As the
Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the Group’s
procedures for complying with regulatory requirements.
Risk communications We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance
throughout the audit. This included communication from the Group audit team to all component audit teams of relevant laws and
regulations identified at the Group level, and a request for all component auditors to report to the Group team any instances of
non-compliance with laws and regulations that could give rise to a material misstatement at the Group level.
Direct laws context and link to audit The potential effect of laws and regulations on the financial statements varies considerably.
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation
(including related companies’ legislation), distributable profits legislation and taxation legislation and we assessed the extent of
compliance with these laws and regulations as part of our procedures on the related financial statement items.
Most significant indirect law/
regulation areas
The Group is subject to many other laws and regulations where the consequences of non-compliance could have a material
effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the
lossof the Group’s licence to operate.
We identified the following areas as those most likely to have such effect:
• specific aspects of regulatory capital and liquidity
• market abuse regulations
• financial crime and customer conduct regulations
• Consumer Duty
• certain aspects of company legislation, recognising the financial and regulated nature of the Group’s activities and certain
regulated subsidiaries.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry
ofthe directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach
ofoperational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Legal & General Group Plc Annual report and accounts 2024 123
Strategic report Governance Financial statements Other information

Context
Context of the ability of the audit
todetect fraud or breaches of law
orregulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material
misstatements in the financial statements, even though we have properly planned and performed our audit in accordance
withauditing standards. For example, the further removed non-compliance with laws and regulations is from the events
andtransactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing
standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect
material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect
non-compliance with all laws and regulations.
6. Our determination of materiality
The scope of our audit was influenced by our application of materiality. We set quantitative thresholds and overlay qualitative considerations
tohelp us determine the scope of our audit and the nature, timing and extent of our procedures, and in evaluating the effect of misstatements,
both individually and in the aggregate, on the financial statements as a whole.
£80.8m
(2023: £82.9m)
Materiality for the Group
financialstatements as a whole
What we mean
A quantitative reference for the purpose of planning and performing our audit.
Basis for determining materiality and judgements applied
Materiality for the Group financial statements as a whole was set at £80.8m (2023: £82.9m). This was determined with reference
to a benchmark of profit before tax from continuing operations (PBTCO) normalised to exclude this year’s investment and other
variances and gains/(losses) attributable to non-controlling interests disclosed in Note 2 of the financial statements that do not
represent normal continuing operations of the business.
Consistent with 2023, we determined that normalised PBTCO remains the main benchmark for the Group as it is the metric in the
primary statements which best reflects the focus of the financial statements’ users.
Our Group materiality of £80.8m was determined by applying a percentage to the normalised PBTCO. When using a benchmark
of normalised PBTCO to determine overall materiality, KPMG’s approach for listed entities considers a guideline range of 3%-5%
of the measure. In setting overall Group materiality, we applied a percentage of 4.72% (2023: 4.97%) to the benchmark.
In addition, we applied materiality of £3.3bn (2023: £3.3bn) to the unit linked assets and liabilities in the Consolidated Balance
Sheet, Consolidated Income Statement and related notes, which represents 0.9% (2023: 0.9%) of the total unit linked asset
balance. This materiality was applied in accordance with FRC Practice Note 20 ‘The Audit of Insurers in the United Kingdom’.
Materiality for the parent company financial statements as a whole was set at £36m (2023: £33m), determined with reference
toa benchmark of parent company net assets, of which it represents 0.52% (2023: 0.47%).
£60.6m
(2023: £53.9m)
Performance materiality
What we mean
Our procedures on individual account balances and disclosures were performed to a lower threshold, performance materiality,
soas to reduce to an acceptable level the risk that individually immaterial misstatements in individual account balances add
uptoa material amount across the financial statements as a whole.
Basis for determining performance materiality and judgements applied
We have considered performance materiality at a level of 75% (2023: 65%) of materiality for the Group financial statements as a
whole to be appropriate. We reduced the performance materiality percentage in 2023 to account for the additional risks associated
with the first-year implementation of IFRS 17 and have increased it in 2024 to reflect the diminished implementation risk in the
second year under IFRS 17.
The parent company performance materiality was set at £27.0m (2023: £24.7m), which equates to 75% (2023: 75%) of materiality
for the parent company financial statements as a whole.
We applied this percentage in our determination of performance materiality because we did not identify any factors indicating
anelevated level of risk.
£4.04m
(2023: £3.7m)
Audit misstatement
postingthreshold
What we mean
This is the amount below which identified misstatements are considered to be clearly trivial from a quantitative point of view.
Wemay become aware of misstatements below this threshold which could alter the nature, timing and scope of our audit
procedures, for example if we identify smaller misstatements which are indicators of fraud.
This is also the amount above which all misstatements identified are communicated to the Legal & General Group Plc
AuditCommittee.
Basis for determining the audit misstatement posting threshold and judgements applied
We set our audit misstatement posting threshold at 5% (2023: 4.5%) of our materiality for the Group financial statements.
Wealsoreport to the Audit Committee any other identified misstatements that warrant reporting on qualitative grounds.
Theincrease is a result of our assessment of decreased risk, reflecting the diminished implementation risk of IFRS 17
consistentwith performance materiality above. We also report to the Audit Committee any other identified misstatements
thatwarrant reporting on qualitative grounds.
The overall materiality for the Group financial statements of £80.8m (2023: £82.9m) compares as follows to the main financial statement
captionamounts:
Total Group Revenue Total Group Assets
2024 2023 2024 2023
Financial statement caption £12,689m £12,111m £554,167m £522,095m
Group materiality as % of caption 0.64% 0.68% 0.01% 0.02%
Independent auditor’s report continued
Legal & General Group Plc Annual report and accounts 2024 124

7. The scope of our audit
Group scope What we mean
How the Group auditor determined the procedures to be performed across the Group.
This year, we applied the revised group auditing standard ISA 600 (revised) in our audit of the consolidated financial statements.
The revised standard changes how an auditor approaches the identification of components, and how the audit procedures are
planned and executed across components.
In particular, the definition of a component has changed, shifting the focus from how the entity prepares financial information
tohow we, as the Group auditor, plan to perform audit procedures to address Group risks of material misstatement (RMMs).
Similarly, the Group auditor has an increased role in designing the audit procedures as well as making decisions on where these
procedures are performed (centrally and/or at component level) and how these procedures are executed and supervised. As a
result, we assess scoping and coverage in a different way and comparisons to prior period coverage figures are not meaningful.
In this report we provide an indication of scope coverage on the new basis.
We performed risk assessment procedures to determine which of the Group’s components are likely to include risks of material
misstatement to the Group financial statements and which procedures to perform at these components to address those risks.
In total, we identified 12 components, having considered our evaluation of the existence of common risk profiles, business
operations and reporting structures across the business units and our ability to perform audit procedures centrally.
Of those, we identified 5 quantitatively significant components which contained the largest percentages of either total revenue
ortotal assets of the Group, for which we performed audit procedures.
We also identified 4 components requiring special audit attention, owing to Group risks relating to valuation of insurance contract
liabilities and/or valuation of hard to value (Level 3) investments residing in these components.
Additionally, having considered qualitative and quantitative factors, we identified 3 components with accounts and disclosures
contributing to specific RMMs of the Group financial statements.
Accordingly, we performed audit procedures on 12 components, of which we involved component auditors in performing the
audit work on 10 components. We performed procedures on the items excluded from the normalised Group profit before tax
used as the benchmark for our materiality. We performed the audit of the parent company.
We set the component materialities, ranging from £16m to £64m, having regard to the mix of size and risk profile of the
Groupacross the components.
Our audit procedures covered 89% of Group revenue.
We performed audit procedures in relation to components that accounted for 96% of Group profit before tax and 94% of Group
total assets.
For the remaining components for which we performed no audit procedures, no component represented more than 1.85%
ofGroup total revenue, Group profit before tax or Group total assets. We performed analysis at an aggregated Group level
tore-examine our assessment that there is not a reasonable possibility of a material misstatement in these components.
As part of our risk assessment procedures, we determined the most effective balance between controls and substantive audit
testing when determining our testing approach over the financial information. The scope of the audit work performed at the
Group and components was predominantly substantive due to legacy systems and previous control deficiencies. We have used
data analytics routines, with partial reliance placed upon the Group’s internal controls over financial reporting.
We identified key financial systems including over financial reporting, consolidation, and other relevant business processes
across the Group. For a number of legacy systems, which will ultimately be replaced, management has deemed it not cost
efficient to update the control environment to the level required for us to be able to place reliance, and therefore be able to test
automated controls over these systems.
Our IT auditors assisted us in evaluating the general IT controls over the key systems and associated IT utility tools, as well as
evaluating automated controls and system generated reports relied upon by management. Our IT auditors tested controls over
financial reporting systems, policy admin systems and fund management systems relating to financial investments, investment
returns, derivatives and cash and cash equivalents at the asset management components. They also assisted us with data
analytics routines to test premiums and claims.
A number of control deficiencies relating to both manual and automated controls on other key financial systems, were identified
across the Group. The observed deficiencies were mitigated through a combination of additional audit procedures allowing the
component auditors to continue with the planned audit approach.
Group auditor oversight What we mean
The extent of the Group auditor’s involvement in work performed by component auditors.
In working with component auditors, we:
• included the component auditors’ engagement partners and managers in the Group planning discussion to facilitate inputs
from component auditors in the identification of matters relevant to the Group audit
• issued Group audit instructions to component auditors on the scope and nature of their work, including specifying all risks
identified for the accounts in scope for each component, the procedures to perform over higher risk accounts, setting out
thesignificant areas to be covered including the relevant Key Audit Matters, and information to be reported back to the
Groupaudit team
• held risk assessment update discussions with all component audit teams at the commencement of the final phase of the
audit led by the Group engagement partner and attended by the engagement quality control partner
• visited 9 of 12 component auditors in the UK, Bermuda and US as the audit progressed to understand and evaluate their work,
and organised bi-weekly video conferences with the component auditors. At these visits and in video conferences, theresults
of the planning procedures and further audit procedures communicated to us were discussed in more detail andany further
work required by us was then performed by the component auditors
• we inspected the work performed by the component auditors for the purpose of the Group audit and evaluated the
appropriateness of conclusions drawn from the audit evidence obtained and consistencies between communicated findings
and work performed with a particular focus on the Key Audit Matters in respect of KAM 4.1, KAM 4.2 and KAM 4.3 and the
significant risks over the valuation of insurance contract liabilities and the valuation of hard to value (Level 3) investments.
Legal & General Group Plc Annual report and accounts 2024 125
Strategic report Governance Financial statements Other information

8. Other information in the Annual report and accounts
The directors are responsible for the other information presented in the Annual report and accounts together with the financial statements.
Ouropinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except
asexplicitly stated below, any form of assurance conclusion thereon.
All other information
Our responsibility
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit
work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge.
Our reporting
Based solely on that work we
havenotidentified material
misstatements or inconsistencies
inthe otherinformation.
Strategic report and directors’ report
Our responsibility and reporting
Based solely on our work on the other information described above we report to you as follows:
• we have not identified material misstatements in the strategic report and the directors’ report
• in our opinion the information given in those reports for the financial year is consistent with the financial statements
• in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Directors’ report on remuneration
Our responsibility
We are required to form an opinion as to whether the part of the Directors’ report on remuneration to be audited has been
properly prepared in accordance with the Companies Act 2006.
Our reporting
In our opinion the part of the
Directors’report on remuneration tobe
audited has been properly prepared in
accordance with the Companies Act
2006.
Corporate governance disclosures
Our responsibility
We are required to perform procedures to identify whether there is a material inconsistency between the financial statements
andour audit knowledge, and:
• the directors’ statement that they consider that the Annual report and accounts and financial statements taken as a whole
isfair, balancedand understandable, and provides the information necessary for shareholders to assess the Group’s
positionandperformance, business model and strategy
• the section of the Annual report and accounts describing the work of the Audit Committee, including the significant issues
that the AuditCommittee considered in relation to the financial statements, and how these issues were addressed
• the section of the Annual report and accounts that describes the review of the effectiveness of the Group’s risk management
and internal control systems.
Our reporting
Based on those procedures, we have
concluded that each of these
disclosures is materially consistent
withthe financial statements and
ouraudit knowledge.
We are also required to review the part of the Corporate Governance Statement relating to the Group’s compliance with the
provisions of the UK Corporate Governance Code specified by the Listing Rules for our review.
We have nothing to report
inthisrespect.
Other matters on which we are required to report by exception
Our responsibility
Under the Companies Act 2006, we are required to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the parent company financial statements and the part of the Directors’ report on remuneration to be audited are not in
agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Our reporting
We have nothing to report
intheserespects.
Independent auditor’s report continued
Legal & General Group Plc Annual report and accounts 2024 126

9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 249, the directors are responsible for: the preparation of the financial statements
including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and parent company’s ability
tocontinue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting
unless they either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not
guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The Group is required to include these financial statements in an annual financial report prepared under Disclosure Guidance and Transparency
Rule4.1.17R and 4.1.18R. This auditor’s report provides no assurance over whether the annual financial report has been prepared in accordance
with those requirements.
10. The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit
work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and
the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Philip Smart (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London, E14 5GL
11 March 2025
Legal & General Group Plc Annual report and accounts 2024 127
Strategic report Governance Financial statements Other information

Primary statements and performance
Consolidated Income Statement
For the year ended 31 December 2024 Notes
Insurance revenue
2(v), 21
10,574
9,624
Insurance service expenses
4, 21
(9,091)
(8,373)
Insurance service result before reinsurance contracts held
1,483
1,251
Net expense from reinsurance contracts held
21
(159)
(137)
Insurance service result
21
1,324
1,114
Investment return
1
29
21,744
32,973
Finance income/(expense) from insurance contracts
29
1,056
(5,830)
Finance (expense)/income from reinsurance contracts
29
(30)
584
Change in investment contract liabilities
22
(22,196)
(27,116)
Insurance and investment result
1,898
1,725
Other operational income
1,204
1,571
Fees from fund management and investment contracts
2(v)
864
825
Acquisition costs
(175)
(149)
Other finance costs
23
(372)
(347)
Other expenses
4
(2,877)
(3,430)
Total other income and expenses
(1,356)
(1,530)
Profit before tax
542
195
Tax expense attributable to policyholder returns
30
(210)
(119)
Profit before tax attributable to equity holders
2(v)
332
76
Total tax (expense)/credit
30
(347)
248
Tax expense attributable to policyholder returns
30
210
119
Tax (expense)/credit attributable to equity holders
30
(137)
367
Profit for the year
195
443
Non-controlling interests
4
(14)
Equity holders
191
457
Dividend distributions to equity holders during the year
5
1,230
1,172
Dividend distributions to equity holders proposed after the year end
5
902
871
p
p
Total basic earnings per share
2
6
2.89
7.35
Total diluted earnings per share
2
6
2.86
7.28
1. Investment return includes £4 67m (2023: £3 14m) of interest income calculated using the effective interest method.
2. All earnings per share calculations are based on profit attributable to equity holders of the Company.
Legal & General Group Plc Annual report and accounts 2024
128

Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
Profit for the year
195
443
Actuarial remeasurements on defined benefit pension schemes
9
(29)
Tax on actuarial remeasurements on defined benefit pension schemes
(2)
8
Total items that will not be reclassified subsequently to profit or loss
7
(21)
Exchange differences on translation of overseas operations
(10)
(6)
Movement in cross-currency hedge
3
(37)
Tax on movement in cross-currency hedge
(1)
9
Movement in financial investments measured at FVOCI
(258)
75
Tax on movement in financial investments measured at FVOCI
63
(18)
Insurance finance income/(expense) for insurance contracts issued applying the OCI option
428
(73)
Reinsurance finance (expense)/income for reinsurance contracts held applying the OCI option
(204)
43
Tax on movement in finance income/(expense) for insurance and reinsurance contracts
(51)
6
Total items that may be reclassified subsequently to profit or loss
(30)
(1)
Other comprehensive expense after tax
(23)
(22)
Total comprehensive income for the year
172
421
Non-controlling interests
4
(14)
Equity holders
168
435
Legal & General Group Plc Annual report and accounts 2024 129
Strategic report Governance Financial statements Other information

Consolidated Balance Sheet
As at 31 December 2024 Notes
Goodwill
30
73
Intangible assets
10
450
477
Investment in associates and joint ventures accounted for using the equity method
872
616
Property, plant and equipment
11
395
433
Investment property
12
9,822
8,893
Financial investments
12
495,551
471,405
Reinsurance contract assets
21
9,165
7,306
Deferred tax assets
30
1,741
1,714
Current tax assets
30
857
885
Receivables and other assets
14
8,627
9,780
Cash and cash equivalents
15
16,657
20,513
Total assets
544,167
522,095
Share capital
34
147
149
Share premium
34
1,036
1,030
Employee scheme treasury shares
34
(163)
(147)
Capital redemption and other reserves
319
326
Retained earnings
1,714
2,973
Attributable to owners of the parent
3,053
4,331
Restricted Tier 1 convertible notes
35
495
495
Non-controlling interests
(37)
(42)
Total equity
3,511
4,784
Insurance contract liabilities
21
95,648
91,446
Reinsurance contract liabilities
21
170
220
Investment contract liabilities
22
323,957
316,872
Core borrowings
23
4,308
4,280
Operational borrowings
23
3,391
1,840
Provisions
24
152
258
Deferred tax liabilities
30
197
107
Current tax liabilities
30
118
77
Payables and other financial liabilities
25
87,362
78,439
Other liabilities
36
950
680
Net asset value attributable to unit holders
24,403
23,092
Total liabilities
540,656
517,311
Total equity and liabilities
544,167
522,095
The notes on pages 133 to 237 form an integral part of these financial statements.
The financial statements on pages 128 to 237 were approved by the Board of directors on 11 March 2025 and were signed on their behalf by:
Sir John Kingman António Simões Stuart Jeffrey Davies
Chairman Group Chief Executive Officer Group Chief Financial Officer
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 130

Consolidated Statement of Changes in Equity
reserves
1
As at 1 January 2024
149
1,030
(147)
326
2,973
4,331
495
(42)
4,784
Profit for the year
–
–
–
–
191
191
–
4
195
Exchange differences on translation of overseas operations
–
–
–
(10)
–
(10)
–
–
(10)
Net movement in cross-currency hedge
–
–
–
2
–
2
–
–
2
pension schemes
–
–
–
–
7
7
–
–
7
Net movement in financial investments measured at FVOCI
–
–
–
(195)
–
(195)
–
–
(195)
Net insurance finance income
–
–
–
173
–
173
–
–
173
Total comprehensive (expense)/income for the year
–
–
–
(30)
198
168
–
4
172
Options exercised under share option schemes
–
6
–
–
–
6
–
–
6
Shares purchased
–
–
(33)
–
–
(33)
–
–
(33)
Shares vested
–
–
17
(51)
–
(34)
–
–
(34)
–Valueofemployeeservices
–
–
–
72
–
72
–
–
72
Share scheme transfers to retained earnings
–
–
–
–
(5)
(5)
–
–
(5)
Share buyback
2
(2)
–
–
2
(201)
(201)
–
–
(201)
Dividends
–
–
–
–
(1,230)
(1,230)
–
–
(1,230)
convertiblenotes after tax relief
–
–
–
–
(21)
(21)
–
–
(21)
Movement in third-party interests
–
–
–
–
–
–
–
1
1
As at 31 December 2024
147
1,036
(163)
319
1,714
3,053
495
(37)
3,511
1. Capital redemption and other reserves as at 31 December 2024 include share-based payments £11 0m, foreign exchange £3 0m, capital redemption £19m, hedging £4 8m,
insuranceand reinsurance finance for contracts applying the OCI option £35 2m and financial assets at FVOCI £(2 4 0)m.
2. On 13 June 2024, Legal & General Group Plc entered into an irrevocable agreement to acquire £20 1m (including stamp duty) of ordinary shares for cancellation. The programme
completed on 8 November 2024, with a total number of shares acquired and cancelled of 88,835,417.
reserves
1
As at 1 January 2023
149
1,018
(144)
337
3,707
5,067
495
(29)
5,533
Profit/(loss) for the year
–
–
–
–
457
457
–
(14)
443
Exchange differences on translation of overseas operations
–
–
–
(6)
–
(6)
–
–
(6)
Net movement in cross-currency hedge
–
–
–
(28)
–
(28)
–
–
(28)
pensionschemes
–
–
–
–
(21)
(21)
–
–
(21)
Net movement in financial investments measured at FVOCI
–
–
–
57
–
57
–
–
57
Net insurance finance expense
–
–
–
(24)
–
(24)
–
–
(24)
Total comprehensive (expense)/income for the year
–
–
–
(1)
436
435
–
(14)
421
Options exercised under share option schemes
–
12
–
–
–
12
–
–
12
Shares purchased
–
–
(18)
–
–
(18)
–
–
(18)
Shares vested
–
–
15
(69)
–
(54)
–
–
(54)
–Valueofemployeeservices
–
–
–
59
–
59
–
–
59
Share scheme transfers to retained earnings
–
–
–
–
24
24
–
–
24
Dividends
–
–
–
–
(1,172)
(1,172)
–
–
(1,172)
convertiblenotes after tax relief
–
–
–
–
(22)
(22)
–
–
(22)
Movement in third-party interests
–
–
–
–
–
–
–
1
1
As at 31 December 2023
149
1,030
(147)
326
2,973
4,331
495
(42)
4,784
1. Capital redemption and other reserves as at 31 December 2023 include share-based payments £8 9m, foreign exchange £41m, capital redemption £17m, hedging £4 6m, insurance
and reinsurance finance for contracts applying the OCI option £176m and financial assets at FVOCI £(4 3)m.
Legal & General Group Plc Annual report and accounts 2024
131
Strategic report Governance Financial statements Other information

Consolidated Statement of Cash Flows
For the year ended 31 December 2024 Notes
Profit for the year
195
443
Net gains on financial investments
(8,496)
(22,492)
Net (gains)/losses on investment property
(42)
925
Investment income
(13,206)
(11,406)
Interest expense
372
347
Tax expense/(credit)
30
347
(248)
Other adjustments
138
112
Investments mandatorily measured at FVTPL
(900)
(7,478)
Investments measured at FVOCI
(102)
(1,344)
Investments measured at amortised cost
(1,032)
(126)
Other assets
(248)
3,218
Insurance contracts and reinsurance contracts held
2,372
11,153
Investment contracts
7,083
30,045
Other liabilities
(3,001)
(26,682)
Cash utilised in operations
(16,520)
(23,533)
Interest paid
(365)
(469)
Interest received
1
6,954
5,210
Rent received
446
437
Tax paid
2
(190)
(186)
Dividends received
5,229
4,297
Net cash flows from operations
(4,446)
(14,244)
Acquisition of property, plant and equipment, intangibles and other assets
(95)
(237)
Acquisition of operations, net of cash acquired
–
(9)
Disposal of subsidiaries, net of cash transferred
28
455
–
Investment in joint ventures and associates
(121)
(184)
Disposal of joint ventures and associates
–
8
Net cash flows utilised in investing activities
239
(422)
Dividend distributions to ordinary equity holders during the year
5
(1,230)
(1,172)
Coupon payment in respect of restricted Tier 1 convertible notes, gross of tax
35
(28)
(28)
Options exercised under share option schemes
34
6
12
Employee scheme treasury shares purchased
(33)
(18)
Purchase of shares under share buyback programme
34
(201)
–
Payment of lease liabilities
26
(35)
(32)
Proceeds from borrowings
2,325
1,226
Repayment of borrowings
(473)
(544)
Net cash flows utilised in financing activities
331
(556)
Net decrease in cash and cash equivalents
(3,876)
(15,222)
Exchange gains/(losses) on cash and cash equivalents
20
(49)
Cash and cash equivalents at 1 January
20,513
35,784
Total cash and cash equivalents at 31 December
15
16,657
20,513
1. Interest received includes net cash flows arising from interest rate swaps.
2. Tax paid comprises withholding tax of £2 21m (2023: £179m), UK corporation tax refund of £31m (2023: £nil) and overseas corporate tax of £nil (2023: £7m).
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 132

1. Basis of preparation and accounting policies
Legal & General Group Plc, a public limited company incorporated and domiciled in England and Wales, operates across three broad business
areas of institutional retirement, asset management, and retail (insurance and retirement), through its subsidiaries and associates in the United
Kingdom (UK), the United States and other countries throughout the world.
(i) Basis of preparation
The Group financial statements have been prepared in accordance with UK-adopted international accounting standards, comprising International
Accounting Standards and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB),
and related interpretations issued by the IFRS Interpretations Committee. Endorsement is granted by the UK Endorsement Board (UKEB). The
Group financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment property,
financial assets at fair value through other comprehensive income, and certain assets and financial liabilities (including derivative instruments)
at fair value through profit or loss.
The Group has selected accounting policies which state fairly its financial position, financial performance and cash flows for a reporting period.
The accounting policies have been consistently applied to all years presented unless otherwise stated.
Financial assets and financial liabilities are disclosed gross in the Consolidated Balance Sheet unless a legally enforceable right of offset exists
and there is an intention to settle recognised amounts on a net basis. Income and expenses are not offset in the Consolidated Income Statement
unless required or permitted by any accounting standard or International Financial Reporting Interpretations Committee (IFRIC) interpretation, as
detailed in the applicable accounting policies of the Group.
(ii) Going concern
The Group’s business activities, together with the factors likely to affect its future development, performance and position in the current economic
environment are set out in this Annual report and accounts. The financial position of the Group, its cash flows, liquidity position and borrowing
facilities are described in these consolidated financial statements. Principal risks and uncertainties are detailed on pages 49 to 53.
The directors have made an assessment of the Group’s going concern, considering both the current performance and the outlook for a period of
at least, but not limited to, 12 months from the date of approval of these consolidated financial statements, using the information available up to
the date of issue of this Annual report and accounts.
The Group manages and monitors its capital and liquidity, and applies various stresses, including adverse inflation and interest rate scenarios, to
those positions to understand potential impacts from market downturns. Our key sensitivities and the impacts on our capital position from a range
of stresses are disclosed in Note 27 Management of capital resources
1
. These stresses do not give rise to any material uncertainties over the ability
of the Group to continue as a going concern. Based upon the available information, the directors consider that the Group has the plans and resources
to manage its business risks successfully and that it remains financially strong and well diversified.
Having reassessed the principal risks and uncertainties (both financial and operational) in light of the current economic environment, as detailed
on pages 49 to 53, the directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall
due for a period of, but not limited to, 12 months from the date of approval of the financial statements and therefore have considered it appropriate
to adopt the going concern basis of accounting when preparing the financial statements.
(iii) New segmentation basis and restatement of financial information
At a Capital Markets Event on 12 June 2024, the Group set out a refreshed strategy and set of financial targets. As part of a new vision
for a growing, simpler and better-connected business, the Group has implemented a revised business model, including the:
• creation of a single Asset Management division, bringing Legal & General Investment Management (LGIM) and Legal & General Capital (LGC)
together as a unified, global, public and private markets asset manager
• maximisation of the value of non-strategic assets through a new Corporate Investments unit.
As a result, the Group is now focused on three core business divisions, namely Institutional Retirement, Asset Management and Retail,
with a shared sense of purpose and powerful synergies.
The new divisional organisation has an impact on the reportable segments of the Group. Previously, the Group operated five reportable segments,
comprising Legal & General Retirement Institutional (LGRI), LGC, LGIM, Insurance and Retail Retirement. Following the announcement, in line with
the principles in IFRS 8, ‘Operating Segments’, the Group operating and reportable segments have been updated to the following:
• Institutional Retirement, which continues to focus on worldwide pension risk transfer business opportunities
• Asset Management, the new combined investment management business of the Group, committed to driving growth in public markets as well
as materially scale the Group’s in-house and origination platform capability in private markets across Real Estate, Private Credit and
Infrastructure, including through an accelerated programme of fund launches
• Insurance, which primarily represents UK protection (both group and retail) and US retail protection business (US Insurance)
• Retail Retirement, which primarily represents retail annuity and drawdown products, workplace savings and lifetime mortgage loans
• Corporate Investments, which represents a portfolio of non-strategic assets managed separately with the goal of maximising shareholder value
ahead of potential divestment.
Group expenses, debt costs and assets held centrally are reported separately. Transactions between segments are on normal commercial terms
and are included within the reported segments.
Segmental disclosures in relation to the prior year presented have been restated to reflect the new divisional organisation.
1. Note 27 Management of capital resources is unaudited.
Legal & General Group Plc Annual report and accounts 2024
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1. Basis of preparation and accounting policies continued
(iv) New standards, interpretations and amendments to published standards that have been adopted by the Group
The Group has applied the following amendments for the first time in the year commencing 1 January 2024, which did not have a material impact
on its consolidated financial statements.
• Amendments to IAS 1 – Presentation of Financial Statements: ‘Classification of Liabilities as Current or Non-current’.
• Amendments to IAS 1 – Presentation of Financial Statements: ‘Non-current Liabilities with Covenants’.
• Amendments to IFRS 16 – Leases: ‘Lease Liability in a Sale and Leaseback’.
• Amendments to IAS 7 – Statement of Cash Flows and IFRS 7 – Financial Instruments: Disclosures: ‘Supplier Finance Arrangements’.
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
(v) Standards, interpretations and amendments to published standards which are not yet effective
Amendments to IAS 21, ‘The Effects of Changes in Foreign Exchange Rates’: ‘Lack of Exchangeability’
These amendments, issued in August 2023, specify how an entity should assess whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is lacking. The amendments are effective for annual reporting periods beginning on or
after 1 January 2025. These amendments are not expected to give rise to a material impact on the Group’s consolidated financial statements.
Amendments to IFRS 9, ‘Financial Instruments’ and IFRS 7, ‘Financial Instruments: Disclosures’: ‘Amendments to the Classification
and Measurement of Financial Instruments’
These amendments, issued in May 2024, provide the following:
• clarification around the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial
liabilities settled through an electronic cash transfer system
• clarification and guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion
• new disclosure requirements for certain instruments with contractual terms that can change cash flows (such as some financial instruments
with features linked to the achievement of environment, social and governance targets)
• an update to the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).
The amendments are effective for annual reporting periods beginning on or after 1 January 2026, subject to UK endorsement.
These amendments are not expected to give rise to a material impact on the Group’s consolidated financial statements.
Annual Improvements to IFRS Accounting Standards—Volume 11
The IASB’s issued its annual improvements in July 2024, which include a collection of minor amendments to accounting standards. These are
applicable for annual reporting periods beginning on or after 1 January 2026.
IFRS 18, ‘Presentation and Disclosure in Financial Statements’
IFRS 18, issued in April 2024, will replace IAS 1, ‘Presentation of Financial Statements’. IFRS 18 introduces new requirements for presentation
within the statement of profit or loss, including specified totals and subtotals, which aim at increasing comparability of the financial performance
of similar entities, as well as provide more relevant information and transparency to users.
The standard is effective for reporting periods beginning on or after 1 January 2027, with earlier application permitted, subject to UK
endorsement. The Group is currently assessing the impacts of the amendments on the consolidated and Company financial statements.
IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’
IFRS 19, issued in May 2024, allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply
reduced disclosure requirements. IFRS 19 is effective for reporting periods beginning on or after 1 January 2027, with early application permitted,
subject to UK endorsement. The Group is not eligible to apply IFRS 19.
(vi) Critical accounting judgements and the use of estimates
The preparation of the financial statements includes the use of estimates and assumptions which affect items reported in the Consolidated
Balance Sheet and Consolidated Income Statement and the disclosure of contingent assets and liabilities at the date of the financial statements.
Although these estimates are based on management’s best knowledge of current circumstances and future events and actions, material
adjustments could be made to the carrying amounts of assets and liabilities within the next financial year. The Audit Committee reviews the
reasonableness of judgements associated with and the application of material accounting policies. The significant accounting matters
considered by the Audit Committee in respect of the year ended 31 December 2024 are included within the Audit Committee Report on page 74.
The major areas of critical accounting judgement on policy application are considered below:
Insurance and investment contract liabilities (Notes 21 and 22): Product classification and the assessment of the significance
of insurance risk transferred to the Group in determining whether a contract should be accounted for as an insurance
or investment contract
Contracts which transfer significant insurance risk to the Group are classified as insurance contracts. Contracts that transfer financial risk
(e.g. change in interest rate or security price) to the Group but not significant insurance risk are classified as investment contracts.
Judgement is required in order to assess the significance of the transfer of insurance risk within a contract. This assessment is based on whether
the occurrence of an insured event could cause the Group to make significant additional payments, i.e. if the occurrence of the event causes
significantly higher cash out flows for the Group than its non-occurrence.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 134

Certain contracts, which are both insurance and investment, can contain discretionary features representing the contractual right to receive
additional benefits as a supplement to guaranteed benefits under certain conditions, being:
• that the additional benefits are a significant portion of the total contractual benefits
• the timing and amount of the additional benefits is at the discretion of the Group
• that the additional benefits are contractually dependent upon the performance of an entity, fund or specified pool of assets.
Insurance contracts and investment contracts with such discretionary participation features are accounted for under IFRS 17, while investment
contracts without discretionary participation features are accounted for as financial instruments under IFRS 9.
Judgement is therefore required in order to establish whether any additional benefits in an insurance or investment contract meet the above
requirements for being considered discretionary participation features.
Consolidation (Notes 40-42): Assessment of whether the Group controls underlying entities and should therefore consolidate them.
The assessment takes account of various criteria, including decision making ability, equity holding and the rights to a variable return from the entity.
Control arises when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity.
For operating entities this generally accompanies a shareholding of 50% or more in the entity. Subsidiaries that are consolidated where the Group
owns less than 50% of the ordinary share capital (structured entities), are consolidated based on an assessment of control normally arising from
special rights attaching to the class of share owned, other contractual arrangements and factors such as the purpose of the investee, the nature
of its relevant activities, voting rights (including potential voting rights) and substantive and protective rights.
The Group invests in various fund and unit trust entities where it also acts as the asset manager to those entities. In these instances, in determining
whether the Group controls the entities, the assessment focuses on the aggregate economic interests of the Group (direct interest and expected
management fees) and on whether the Group acts as a principal or agent. This includes an assessment of the removal rights of other investors
(their practical ability to allow the Group not to control the fund). Additionally, holdings in such investments can fluctuate on a daily basis according
to the participation of the Group and other investors in them. As a result, in determining control, we look at an assessment of these factors over
a longer period to mitigate the impact of daily fluctuations which do not reflect the wider facts and circumstances of the Group’s involvement.
This is performed in line with the following principles:
• where the entity is managed by a Group asset manager, and the Group’s ownership holding in the entity exceeds 50%, the Group is judged
to have control over the entity
• where the entity is managed by a Group asset manager, and the Group’s ownership holding in the entity is between 30% and 50%, the facts
and circumstances of the Group’s involvement in the entity are considered, including the rights to any fees earned by the asset manager
from the entity, in forming a judgement as to whether the Group has control over the entity
• where the entity is managed by a Group asset manager, and the Group’s ownership holding in the entity is less than 30%, the Group is judged
to not have control over the entity, but again the facts and circumstances of the Group’s involvement in the entity are considered.
The following sets out information about the critical accounting assumptions made by the Group about the future, and other major sources
of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial year:
Valuation of insurance contract liabilities (Notes 19-21)
The key judgements around the valuation of insurance contract liabilities relate to the following assumptions:
• determination of the longevity, mortality and morbidity assumptions used in the calculation of the insurance contract liabilities; the assumptions
for the rate of future longevity, mortality and morbidity are based on the Group’s internal experience and judgements about how experience may
vary in the future. This assessment takes into account market benchmarking, internal experience studies and independent industry data. The
long-term assumptions are adjusted to reflect the Group’s view on the effects of the Covid-19 pandemic on claims experience in the medium to
long-term, informed by emerging experience and industry studies
• determination of the directly attributable expense assumptions used in the calculation of the insurance liabilities. These represent the expected
future costs that relate directly to the fulfilment of the underlying insurance policies, and are based on management’s best estimate of these
future costs, and on an appropriate allocation between servicing new and existing business
• determination of valuation interest rates used to discount the liabilities, which are sensitive to the assumptions made, for example, on credit
default of the backing assets. These assumptions take into account consideration of market experience and historic internal data. The valuation
interest rate is also sensitive to the selection of the reference portfolio of assets chosen to back the liabilities
• determination of the compensation required for bearing the uncertainty about the amount and timing of the cash flows arising from non-
financial risks as insurance contracts are fulfilled, in the calculation of the risk adjustment
• determination of the weighting of the coverage units, used to calculate the CSM amortisation in the year, between the payment phase
and the deferral phase for deferred annuities. Judgement is required to combine the different coverage units so that they fairly reflect
the services provided
• determination of the transition date CSM under IFRS 17 incorporated judgement. In particular, judgements made in the calculation of the
CSM for portfolios transitioned using the fair value approach at 1 January 2022 continue to be a component of the current valuation of
the CSM until those portfolios expire.
Note 20 includes a sensitivity analysis on post-tax Group profit and Group equity to reasonable alternative assumptions.
Legal & General Group Plc Annual report and accounts 2024 135
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1. Basis of preparation and accounting policies continued
(vi) Critical accounting judgements and the use of estimates continued
Valuation of unquoted illiquid assets and investment property (Note 12)
Determination of fair value of unquoted and illiquid assets, and investment property involves judgements in model valuations, through the
incorporation of both observable and unobservable market inputs, which include assumptions that lead to the existence of a range of plausible
valuations for financial assets.
In assessing asset valuation, in line with applicable standards and guidance, the Group has both projected the short-term impact on earnings
and cash flows of the current market volatility, while continuing to review the assets’ ability to deliver longer term returns aligned to their
investment cases.
Note 12 includes a sensitivity analysis on the fair value of unquoted illiquid assets and investment property to reasonable alternative assumptions.
(vii) Consideration of climate change
The Group recognises emerging risks from both climate change and the crisis with nature, and the interrelationship between our climate and the
natural world. Climate change is the Group’s most material sustainability issue, but the Group continues to develop its understanding of its
impacts and dependencies on nature, concurrently with its consideration of the impacts from climate change.
The Group is exposed to climate change through two broad categories: transition risks from the move to a low-carbon economy and the impact
this has on asset valuation and the economy; and physical risks from the impact on asset holdings as a result of severe weather events and
longer-term shifts in climate.
The Group has integrated climate risk management into its governance framework and has carried out a detailed assessment of how we could
expect climate risk to emerge across our business model. The Group risk mitigation strategy includes setting portfolio carbon intensity targets,
integrating carbon controls into the investment processes through stock exclusions and high carbon escalation, corporate engagement and
implementing high energy efficiency standards into the Group’s directly owned commercial property and housing businesses.
The Group is committed to net zero, targeting a 1.5°C ‘Paris’ outcome. In order to meet its environmental goals, the Group has set for itself
a number of metrics and targets, clearly linked with its business strategy and risk management controls. These are based on a three-pillar
climate strategy encompassing ‘Invest, Influence and Operate’. Metrics and targets have been defined around the Group’s operational carbon
footprint, investment portfolio economic carbon intensity, and implied portfolio temperature alignment. These are being targeted through the
decarbonisation of the Group’s balance sheet, investments in clean energy and start-ups, development of climate friendly investment products,
and focus on own operations. The Group also continues to leverage its influence as a large investor to address the financially material issues
of climate change and nature loss.
Scenario analysis is performed to help understand the strategic implications of possible climate pathways, including the key features of a
transition to a net zero economy. Plausible scenarios have been developed based on estimations of how the energy system may evolve over the
next 30 years, using the most recent carbon budgets from the Intergovernmental Panel on Climate Change’s Sixth Assessment Report (AR6) and
incorporated latest data on technology costs. These include two different pathways to ‘below 2°C’, and a scenario assuming achievement of net
zero. Given the Group’s long-term climate risk relates to transition risk, a fourth scenario assuming global failure to act on climate change and
emissions growth at historical rates has been modelled, but the impacts have not been applied to our portfolio. Such impacts are driven by
physical risks which tend to be highly localised and manifest further into the future and are therefore more uncertain.
In preparing the consolidated financial statements, the Group has considered the impact of climate change, and in particular the transition to a
lower carbon economy, on the valuation of the Group’s assets and liabilities. In the Strategic report, with additional information in the Group’s
Climate and nature report, we have set out in detail the various risks and opportunities that are created by this transition, and how they may impact
the Group across various time horizons. In line with the recommendations of the Task Force on Climate-related Financial Disclosures, we have
further described the resilience of the Group’s strategy, taking into consideration different climate-related scenarios, as described above. There is
no one single scenario that underpins the financial statements. The scenarios help challenge the Group’s perspectives on the future business and
economic environment as a result of the transition to a lower carbon economy, including consideration of events that may be only remotely
possible. As a result, the scenarios covered are not intended to be predictions of likely future events or outcomes and are not the basis on which
the Group’s consolidated financial statements have been prepared.
At the current time, the Group does not consider climate risk to represent a significant area of judgement or of estimation uncertainty. As at
31 December 2024, no material impacts on the Group’s financial position, nor on the valuation of assets or liabilities on the Group’s Consolidated
Balance Sheet as a result of climate change risk have been identified. In arriving at this determination, the Group has in particular taken into
account the following areas of judgement, which we consider to be those most exposed to the potential impact of climate change in the
preparation of the financial statements:
Going concern and viability
In preparing the consolidated financial statements, the directors are required to assess the Group’s ability to continue as a going concern, by
taking into account all available information related to at least 12 months from the date of their approval. Additionally, the preparation of the
viability statement takes into consideration the Group’s overall business model and strategy, forecast financial strength and resilience, and the
liquidity profile over the planning horizon. Climate-related matters have been considered as part of these assessments and have not been deemed
to create material uncertainties as to their conclusions or to require specific disclosure.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 136

Valuation of Level 3 financial investments and investment property
The valuation of unquoted illiquid assets and investment property has been separately identified as an area of significant estimation uncertainty.
The assumptions used in the models underpinning these assets’ valuations, such as cash flows forecasts, discount rates, and multiples, are often
unobservable. Due to the need to apply significant judgements, these assumptions can be impacted by transition risk, with climate related inputs
gaining more traction (e.g. construction methods and materials, EPC ratings, ESG credentials and climate resilience). This is particularly relevant
for the Group’s direct investments portfolio, including alternative assets. Where possible, the Group’s assets are valued using standard market
pricing sources or appropriately qualified external valuers, and therefore reflect current market sentiments around climate risk. In this respect
market and investor expectations have also been evolving, with greater demand towards net zero-aligned assets, and away from traditional
carbon-intensive methods, impacting expected investor returns and therefore discount rates and multiples. Exposure to the risks of climate
change is minimised through rigorous assessment of potential investments and active monitoring of the carbon intensity of the current portfolio.
Additionally, investment properties are being reviewed by independent third parties, where applicable, with regards to potential retrofitting, to help
reduce carbon emissions and make them more efficient and sustainable for the future.
Asset impairment and residual economic life
The carrying value of goodwill, intangible and certain tangible assets on the Consolidated Balance Sheet which are subject to impairment
testing could be affected by climate change risk. For example, inventory may become obsolete or restricted, causing selling prices to decline
or their costs of completion to increase. If, as a result, the cost of inventories is not recoverable, they would need to be written down to their
net realisable value.
Property, plant and equipment, right-of-use assets, goodwill and intangible assets may see their recoverable amount decrease in light of climate
change, and significant changes in the environment (including for example changes in regulation) in which the Group operates, where adverse
effects can represent an indication of impairment. The estimation of recoverable amount as ‘value in use’ requires an assessment of future
expected cash flows based on assumptions potentially affected by climate related matters, particularly for goodwill and intangible assets,
which are subject to a higher degree of judgement. Where assets are subject to amortisation or depreciation, consideration needs to be given
to whether climate risk suggests that the residual economic life is shorter than anticipated, which would give rise to increased charges in the
income statement. Due to the nature of the Group’s assets, we do not anticipate any material additional impairments or increased amortisation
and depreciation charges to arise from climate change. Risks will continue to be monitored against judgements and estimates used in the
assessment of impairment.
Insurance contract liabilities
The Group’s insurance contracts are valued using discount rates derived from the backing asset portfolios with deductions made to remove
risks that are present in the assets but are not relevant to the insurance liability. Climate-related risks could impact on the Group’s exposure
to future credit losses which would impact on the appropriate yield deductions in the discount rate calculation and therefore the insurance
contract valuations.
Provisions and contingent liabilities
The recognition, measurement and disclosure of provisions and contingent liabilities is subject to setting assumptions around future events and
the probability of their occurrence. Climate-related matters could affect these elements, for example by requiring recognition or disclosure of a
legal obligation (e.g. levies imposed for failing climate related targets) or of a constructive obligation (e.g. requirements to remediate environmental
damage caused by the Group’s operations and investment portfolios).
Deferred tax assets
Deferred tax assets are recognised for deductible temporary differences and unused tax losses and credits, to the extent it is probable that future
taxable profit will be available, against which those amounts can be utilised. Climate-related matters could affect the Group’s estimate of future
taxable profits, and therefore it may be required to derecognise deferred tax assets previously on the balance sheet.
Share-based payments
The Group’s performance share plans provide a direct and transparent link between executive pay and the delivery of shareholder returns over the
longer-term. They are a conditional award of shares subject to a performance period of at least three years. Performance metrics for the Group’s
share plans are now clearly linked to ESG metrics. As such, the effects of climate change could have an impact on amount and timing, recognition
and measurement of amounts in the Group’s income statement and statement of comprehensive income.
Financial instruments
Expected credit losses are required to be recognised on receivables and certain financial investments, representing the counterparty’s
probability of default over a certain time horizon. Climate-related matters may affect the Group’s exposure to these losses, for example
by negatively affecting the borrower’s ability to meet their obligations, or by affecting assumptions used in the models adopted to estimate
expected credit losses.
Legal & General Group Plc Annual report and accounts 2024 137
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies
Consolidation principles
Subsidiary undertakings
The consolidated financial statements incorporate the assets, liabilities, equity, income, expenses and cash flows of the company and of its
subsidiary undertakings drawn up to 31 December each year. All intra-group balances, transactions, income and expenses are eliminated in full.
Subsidiaries are those entities (including special purpose entities, mutual funds and unit trusts) over which the Group directly or indirectly has
control (i.e. when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee) (Note 41).
Business combinations are accounted for by applying the acquisition method of accounting, which requires the Group to record the identifiable
assets and liabilities of the acquired business at fair value on the date of acquisition. The excess of the fair value of acquisition consideration
over the recorded value of the assets and liabilities of the acquired entity is recorded on the statement of financial position as goodwill. Profits
or losses of subsidiary undertakings sold or acquired during the year are included in the consolidated results up to the date of disposal or from
the date of gaining control.
Puttable instruments held by external parties in consolidated investment vehicles, such as unit trusts, are classified as liabilities and appear
as ‘Net asset value attributable to unit holders’ in the Consolidated Balance Sheet.
Associates and joint ventures
Associates are entities over which the Group has significant influence but which it does not control. It is presumed that the Group has significant
influence where it has between 20% and 50% of the voting rights in the investee unless indicated otherwise. Joint ventures are entities where the
Group and other parties have joint control over their activities.
The Group has interests in associates and joint ventures (Note 41) which form part of an investment portfolio held through private equity vehicles,
mutual funds, unit trusts and similar entities. In accordance with the choice permitted by IAS 28, ‘Investments in Associates and Joint Ventures’,
these interests have been classified as fair value through profit or loss and measured at fair value within financial investments, with changes in
fair value recognised in the Consolidated Income Statement.
Associates and joint ventures which do not form part of an investment portfolio are initially recognised in the Consolidated Balance Sheet at cost.
Goodwill arising on the acquisition of these associates or joint ventures is included within the carrying value of those investments. Their carrying
amount is increased or decreased to reflect the Group’s share of total comprehensive income after the date of the acquisition. Where the carrying
amount of an associate or joint venture is greater than its estimated recoverable amount, which is the higher of the assets fair value less costs of
disposal and value in use, it is written down immediately to its recoverable amount, with an impairment loss recognised in the Consolidated
Income Statement.
Insurance contracts
Long term insurance contracts – initial measurement
Insurance contracts are contracts which transfer significant insurance risk to the insurer at the inception of the contract. This is the case if,
and only if, an insured event could cause an insurer to make significant additional payments in any scenario, other than a scenario which lacks
commercial substance. Such contracts remain insurance contracts until all rights and obligations are extinguished or expired.
At inception, the Group separates the following components from an insurance or reinsurance contract and accounts for them as if they were
stand-alone financial instruments:
• derivatives embedded in the contract whose economic characteristics and risks are not closely related to those of the host contract,
and whose terms would not meet the definition of an insurance or reinsurance contract as a stand-alone instrument
• distinct investment components, i.e. investment components that are not highly inter-related with the insurance components and for which
contracts with equivalent terms are sold, or could be sold, separately in the same market or the same jurisdiction.
After separating any financial instrument components, the Group separates any promises to transfer to policyholders distinct goods or services
other than insurance coverage and investment services and accounts for them as separate contracts with customers (i.e. not as insurance
contracts). A good or service is distinct if the policyholder can benefit from it either on its own or with other resources that are readily available
to the policyholder. A good or service is not distinct and is accounted for together with the insurance component if the cash flows and risks
associated with the good or service are highly inter-related with the cash flows and risks associated with the insurance component, and the
Group provides a significant service of integrating the good or service with the insurance component.
Recognition and level of aggregation
An insurance contract is recognised at the earliest of the following:
(a) the beginning of the coverage period
(b) the date when the first payment from a policyholder becomes due
(c) for onerous contracts, when the contract becomes onerous.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 138

The level of aggregation determines the unit of account at which IFRS 17 calculations are performed. This is determined firstly by dividing the
business written into portfolios. Portfolios comprise groups of contracts with similar risks which are managed together. Portfolios are further
divided based on expected profitability at inception into three categories: onerous contracts, contracts with no significant risk of subsequently
becoming onerous, and the remainder. IFRS 17 also requires that no group for level of aggregation purposes may contain contracts issued more
than one year apart. The insurance contract disclosures have been aggregated at the level of the major product lines of the business, annuities
and protection. This disaggregation reflects their similar main characteristics and avoids the presentation of insignificant detail.
All of the Group’s in scope insurance contracts are accounted for under the general measurement model which measures a group of insurance
contracts as the total of:
• fulfilment cash flows
• CSM representing the unearned profit the Group will recognise as it provides services under the insurance contract.
Fulfilment cash flows
Fulfilment cash flows comprise unbiased and probability-weighted estimates of future cash flows, discounted to present value to reflect the time
value of money and financial risks, plus a risk adjustment for non-financial risk. The Group’s objective in estimating future cash flows is to determine
the expected value, or the probability weighted mean, of the full range of possible outcomes, considering all reasonable and supportable information
available at the reporting date without undue cost or effort. The Group estimates future cash flows considering a range of scenarios which have
commercial substance and give a good representation of possible outcomes. The cash flows from each scenario are probability-weighted and
discounted using current assumptions.
When estimating future cash flows, the Group includes all cash flows that are within the contract boundary. The cash flows include:
• premiums and related cash flows
• claims and benefits, including reported claims not yet paid, incurred claims not yet reported and expected future claims
• investment management costs incurred in the provision of an investment return service or to enhance the benefits of an insurance contract
• payments to policyholders resulting from embedded surrender value options
• an allocation of insurance acquisition cash flows attributable to the portfolio to which the contract belongs
• claims handling costs
• policy administration and maintenance costs, including recurring commissions that are expected to be paid to intermediaries for future services
• an allocation of fixed and variable overheads directly attributable to fulfilling insurance contracts
• transaction-based taxes.
The Group incorporates, in an unbiased way, all reasonable and supportable information available without undue cost or effort about the amount,
timing and uncertainty of those future cash flows. The Group estimates the probabilities and amounts of future payments under existing contracts
based on information obtained, including:
• information about claims already reported by policyholders
• other information about the known or estimated characteristics of the insurance contracts
• historical data about the Group’s own experience, supplemented when necessary, with data from other sources (historical data is adjusted
to reflect current conditions)
• current pricing information, when available.
The measurement of fulfilment cash flows includes insurance acquisition cash flows which are allocated as a portion of premium to profit or loss
(through insurance revenue) over the period of the contract.
Pre-recognition, insurance acquisition cash flow assets are recognized on the balance sheet prior to allocation to new insurance contracts and
are considered for impairment at each reporting date.
Risk adjustment
The risk adjustment for non-financial risk for a Group of insurance contracts reflects the compensation that the Group would require for bearing
uncertainty about the amount and timing of the cash flows that arises from non-financial risk after diversification. The Group’s risk adjustment is
calibrated using a Value at Risk (VAR) methodology. In some cases, the compensation for risk on reinsured business is linked directly to the price
paid for reinsurance.
Discounting
The insurance contract fulfilment cash flows are discounted at rates that reflect the characteristics of the insurance contract liabilities.
These are determined by starting from an appropriate asset portfolio with deductions to remove risks in the assets that are not present
in the insurance liabilities.
Contractual service margin (CSM)
The Group’s CSM is a component of the asset or liability for the group of insurance contracts that represents the unearned profit the Group
will recognise as it provides services in the future. The Group measures the CSM on initial recognition at an amount that, unless the group
of contracts is onerous, results in no income or expenses arising from:
• initial recognition of the fulfilment cash flows
• any cash flows arising from the contracts in the Group at that date
• the derecognition at the date of initial recognition of:
− any asset for insurance acquisition cash flows
− any other asset or liability previously recognised related to the group of insurance contracts.
Legal & General Group Plc Annual report and accounts 2024 139
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies continued
Insurance contracts continued
Long term insurance contracts – initial measurement continued
Onerous contracts
For groups of contracts assessed as onerous, the Group recognises a loss in profit or loss for the net outflow, resulting in the carrying amount
of the liability for the Group being equal to the fulfilment cash flows and the CSM of the Group being zero. A loss component is established by
the Group for the liability for remaining coverage for an onerous group, which represents the losses recognised.
Reinsurance contracts – initial measurement
The initial measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued, with the exception
of the following:
• reinsurance contracts are recognised from the earlier of the following:
− the beginning of the coverage period
− the date the entity recognises an onerous group of underlying insurance contracts, if the entity entered into the related reinsurance
contract held in the group of reinsurance contracts held at or before that date.
• measurement of the cash flows includes an allowance on a probability-weighted basis for the effect of any non-performance by the reinsurers,
including the effects of collateral and losses from disputes
• the Group determines the risk adjustment for non-financial risk so that it represents the amount of risk being transferred to the reinsurer
• both day one gains and day one losses are not recognised at initial recognition in the statement of financial position but are deferred into
the CSM and released to profit or loss as the reinsurer renders services, except for any portion of a day 1 loss that relates to events before
initial recognition
• if the reinsurance contract is recognised prior to a loss-making underlying contract, the reinsurance CSM can be adjusted to offset a portion of
the inception loss (the loss recovery component). This offsets a portion of the loss recognised on inception of the underlying onerous contract.
Long term insurance contracts – subsequent measurement
The Group measures the carrying amount of a group of insurance contracts at the end of each reporting period as the sum of:
(i) the liability for remaining coverage comprising fulfilment cash flows related to future service allocated to the Group at that date and the CSM
of the Group at that date
(ii) the liability for incurred claims for the Group reflecting the fulfilment cash flows related to past service allocated to the Group at that date.
Contractual service margin – measurement
The CSM at the end of the reporting period represents the profit in the group of insurance contracts that has not yet been recognised in profit or
loss, because it relates to future service to be provided.
For a Group of insurance contracts the carrying amount of the CSM of that group at the end of the reporting period equals the carrying amount
at the beginning of the reporting period adjusted for:
• the effect of any new contracts added
• interest accreted on the carrying amount of the CSM during the reporting period, measured at the discount rates at initial recognition
• changes in fulfilment cash flows relating to future service, except to the extent that:
− such increases in the fulfilment cash flows exceed the current carrying amount of the CSM, giving rise to a loss; or
− such decreases in the fulfilment cash flows are allocated to the loss component of the liability for remaining coverage
• the amount recognised as insurance revenue because of the transfer of services in the period, determined by allocation of the CSM at the end
of the period over the current and remaining coverage period
• the effect of any currency exchange differences on the CSM.
The changes in fulfilment cash flows relating to future service that adjust the CSM comprise:
• experience adjustments that arise from the difference between the premium receipts (net of refunds) and any related cash flows such as
insurance acquisition cash flows and insurance premium taxes and the estimate, at the beginning of the period, of the amounts expected.
Differences related to premiums received (or due) in respect of current or past services are recognised immediately in profit or loss while
differences related to premiums received (or due) for future services are adjusted in the CSM
• changes in estimates of the present value of future cash flows in the liability for remaining coverage, except those relating to the time value
of money and changes in financial risk (which are instead recognised in the statement of profit or loss and other comprehensive income)
• differences between any investment component expected to become payable in the period and the actual investment component that
becomes payable in the period
• changes in the risk adjustment for non-financial risk that relate to future service.
Adjustments to the CSM noted above are measured at discount rates that reflect the characteristics of the cash flows of the group of insurance
contracts at initial recognition (i.e. the weighted average of the rates applicable at the date of initial recognition of contracts that joined a group
over a 12-month period).
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 140

Onerous contracts
Groups of contracts that were not onerous at initial recognition can subsequently become onerous if assumptions and experience extinguish the
CSM. In this case, the Group establishes a loss component for the future losses recognised. The loss component is released based on a systematic
allocation of the subsequent changes in the fulfilment cash flows to: (i) the loss component; and (ii) the liability for remaining coverage excluding
the loss component. The loss component is also updated for subsequent changes in estimates of the fulfilment cash flows related to future
service. The systematic allocation of subsequent changes to the loss component results in the total amounts allocated to the loss component
being equal to zero by the end of the coverage period of a group of contracts (since the loss component will have materialised in the form of
incurred claims). The loss component ensures that over the duration of the contract, the correct amounts are recognised as insurance revenue
and insurance service expenses.
Contractual service margin (CSM) – recognition
The amount of CSM recognised in the income statement for a group of insurance contracts reflects the insurance contract services provided. The
proportion of the CSM earned is calculated as the amount of coverage units provided in the period divided by the sum of all the future and current
period coverage units. The Group has elected to discount the future coverage units in this calculation. The table below indicates the main
insurance contracts services provided under the Group’s insurance contracts and selected coverage unit(s) used to measure those services.
Insurance contract
Insurance service
Coverage unit(s)
Immediate annuity
Payment of insurance claims
Expected annual claims payments
Deferred annuity
Payment of insurance claims (payment phase)
Longevity swaps
Payment of floating leg of swap
Expected annual floating leg payments
Retail Protection
Potential mortality or morbidity claims
Sum assured
Group Protection
Potential mortality or morbidity claims
Sum assured
Where a specific unit of account contains a mixture of services, and therefore coverage units, it is necessary to weight the coverage units so that
the resulting profile of CSM release reflects the overall package of benefits provided. This is particularly pertinent to units of account incorporating
a combination of immediate and deferred annuities. Under IFRS 17, deferred annuities usually provide multiple services, split between the two
phases of benefit provision (the deferral phase and the payment phase). Judgement is therefore required to combine the different coverage units
so that they fairly reflect the services provided. The weighting between the deferral phase and the payment phase coverage units is calculated so
that the services provided in the deferral phase reflect the investment return provided and the probability weighted delivery of any lump sum death
benefits, both adjusted so that all of the CSM is earned in the deferral phase for all contracts which do not enter the payment phase either through
transfer out, withdrawal of funds or death.
Investment components
The Group identifies the investment component of a contract by determining the amount that it would be required to repay to the policyholder in
all scenarios with commercial substance. Investment components are not included in insurance revenue and insurance service expenses.
Insurance finance income and expense
Insurance finance income and expenses comprise changes in the carrying amounts of groups of insurance contracts arising from the effects of
the time value of money, financial risk and changes therein. IFRS 17 requires an accounting policy decision as to whether to recognise all finance
income or expense in profit or loss, or whether to disaggregate the income or expense that relates to changes in financial assumptions into other
comprehensive income. Finance income and expense has been included in profit or loss for all insurance products except for the Group’s protection
business where it has been disaggregated between profit and loss and other comprehensive income. Where insurance finance income and
expense has been disaggregated the amount included in profit or loss is determined by a systematic allocation of the expected total insurance
finance income or expenses over the duration of the group of contracts, using the discount rates determined on initial recognition.
Changes in the risk adjustment for non-financial risk have been disaggregated between insurance service result and insurance finance income
and expenses.
Reinsurance contracts held – subsequent measurement
The subsequent measurement of reinsurance contracts held follows the same principles as those for insurance contracts issued except that
changes in the fulfilment cash flows are recognised in profit or loss if the related changes arising from the underlying ceded contracts are
recognised in profit or loss.
Derecognition and contract modification of insurance contracts
The Group derecognises a contract when it is extinguished, i.e. when the specified obligations in the contract expire or are discharged or cancelled.
The Group also derecognises a contract if its terms are modified in a way that would have changed the accounting for the contract significantly
had the new terms always existed, in which case a new contract based on the modified terms is recognised. If a contract modification does
not result in derecognition, then the Group treats the changes in cash flows caused by the modification as changes in estimates of fulfilment
cash flows.
Legal & General Group Plc Annual report and accounts 2024 141
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies continued
Insurance contracts continued
Measurement on transition to IFRS 17
On transition to IFRS 17, the insurance contract liabilities were restated, retrospectively applying the Group’s accounting policies. In line with the
provisions available in IFRS 17, the Group applied the full retrospective approach unless impracticable. The full retrospective approach required
the Group to:
• identify, recognise and measure each group of insurance and reinsurance contracts as if IFRS 17 had always applied
• derecognise any existing balances that would not exist had IFRS 17 always applied
• recognise any resulting net difference in equity.
If it was impracticable to apply a full retrospective approach to a group of contracts then the Group selected an approach between the modified
retrospective approach and the fair value approach. If the Group could not obtain reasonable and supportable information necessary to apply
the modified retrospective approach, then the fair value approach was selected.
Full retrospective approach
For insurance and reinsurance contracts where the full retrospective approach was adopted, the best estimate and risk adjustment components
of fulfilment cash flows were recognised and measured using the Group’s accounting policies from the inception date of the contracts to the date
of transition. The full retrospective approach was determined to be impracticable where: the effects of retrospective application were not determinable
because information required was not collected (or not with sufficient granularity);`application would require the application of hindsight; or
information was unavailable because of system migrations, data retention requirements or other reasons.
Modified retrospective approach
The objective of the modified retrospective approach is to achieve the closest outcome to retrospective application possible using reasonable
and supportable information available without undue cost or effort. For insurance and reinsurance contracts where the modified retrospective
approach has been adopted, the best estimate and risk adjustment components of fulfilment cash flows were recognised and measured using
the Group’s accounting policies at the date of transition except for the application of a permitted transition modification that, for some groups of
contracts issued before 1 January 2021, the risk adjustment for non-financial risk on initial recognition was determined by adjusting the amount
at 1 January 2022 for the expected release of risk before that date. The expected release was determined with reference to the release of risk of
similar contracts that the Group issued in 2022. This modification was used to avoid the application of hindsight to the calibration of the risk
adjustment in prior periods.
Fair value approach
For insurance and reinsurance contracts where the fair value approach has been adopted, the best estimate and risk adjustment components
of fulfilment cash flows were determined as at 1 January 2022. The Group determined the Contractual Service Margin (CSM) of the liability for
remaining coverage at the transition date, as the difference between the fair value of the group of insurance contracts and the fulfilment cash
flows measured at that date. In determining fair value, the Group applied the requirements of IFRS 13, ‘Fair Value Measurement’, except for the
demand deposit floor requirement.
Financial instruments
Recognition and derecognition
Initial recognition of financial assets and liabilities is on the trade date, which is the date on which the Group becomes a party to the contractual
provisions of the instrument. A financial asset or financial liability is initially measured at fair value plus, for a financial asset or financial liability
not measured at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. When the fair value
of financial assets and liabilities differs from the transaction price on initial recognition, the Group recognises the difference as follows:
• when the fair value is evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or based
on a valuation technique that uses only data from observable markets, the difference is recognised as a gain or loss
• in all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either
amortised over the life of the instrument, deferred until the instrument’s fair value can be determined using market observable inputs or realised
through settlement.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when the Group transfers
substantially all the risks and rewards of ownership to another entity. This is the case for cash collateral pledged, where the counterparty has
contractual rights to receive the cash flows generated, and which is derecognised from the Consolidated Balance Sheet and a corresponding
receivable recognised for its return.
The Group enters into transactions whereby it transfers assets recognised in its Consolidated Balance Sheet, but retains either all or substantially
all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised. Examples of such transactions
are repurchase agreements and non-cash collateral pledged, unless the Group defaults on its obligations under the relevant agreement.
In transactions in which the Group neither retains nor transfers substantially all of the risks and rewards of ownership of a financial asset and it
retains control over the asset, the Group continues to recognise the asset to the extent of its continuing involvement, determined by the extent
to which it is exposed to changes in the value of the transferred asset.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 142

The Group derecognises a financial liability when its contractual obligations expire or are discharged or cancelled. The Group also derecognises
a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial
liability based on the modified terms is recognised at fair value.
On derecognition of a financial asset or financial liability, the difference between the carrying amount at the date of derecognition and the
consideration received (including any new asset obtained less any new liability assumed) is recognised in profit or loss.
Modification
If the terms of a financial asset are modified, then the Group evaluates whether the cash flows of the modified asset are substantially different.
If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired.
In this case, the original financial asset is derecognised and a new financial asset is recognised at fair value plus any eligible transaction costs.
Classification and measurement of financial assets
The Group classifies its financial assets on initial recognition as measured at amortised cost, fair value through other comprehensive income
(FVOCI) and fair value through profit or loss (FVTPL).
The classification and measurement of financial assets depends on their contractual cash flow characteristics and how they are managed (the
entity’s business model). The contractual cash flow characteristics test aims to identify those assets with cash flows consistent with a basic
lending arrangement, i.e. which are ‘solely payments of principal and interest’ (SPPI). The business model test refers to how an entity manages its
financial assets with the objectives of generating cash flows. These factors determine whether the financial assets are measured at amortised
cost, FVOCI or FVTPL. Assets are therefore typically characterised as follows:
• amortised cost: financial assets with contractual terms that give rise solely to interest and principal cash flows, and which are held in a
business model whose objective is to hold the assets to collect their cash flows. They are measured at amortised cost using the effective
interest method. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on
derecognition is also recognised in profit or loss
• FVOCI: financial assets with contractual terms that give rise solely to interest and principal cash flows, and which are held in a business model
whose objective is achieved by holding the assets to collect their cash flows and selling them. Interest income calculated using the effective
interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised
in other comprehensive income. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss
• FVTPL: all other financial assets. Net gains and losses, including any interest or dividend income and foreign exchange gains and losses,
are recognised in profit or loss, unless they arise from derivatives designated as hedging instruments in cash flow or net investment hedges.
Notwithstanding the above, on initial recognition the Group may irrevocably designate to FVTPL a financial asset that would otherwise be
measured at amortised cost or FVOCI if doing so eliminates or greatly reduces an accounting mismatch.
In making the SPPI assessment, the Group considers whether the contractual cash flows are consistent with a basic lending arrangement (that is,
interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is consistent with a
basic lending arrangement). This includes evaluating whether the financial asset contains a contractual term that could change the timing or amount
of contractual cash flows such that it would not meet this condition. Examples of such contractual terms to be considered are contingent events
that would change the amount or timing of cash flows, leverage features, prepayment and extension features, non-recourse asset arrangements
and features that modify consideration for the time value of money (e.g. periodic reset of interest rates).
The business model reflects how the Group manages assets in order to generate cash flows, i.e. it reflects whether the Group’s objective is solely
to collect the contractual cash flows from assets or to collect both the contractual cash flows and cash flows arising from the sale of assets. If
neither of these is applicable (for example, financial assets are held for trading purposes), the business model is ‘other’ and the financial asset is
measured at FVTPL. Factors considered by the Group in determining the business model for a group of assets include past experience on how
the cash flows for these assets were collected, how the asset’s performance is evaluated and reported to key management personnel, how risks
are assessed and managed, and how managers are compensated.
The objective of the Group’s business model for certain debt instruments, in particular those instruments backing annuity or investment contract
liabilities, including surplus assets, is to fund its liabilities. Consistent with the Group’s investment strategy their performance is evaluated on a
total return basis, as significant buying and selling activity is undertaken on a regular basis to rebalance its portfolio and to ensure that contractual
cash flows from those assets are sufficient to settle the underlying liabilities. These investments do not follow a ‘held to collect’ or ‘held to collect
and sell’ business model, and are therefore accounted for at FVTPL. This business model is also applicable to reverse repurchase agreements
and to derivatives. Equity instruments are accounted for at FVTPL.
Certain debt securities are held in separate portfolios for long-term yield. These include long dated debt instruments backing annuities liabilities,
but in surplus to the IFRS 17 best estimate liability and risk adjustment, used to manage interest and inflation rate exposure, as well as assets
backing protection liabilities. These assets represent instruments consistent with the SPPI principles, and are accounted for at amortised cost
or FVOCI depending on the expected level of trading.
Receivables are accounted for at amortised cost.
Legal & General Group Plc Annual report and accounts 2024 143
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies continued
Financial instruments continued
Classification and measurement of financial liabilities
The Group classifies and subsequently measures financial liabilities at amortised cost or FVTPL.
Investment contract liabilities
Investment contract liabilities are measured at FVTPL. This is because these liabilities, as well as the related assets, are managed and their
performance evaluated on a fair value basis. For unit linked liabilities, fair value is determined by reference to the value of the underlying net asset
values of the Group’s unitised investment funds at the balance sheet date.
Core and operational borrowings
Borrowings are recognised initially at fair value, net of transaction costs. Borrowings are subsequently stated at amortised cost. The difference
between the net proceeds and the redemption value is recognised in the income statement over the borrowing period using the effective interest
rate method.
Other financial liabilities
Other financial liabilities include derivative liabilities, repurchase agreements and trail commission, which are measured at FVTPL, while other
payable balances are measured at amortised cost.
Derivatives
Derivatives are initially recognised at fair value on the date on which the derivative contract is entered into. The Group’s derivatives, other than
those designated as hedging instruments in cash flow or net investment hedges, are instruments held for trading and, are therefore accounted
for at FVTPL.
Derivatives may be embedded in another contractual arrangement. If such a hybrid contract contains a host that is a financial asset, the Group
assesses the entire contract for classification and measurement purposes. Otherwise, the Group accounts for an embedded derivative separately
from the host contract when:
• its economic characteristics and risks are not closely related to those of the host contract
• the terms of the embedded derivative would have met the definition of a derivative if they were contained in a separate contract
• the hybrid contract is not measured at FVTPL.
These embedded derivatives are separately accounted for at FVTPL, unless the Group chooses to designate the entire hybrid contract at FVTPL.
A derivative embedded in a host insurance or reinsurance contract is not accounted for separately from the host contract if the embedded
derivative itself meets the definition of an insurance or reinsurance contract.
Collateral
Collateral received in the form of cash, which is not legally segregated from the Group, is recognised as an asset in the Consolidated Balance
Sheet with a corresponding liability for the repayment in Payables and other financial liabilities. However, where the Group has a currently
enforceable legal right of set-off and the ability and intent to net settle, the collateral liability and associated derivative balances are shown net.
Non-cash collateral received is not recognised in the Consolidated Balance Sheet unless the transfer of the collateral meets the derecognition
criteria from the perspective of the transferor. Such collateral is typically recognised when the Group either: (a) sells or repledges these assets in
the absence of default, at which point the obligation to return this collateral is recognised as a liability; or (b) the counterparty to the arrangement
defaults, at which point the collateral is seized and recognised as an asset.
Collateral pledged in the form of cash, which is legally segregated from the Group, is derecognised from the statement of financial position with
a corresponding receivable recognised for its return. Non-cash collateral pledged is not derecognised from the statement of financial position
unless the Group defaults on its obligations under the relevant agreement, and therefore continues to be recognised in the Consolidated Balance
Sheet within Financial investments.
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit loss (ECL) associated with its financial assets measured at amortised cost
and FVOCI, and recognises a loss allowance for such losses at each reporting date. Expected credit losses are defined as the present value of the
difference between all contractual cash flows that are due and all cash flows that the entity expects to receive (i.e. the cash shortfall), weighted
based on their probability of occurrence. The loss allowance recognised under IFRS 9 can be equal to an amount corresponding to a 12-month
ECL or a lifetime ECL. A lifetime ECL is the ECL resulting from all possible default events over the expected life of the financial asset; a 12-month
ECL is the portion of lifetime ECL resulting from default events on a financial asset that are possible within the 12 months after the reporting date.
For a financial asset that is credit-impaired at the reporting date, but that is not a purchased or originated credit-impaired financial asset, expected
credit losses are measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows,
discounted at the financial asset’s original effective interest rate. Any adjustment is recognised in profit or loss as an impairment gain or loss.
The Group defines default on a financial asset as the inability to meet in full and on time an original promise of expected cash flows, the amount
and timing of which are defined with certainty. Any breach of this promise, by any amount or time (in excess of any potential planned grace
period), constitutes a default. This is consistent with the definition of default used for internal credit risk management purposes. An asset is
credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
• significant financial difficulty of the borrower
• a breach of contract, such as a default or past due event
• the restructure of a loan by the Group on terms which it would not otherwise consider
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 144

• it becomes probable that the borrower will enter bankruptcy or other financial reorganisation.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
The ECL model is run from the date of initial recognition of a financial asset, and its output updated at every reporting period, even if no actual loss
events have taken place. The impact of updating the inputs of the ECL model in the reporting period is recognised in profit or loss directly where it
affects the carrying value of financial assets at amortised cost, while for assets at FVOCI an equal and opposite movement is recorded in other
comprehensive income.
In order to determine whether the Group measures ECLs at an amount equal to 12-month ECL or lifetime ECL, at each reporting period the Group
is required to assess which ‘stage’ a financial asset falls into. Stages reflect the general pattern of deterioration in credit risk of a financial
instrument that ultimately defaults, as follows:
• Stage 1 includes financially healthy financial assets that are expected to perform in line with their contractual terms, and which have no signs
of increased credit risk
• Stage 2 includes financial assets for which a significant increase in credit risk has occurred since initial recognition, but which are not credit-impaired
• Stage 3 applies to credit-impaired financial instruments.
When financial assets are under Stage 1, 12-month ECLs are recognised. When financial assets are under Stage 2 or 3, lifetime ECLs are
recognised. An instrument moves down (or up) the stages when a significant increase in credit risk (SICR) has happened (or has reversed).
When determining whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group considers
reasonable and supportable information, both qualitative and quantitative, that is relevant and is available without undue cost or effort, including
forward-looking information at its disposal. Key indicators used in order to determine whether a SICR has occurred (either in isolation or in
combination) are:
• deterioration in rating grade between origination date and reporting date. The level of deterioration required by an individual asset is determined
using a relative rating matrix
• exposure is identified on the investment managers’ ‘watchlist’
• exposure is identified on internal ‘credit watchlists’
• a manual shift of an exposure to Stage 2 on an exceptional basis (where required, using management judgement).
The provisions of IFRS 9 include a rebuttable presumption that the credit risk on a financial asset has increased significantly since initial
recognition when contractual payments are more than 30 days past due, which is taken into account for this assessment.
The Group makes use of a practical expedient available in IFRS 9 whereby it can be assumed that the credit risk on a financial instrument
has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date
(e.g. investment grade as determined by the Group’s asset managers). This allows recognition of 12-month ECLs as opposed to, potentially,
lifetime ECLs. This is deemed to be the case where assets that have been downgraded remain of good credit quality (i.e. investment grade
as determined by the Group’s asset managers) as at the reporting date, to the extent that, where relevant, the Group’s internal credit risk ratings
are considered to be consistent with a globally understood definition of ‘low credit risk’.
The Group estimates ECLs on its financial investments at amortised cost and debt instruments at FVOCI which are not credit-impaired by using
the probability of default approach. Based on this method, the ECLs are a probability-weighted estimate of the present value of estimated cash
shortfalls, i.e. the weighted average of credit losses, with the respective risks of a default occurring used as the weightings. For this purpose, the
key elements to be calculated are the Probability of Default (PD), i.e. the estimate of the likelihood of default over a given time horizon (either
12 months or lifetime); the respective Loss Given Default (LGD); and the Exposure at Default (EAD).
Exposures that move into Stage 3 are able to transition back to Stage 2 if the asset no longer meets the definition of default. Similarly, exposures
will re-transition from Stage 2 to Stage 1 where the SICR indicators no longer apply. No separate cure or probation periods are applied on the basis
that assets will not be re-rated or moved out of default until there is evidence of stable and improved performance.
In order to determine 12-month or lifetime PDs the Group’s models utilise historical data obtained from S&P and Moody’s in order to evaluate
transitions (i.e. the probability that a security changes rating in a given year) and defaults, plus scenario-specific annual scaling factors which
adjust the PDs for forward-looking information. The final PDs produced by the model are unconditional, i.e. they incorporate both the probability of
not defaulting until the start of the period, and the subsequent probability of default in that period, conditional on the position not having defaulted
to that point. This allows them to be summed over 12 months to provide 12-month PD estimates, or over all remaining months to produce lifetime
PD estimates.
LGD is the magnitude of the likely loss if there is a default, based on the history of recovery rates of claims against defaulted counterparties, and
taking into account collateral values where applicable.
EAD represents the expected exposure in the event of a default. The Group estimates LGD based on the history of recovery rates of claims against
defaulted counterparties. Appropriate haircuts are applied to baseline unsecured LGDs and used in conjunction with forecast collateral values to
estimate LGD for assets secured by collateral.
The Group has adopted a simplified approach for trade receivables, contract assets and finance and operating lease receivables. This allows
measurement of lifetime ECLs only, thereby removing the need to identify SICRs. For these balances, the Group makes use of provision matrices
in order to calculate such lifetime ECLs. This is a practical expedient allowed by IFRS 9 whereby historical credit loss experience and fixed loss
rates are applied to the balances outstanding. Historical loss rates are adjusted to allow for forward-looking information.
Legal & General Group Plc Annual report and accounts 2024 145
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies continued
Financial instruments continued
Hedge accounting
The Group uses hedge accounting, provided the prescribed criteria are met, to recognise the offsetting effects of changes in the fair value or cash
flow of the derivative instrument and the hedged item. Hedge accounting can be applied in order to:
• hedge the exposure to fair value movements of a recognised asset or liability or an unrecognised firm commitment, or a component of any
such item, that is attributable to a particular risk and could affect the Consolidated Income Statement
• hedge the exposure to variability in cash flows attributable to a particular risk associated with all, or a component of, a recognised asset or
liability, or a highly probable forecast transaction, that could affect the Consolidated Income Statement
• hedge the exposure to the currency risk associated with a net investment in a foreign operation.
The relationship between the hedging instrument and the hedged item, together with the risk management objective and strategy for undertaking
the hedge transaction, are documented formally at the inception of the transaction. The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge
effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging
relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:
• there is an economic relationship between the hedged item and the hedging instrument
• the effect of credit risk does not dominate the value changes that result from that economic relationship
• the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Currently, the Group hedges foreign exchange translation and interest rate risks on its fixed rate USD denominated borrowings (the hedged items),
using cross-currency interest rate swaps (the hedging items). It recognises the effective portion of the gain or loss on the hedging items in the
Consolidated Statement of Comprehensive Income and in a separate reserve within equity. The gain or loss relating to the ineffective portion is
recognised immediately in the Consolidated Income Statement. Amounts accumulated in equity are reclassified in the periods when the hedged
item affects profit or loss.
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date.
Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent
sources, while unobservable inputs reflect the Group’s view of market assumptions in the absence of observable market information. The Group
utilises techniques that maximise the use of observable inputs and minimise the use of unobservable inputs.
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price. In certain circumstances, the fair
value at initial recognition differs from the transaction price. If the fair value is evidenced by comparison by a quoted price in an active market for
an identical instrument, or is based on a valuation technique that uses only data from observable markets, the difference between the fair value at
initial recognition and the transaction price is recognised as a gain or loss in the Consolidated Income Statement. In all other cases, the difference
between the fair value at initial recognition and the transaction price is deferred and recognised in the Consolidated Income Statement over the
life of the instrument to the extent that it arises from a change in a factor (including time) that market participants would take into account when
pricing the instrument.
Revenue
Insurance revenue
The Group’s insurance revenue depicts the provision of services arising from a group of insurance contracts, reflecting the consideration the
Group expects to be entitled to in exchange for those services. Insurance revenue from a group of insurance contracts is therefore the relevant
portion for the period of the total consideration for the contracts, (i.e. the amount of premiums paid to the Group adjusted for financing effect
(the time value of money) and excluding any investment components).
The total consideration for a group of contracts covers amounts related to the provision of services and comprises:
• the release of the CSM
• changes in the risk adjustment for non-financial risk relating to current service
• claims and other insurance service expenses expected at the beginning of the period
• experience adjustments arising from premiums received in the period other than those that relate to future service
• insurance acquisition cost recovery determined by allocating the portion of premiums related to the recovery of those costs on the basis
of insurance coverage provided
• other amounts, including any other pre-recognition cash flow assets derecognised at the date of initial recognition.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 146

Fees from fund management and investment contracts
The Group generates revenue from acting as the investment manager for clients. Fees charged on investment management services are based
on the contractual fee arrangements applied to assets under management and recognised as revenue as the services are provided.
The Group’s income from investment contracts is primarily derived from fees for administration and managing of funds in pension plans. Revenue
generated on investment contracts is recognised as services are provided. No significant judgements are applied on the timing or transaction
price. In the instances of performance fees where revenue is subject to meeting a certain performance threshold, such revenue is not recognised
until the condition has been met, and it is highly probable that no significant reversal of amounts would occur. Variable costs directly related
to securing new contracts are capitalised and amortised over the estimated period over which the revenue is earned.
Transaction fees are charged to implement trades for clients. Such fees are charged at the time the transaction takes place and are based
on the size of the underlying contract.
Other operational income from contracts with customers
House building
House building revenue arises from the sale of residential properties and land and is recognised net of discounts and sales incentives. It also
includes sale proceeds of part exchange properties. Sales of private houses are recognised on legal completion. Sales of social housing, where
multiple units are developed and sold under a contractual agreement with a single customer, typically a housing association, are recognised over
time in accordance with construction progress. Sales of land and commercial property are recognised on unconditional exchange, namely when
contracts are exchanged or missives concluded and, where appropriate, construction is complete. The transaction price is determined using
extensive research and expert judgement, current market values and regional variations.
Warranties are provided on all properties and range from 2-10 years. Due to their features, these do not represent separate performance obligations.
Professional services fees
The Group’s professional services fees revenue arises from professional services provided by employed surveyors and third-party providers,
panel management fees and administration fees. These fees are based on fee scales or contracts. Revenue is recognised when the service
has been rendered.
In addition, the Group derives professional fees from facilitation of mortgage arrangements and related products such as conveyancing. These
are based on an agreement/contract and could be tiered based on volume. The obligation in such instances is satisfied on completion of the
mortgage/service, at which point the revenue is recognised. There is no significant judgement applied on the timing or amount of fee recognised.
Insurance broker fees
Fees are charged on each performance obligation offered to the customer as per agreed structure. Revenue for placement services is recognised
at the point in time when the intermediary has satisfied its performance obligation, that is when the terms of the insurance policy have been
agreed contractually by the insurer and policyholder, and the insurer has a present right to payment from the policyholder. No significant
judgements are applied on the timing or transaction price.
Investment return
Investment return includes unrealised fair value gains and losses on financial investments at fair value through profit or loss, realised gains
and losses, dividends, rent and interest. Dividends are accrued on an ex-dividend basis. Interest income is recognised as it accrues, taking into
account the effective yield on the investment. Rental income is recognised on an accruals basis, and is generally recognised on a straight line
basis unless there is compelling evidence that benefits do not accrue evenly over the period of the lease. Interest income for financial assets
which are not classified as fair value through profit or loss (FVTPL) is recognised using the effective interest method.
A gain or loss on a financial investment is only realised on disposal or transfer, and is the difference between the proceeds received, net of
transactions cost and its original cost or amortised cost, as appropriate. Realised gains or losses on investment property represent the difference
between the net disposal proceeds and the carrying value of the property.
Unrealised gains and losses represent the difference between the carrying value at the end of the year and the carrying value at the previous year
end or purchase value during the year, less the reversal of previously unrealised gains and losses in respect of disposals made during the year.
Insurance service expenses
Insurance service expenses arising from insurance contracts are recognised in profit or loss as they are incurred. They exclude repayments of
investment components and comprise the following items:
• incurred claims and benefits, excluding investment components reduced by loss component allocations
• incurred directly attributable expenses
• insurance acquisition cost amortisation
• insurance acquisition cost asset impairment.
Dividends
Interim dividends on ordinary shares are deducted from retained earnings in the period in which they are paid. Final dividends on ordinary shares
are recognised as a liability in the period in which they have been approved by shareholders of the Company.
Legal & General Group Plc Annual report and accounts 2024 147
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies continued
Earnings per share
Earnings per share is a measure of the portion of the Group’s profit allocated to each outstanding share. It is calculated by dividing net income
attributable to ordinary equity holders by the weighted average number of ordinary shares in issue during the year, excluding employee scheme
treasury shares. For this purpose, net income is defined as the profit after tax, attributable to equity holders of the Company, derived from
continuing operations.
For diluted earnings per share, the weighted average number of ordinary shares in issue, excluding employee scheme treasury shares, is adjusted
to assume conversion of all dilutive potential ordinary shares, such as share options granted to employees. Potential or contingent share issuances
are treated as dilutive when their conversion to shares would decrease net earnings per share.
Intangible assets
Intangible assets mainly consist of capitalised software costs.
Where software costs are separately identifiable and measurable, they are capitalised at cost and amortised over their expected useful life on a
straight-line basis. Costs incurred to internally develop software are only capitalised if the expenditure can be measured reliably, the product or
process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources
to complete such development and to use or sell the asset. Otherwise, such costs are recognised in profit or loss as incurred. The estimated
amortisation period for IT development costs and software is between 3 and 10 years.
Intangible assets acquired via business combinations are recognised at fair value and are subsequently amortised on a straight-line basis over
their estimated useful life.
Amortisation methods, useful lives and any expected residual values are reviewed at each reporting date and adjusted if appropriate.
Intangible assets are tested for impairment either individually or at the cash-generating unit level. Intangible assets with indefinite useful lives and
intangible assets not yet available for use are tested for impairment at least annually, or whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. Intangible assets with finite useful lives are tested when there are indications of impairment.
The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in use.
Investment property
Investment property comprises land and buildings which are held for long-term rental yields and capital growth, as well as right-of-use assets of
the same nature, and are not occupied by the Group. Completed investment property is carried at fair value with changes in fair value recognised
in the Consolidated Income Statement within Investment return. Investment properties under construction are included within Property, plant and
equipment, and are stated at cost less any impairment until construction is completed or fair value becomes reliably measurable.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, treasury bills and other short-term highly liquid investments with
maturities of three months or less from the date of acquisition.
Property, plant and equipment
Property, plant and equipment includes tangible assets owned by the Group (such as land and office and other buildings) or held under lease
arrangements (such as office buildings, IT equipment and vehicles). Property, plant and equipment includes owner occupied property held by a
fund, the units of which determine benefits for its investors. In accordance with IAS 16, ‘Property, Plant and Equipment’, the Group has elected to
measure this asset at fair value, with changes in fair value recognised in the Consolidated Income Statement within Investment return.
All other assets within Property, plant and equipment are carried at historical cost less accumulated depreciation, calculated on a straight-line
basis over their estimated useful life. Amortisation methods, useful lives and any expected residual values are reviewed at each reporting date
and adjusted if appropriate.
An impairment review of Property, plant and equipment not carried at fair value is performed whenever events or changes in circumstances
indicate that their carrying amount may not be recoverable. Where the carrying amount of an asset is greater than its estimated recoverable
amount, which is the higher of the assets fair value less costs of disposal and value in use, it is written down immediately to its recoverable
amount, with an impairment loss recognised in the Consolidated Income Statement.
Leases
Lessee
Where the Group is a lessee, it recognises leases on the Consolidated Balance Sheet as ‘right-of-use’ assets and lease liabilities.
The right-of-use assets’ value is initially recognised as the calculated value of the lease liabilities, initial direct costs and incentives received. The
right-of-use assets are subsequently accounted for in accordance with the cost model in IAS 16, ‘Property, Plant and Equipment’ or as investment
property under IAS 40, ‘Investment Property’. The Group also assesses right-of-use assets classified as Property, plant and equipment for
impairment when such indicators exist.
The initial measurement of the lease liabilities is made up of the present value of lease payments to be made over the lease term, including fixed
lease payments and excluding lease incentive receivables. The Group uses the incremental borrowing rate as a discount rate for calculating the
lease liabilities. The lease liabilities are unwound over the term of the lease giving rise to an interest expense. Additionally, the liabilities are reduced
when lease payments are made. The Group reassesses the carrying amount of lease liabilities and right-of-use assets if certain events occur that
modify the original assumptions used to calculate the lease balances upon initial recognition.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 148

The Group leases offices, vehicles, IT equipment and investment properties under non-cancellable operating lease agreements. The Group has
elected to make use of the recognition exemptions as permitted in respect of short-term leases (lease contracts with a term of 12 months or less),
and lease contracts for which the underlying asset is of low value. Such leases are not recognised on the Consolidated Balance Sheet but the
Group recognises the associated lease payments as an expense over the lease term.
Lessor
Where the Group is the lessor, leases are classified as finance leases if the risks and rewards of ownership are substantially transferred to the
lessee, and operating leases if they are not substantially transferred.
The Group leases certain investment properties to third parties. Under these agreements, substantially all the risks and rewards incidental to
ownership are transferred to the lessee, and therefore the contracts have been classified as finance leases. At the lease commencement date,
the Group derecognises the investment property asset and recognises a receivable asset on its Consolidated Balance Sheet to reflect the net
investment in the lease, equal to the present value of the lease payments. The Group recognises finance income over the leaSe term to reflect the
rate of return on the net investment in the lease.
Under other lease agreements the Group is considered to substantially retain all the risks and rewards of ownership of the underlying asset,
therefore these contracts have been classified as operating leases. Lease income from operating leases is recognised in the Consolidated Income
Statement on a straight-line basis over the lease term.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can
be made. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised
as a separate asset but only when the reimbursement is virtually certain. The Group recognises a provision for onerous contracts when the
expected benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.
Tax
Current tax
Current tax comprises tax payable on current year profits, adjusted for non-tax deductible or non-taxable items, and any adjustments to tax
payable in respect of previous periods. Current tax is recognised in the Consolidated Income Statement unless it relates to items which are
recognised in the Consolidated Statement of Comprehensive Income or directly in equity.
Deferred tax
Deferred tax is calculated on differences between the accounting value of assets and liabilities and their respective tax values. Deferred tax is also
recognised in respect of unused tax losses to the extent it is probable that future taxable profits will arise against which the losses can be utilised.
Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited to the Consolidated
Statement of Comprehensive Income or charged or credited directly in equity.
Tax attributable to policyholders and equity holders
The total tax expense shown in the Group’s Consolidated Income Statement includes income tax borne by both policyholders and equity holders.
This has been split between tax attributable to policyholders’ returns and equity holders’ profits. Policyholder tax comprises the tax suffered on
policyholder investment returns, while equity holder tax is corporation tax charged on equity holder profit. The separate presentation is intended
to provide more relevant information about the tax that the Group pays on the profits that it makes.
Use of estimates
Tax balances include the use of estimates and assumptions which affect items reported in the Consolidated Balance Sheet, Consolidated Income
Statement and Consolidated Statement of Comprehensive Income. Although these estimates are based on management’s best knowledge of
current circumstances and future events and actions, actual results may differ from those estimates.
For tax this includes the determination of assets and liabilities recognised in respect of uncertain tax positions and the estimation of future
taxable income supporting deferred tax asset recognition.
As the Group operates internationally, it is exposed to uncertain tax positions and changes in legislation in the jurisdictions in which it operates.
The assessment of uncertain tax positions is subjective and significant management judgement is required. This judgement is based on interpretation
of legislation, management experience and professional advice. The directors have assessed the Group’s uncertain tax positions and are
comfortable that the provisions in place are not material individually or in aggregate, and that a reasonable possible alternative outcome in
the next financial year would not have a material impact to the results of the Group.
Foreign exchange and exchange rates
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of the transactions.
The functional currency of the Group’s foreign operations is the currency of the primary economic environment in which the entity operates.
The assets and liabilities of all of the Group’s foreign operations are translated into sterling, the Group’s presentation currency, at the closing
rate at the date of the Consolidated Balance Sheet. Income and expenses are translated at average exchange rates. On consolidation, exchange
differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated
as hedges of such investments, are taken to a separate component of shareholders’ equity.
Foreign exchange gains and losses are recognised in the Consolidated Income Statement, except when recognised in equity as qualifying cash
flow or net investment hedges.
Legal & General Group Plc Annual report and accounts 2024 149
Strategic report Governance Financial statements Other information

1. Basis of preparation and accounting policies continued
(viii) Material accounting policies continued
Share-based payments
The Group accounts for options and awards under equity compensation plans, until such time as they are fully vested, using the fair value
based method of accounting. The fair value at the date of grant of the equity instrument is recognised as an expense, spread over the vesting
period of the instrument. The total amount to be expensed is determined by reference to the fair value of the awards, excluding the impact of
any non-market vesting conditions. At each balance sheet date, the Group revises its estimate of the number of equity instruments which are
expected to become exercisable. It recognises the impact of the revision of original estimates, if any, in the Consolidated Income Statement and
a corresponding adjustment is made to equity. On vesting or exercise, the difference between the expense charged to the Consolidated Income
Statement and the actual cost to the Group is transferred to Retained earnings. Where new shares are issued, the proceeds received are credited
to Share capital and Share premium.
Share capital, share premium and employee scheme treasury shares
An equity instrument is any contract which evidences a residual interest in the net assets of an entity. It follows that a financial instrument
is treated as equity if:
• there is no contractual obligation to deliver cash or other financial assets or to exchange financial assets or liabilities on unfavourable terms
• the instrument is either a non-derivative which contains no contractual obligation to deliver a variable number of own equity instruments,
or is a derivative which will be settled only by the Group exchanging a fixed amount of cash, or other financial assets, for a fixed number
of its own equity instruments.
Where any Group entity purchases the Company’s equity share capital, the consideration paid, including any directly attributable incremental
costs (net of income taxes), is deducted from equity attributable to shareholders. Where such shares are subsequently sold, reissued or
otherwise disposed of, any consideration received is included in equity attributable to shareholders, net of any directly attributable incremental
transaction costs and the related income tax effects. Shares held on behalf of employee share schemes are disclosed as such on the
Consolidated Balance Sheet.
Fiduciary activities
Assets associated with fiduciary activities and the income arising from those assets, together with associated commitments to return such
assets to customers, are not included in these financial statements. Where the Group acts in a fiduciary capacity, for instance as a trustee
or agent, it has no contractual rights over the assets concerned.
(ix) Foreign exchange and exchange rates
The principal foreign exchange rates used for translation are:
Year end exchange rates
2024
2023
United States dollar
1.25
1.27
Euro
1.21
1.15
Average exchange rates
2024
2023
United States dollar
1.28
1.24
Euro
1.18
1.15
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 150

2. Supplementary adjusted operating profit information
(i) Adjusted operating profit
For the year ended 31 December 2024
Notes
Institutional Retirement
2(ii)
1,105
1,028
Asset Management
2(iii)
401
448
Retail
2(ii)
504
449
•
Insurance
188
139
•
Retail Retirement
316
310
Group debt costs
1
(216)
(212)
Group investment projects and expenses
(178)
(182)
Core operating profit
1,616
1,531
Corporate Investments
95
136
Total adjusted operating profit
1,711
1,667
Investment and other variances
2(iv)
(1,383)
(1,577)
Profits/(losses) attributable to non-controlling interests
4
(14)
Adjusted profit before tax attributable to equity holders
332
76
Tax (expense)/credit attributable to equity holders
30
(137)
367
Profit for the year
195
443
Total tax expense/(credit)
347
(248)
Profit before tax
542
195
Profit attributable to equity holders
191
457
Core (pence per share)
2
6
20.23
19.04
Basic (pence per share)
2
6
2.89
7.35
Diluted (pence per share)
2
6
2.86
7.28
1. Group debt costs exclude interest on non-recourse financing.
2. All earnings per share calculations are based on profit attributable to equity holders of the Company.
This supplementary adjusted operating profit information (one of the Group’s key performance indicators) provides additional analysis of the
results reported under IFRS, and the Group believes that it provides stakeholders with useful information to enhance their understanding of
the performance of the business in the year. Core operating profit measures the operating performance of the Group’s core businesses, and
is therefore calculated as the Group’s adjusted operating profit excluding the adjusted operating profit of the Corporate Investments unit.
Adjusted operating profit measures the pre-tax result excluding the impact of investment volatility, economic assumption changes caused by
changes in market conditions or expectations and exceptional items. Adjusted operating profit for insurance contracts primarily reflects the
release of profit from the contractual service margin and risk adjustment in the year (adjusted for reinsurance mismatches), the unwind of the
discount rate used in the calculation of the insurance liabilities and incurred expenses that are not directly attributable to the insurance contracts.
To remove investment volatility, adjusted operating profit reflects long-term expected investment returns on the substantial majority of investments
held by the Group, including both traded and private market investments. For the remainder of the asset portfolio, including certain operational
businesses in the Asset Management division and, up to its disposal on 31 October 2024, CALA Group (Holdings) Limited (Cala), no adjustments
are made to exclude investment volatility. The investment margin for insurance business therefore reflects the expected investment return above
the unwind of the insurance liability discount rate.
In line with the Group’s new strategy and the segmentation changes described in Note 1(iii), the Group has updated the application of its
methodology for the determination of adjusted operating profit for assets allocated to the Asset Management and Corporate Investments
segments, in order to simplify and harmonise the methodology within the segments. This has not had a material impact on the comparative
adjusted operating profit of each segment, and therefore has not led to a restatement.
The long-term expected investment return reflects the best estimate of the long-term return at the start of the year, as follows:
• expected returns for traded equity, commercial property and residential property (including lifetime mortgages) are based on market
consensus forecasts and long-term historic average returns expected to apply through the cycle
• assumptions for fixed interest securities measured at FVTPL are based on asset yields for the assets held, less an adjustment for credit risk
(assessed on a best estimate basis). Where securities are measured at amortised cost or FVOCI, the expected investment return comprises
interest income on an effective interest rate basis
• equity direct investments incorporate investments in housing, specialist commercial real estate, clean energy, alternative finance and fintech.
Where used for the determination of adjusted operating profit, the long-term expected investment return is on average between 10% and 12%.
Rates of return specific to each asset are determined at the point of underwriting and reviewed and updated annually. The rate of return for
assets belonging to Corporate Investments is determined at a portfolio level, and is updated annually if required. The expected investment
return includes current financial assumptions as well as sector specific assumptions, including retail and commercial property yields and
power prices where appropriate.
Legal & General Group Plc Annual report and accounts 2024 151
Strategic report Governance Financial statements Other information

2. Supplementary adjusted operating profit information continu ed
(i) Adjusted operating profit continued
The long-term expectations used in determining the expected investment returns for traded equity and property assets are:
2024
2023
Equity returns
7%
7%
Commercial property growth
5%
5%
Residential property growth
3.5%
3.5%
Variances between actual and long-term expected investment returns are excluded from adjusted operating profit, as are economic assumption
changes to insurance contract liabilities caused by movements in market conditions or expectations (e.g. credit default and inflation), and any
difference between the actual allocated asset mix and the target long-term asset mix on new pension risk transfer business. Assets held for
future new pension risk transfer business are excluded from the asset portfolio used to determine the discount rate for annuities on insurance
contract liabilities. The impact of investment management actions that optimise the yield of the assets backing the back book of annuity
contracts is included within adjusted operating profit.
Exceptional income and expenses which arise outside the normal course of business in the year, such as acquisitions, disposals and start-up
costs, are excluded from adjusted operating profit.
(ii) Analysis of Institutional Retirement and Retail adjusted operating profit
Amortisation of the CSM in the year
1
650
469
591
446
Release of risk adjustment in the year
141
84
119
74
Experience variances
(10)
26
(14)
(17)
Development of losses on onerous contracts
2
–
(10)
1
(27)
Other expenses
3
(168)
(136)
(160)
(121)
Insurance investment margin
4
485
106
486
122
Investment contracts and non-insurance operating profit
7
(35)
5
(28)
Total Institutional Retirement and Retail adjusted operating profit
1,105
504
1,028
449
1. Contractual service margin (CSM) amortisation for Retail has been reduced by £18m (2023: £16m) to exclude the impact of reinsurance mismatches.
2. Development of losses on onerous contracts has been reduced by £35m (2023: £6m) to remove gross contract losses where, net of reinsurance, the contracts remain profitable.
These accounting losses will be presented as a reduction to the CSM amortisation in future periods.
3. Other expenses are non-attributable expenses on both new business and existing business. These are overhead costs which are not allowed for in the CSM or the best estimate
liability unit cost assumptions, and instead are reported within the Consolidated Income Statement as part of the profit or loss for the year.
4. Insurance investment margin comprises the expected investment return on assets backing insurance contract liabilities, the unwind of the discount rate on insurance contract
liabilities and the optimisation of the assets backing the annuity back book. The insurance investment margin also incorporates the impact of the change in segmentation
(see Note 2(v)).
(iii) Asset Management adjusted operating profit
Management fee revenue (excluding third-party market data)
1,2
947
900
Transactional revenue
3
20
26
Expenses (excluding third-party market data)
1,2
(711)
(658)
Operating profit from fee-related earnings
256
268
Operating profit from balance sheet investments
4
145
180
Total Asset Management adjusted operating profit
401
448
1. Asset Management revenue has been presented net of costs of £30m in relation to the provision of third-party market data (2023: £26m).
2. Asset Management revenue and expenses include the investment management activities that the division undertakes on behalf of other Group businesses. As indicated in the segmental
revenue disclosed in Note 2(v), the revenue and expenses for the most significant portion of these activities, previously undertaken by the LGIM division prior to the restructure in June
2024, are included in the above table on a gross basis. Any additional services provided by Asset Management to other businesses, notably those inherited from the previous LGC division,
are eliminated in the above and segmental disclosures and presented on a net basis. Prior year comparatives have been adjusted to be on a consistent basis.
3. Transactional revenue from external clients includes execution fees, asset transition income, trigger fees, arrangement fees on property transactions and performance fees.
4. Earnings from balance sheet investments across specialist commercial real estate, clean energy, housing and alternative finance.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 152

(iv) Investment and other variances
•
Net impact of investment returns less than expectation and change in liability discount rates
(711)
(720)
•
Other
(53)
(6)
Total Institutional Retirement and Retail investment variance
1
(764)
(726)
Asset Management investment variance
(187)
(123)
Other investment variance
2
(285)
(529)
Investment variance
(1,236)
(1,378)
M&A related and other variances
3
(147)
(199)
Total investment and other variances
(1,383)
(1,577)
1. The investment variance for Institutional Retirement and Retail is driven by increases in interest rates and inflation expectations, in line with our year end sensitivities, as well as
non-recurring IFRS 17 modelling refinements in the first half of 2024 and an adverse accounting mismatch from longevity releases in the second half of the year.
2. Other investment variance includes a £110m valuation write down of Salary Finance. In 2023, it includes the £167m one-off settlement cost associated with the buyout of the
Group’s UK defined benefit pension schemes along with the current service costs and net interest expense up until that transaction.
3. M&A related and other variances includes £99m in respect of the disposal of Cala.
Investment variance includes differences between actual and long-term expected investment return on traded and non-traded assets, the impact
of economic assumption changes caused by changes in market conditions or expectations (e.g. credit default and inflation), the impact of any
difference between the actual allocated asset mix and the target long-term asset mix on new pension risk transfer business, and the yield associated
with assets held for future new pension risk transfer business. Note 2(i) includes details around the determination of the long-term expected
investment return in the calculation of adjusted operating profit.
For the Group’s long-term insurance businesses, reinsurance mismatches can arise where the reinsurance offset rules in IFRS 17 do not reflect
management’s view of the net of reinsurance transaction. In particular, during a year of reinsurance renegotiation, reinsurance gains cannot be
recognised to offset any inception losses on the underlying contracts where they are recognised before the new reinsurance agreement is signed.
In these circumstances, the onerous contract losses are reduced to reflect the net loss (if any) after reinsurance, and future contractual service
margin (CSM) amortisation is reduced over the duration of the contracts. Additionally, in some circumstances, profitable reinsurance does not
mitigate onerous losses on gross contracts whilst the net position remains profitable. Where this is the case, onerous contract profits or losses
are also presented below adjusted operating profit and the CSM amortisation is adjusted over the remaining duration of the contracts.
Changes in non-financial assumptions, including longevity, recalibrate the CSM at locked-in, point-of-sale discount rates, whilst the fulfilment cash
flows change at the current discount rate. This creates a component of investment variance reflecting the difference between these bases. Investment
variance for Institutional Retirement and Retail includes £79m expense (2023: £318m expense) arising from interest rate differences on longevity
assumption changes in the period.
M&A related and other variances includes gains and losses, expenses and intangible amortisation relating to acquisitions, disposals and
restructuring as well as business start-up costs.
(v) Segmental analysis
Following the announcement of the Group’s refreshed strategy in 2024, and the associated business model revision, the Group now has five
reportable segments, comprising Institutional Retirement, Asset Management, Insurance, Retail Retirement and Corporate Investments.
Further information on the change is set out in Note 1(iii).
Group expenses, debt costs and assets held centrally are reported separately. Transactions between segments are on normal commercial terms
and are included within the reported segments.
In the UK, annuity liabilities relating to Institutional Retirement and Retail Retirement are backed by a single portfolio of assets, and once a transaction
has been completed the assets relating to any particular transaction are not tracked to the related liabilities. Investment variance is allocated to
the two business segments based on the relative size of the underlying insurance contract liabilities.
Reporting of assets and liabilities by reportable segment has not been included, as this is not information that is provided to key decision makers
on a regular basis. The Group’s assets and liabilities are managed on a legal entity rather than a segment basis, in line with regulatory requirements.
Financial information on the reportable segments is further broken down where relevant in order to better explain the drivers of the Group’s results.
Legal & General Group Plc Annual report and accounts 2024 153
Strategic report Governance Financial statements Other information

2. Supplementary adjusted operating profit information continu ed
(v) Segmental analysis continued
(a) Profit/(loss) for the year
Adjusted operating profit/(loss)
1,105
401
188
316
95
(394)
1,711
Investment and other variances
(557)
(190)
(52)
(155)
(388)
(41)
(1,383)
Profits attributable to non-controlling interests
–
–
–
–
–
4
4
Profit/(loss) before tax attributable to equity holders
548
211
136
161
(293)
(431)
332
Tax (expense)/credit attributable to equity holders
(131)
(46)
(41)
(37)
–
118
(137)
Profit/(loss) for the year
417
165
95
124
(293)
(313)
195
Adjusted operating profit/(loss)
1,028
448
139
310
136
(394)
1,667
Investment and other variances
(555)
(123)
(22)
(149)
(363)
(365)
(1,577)
Losses attributable to non-controlling interests
–
–
–
–
–
(14)
(14)
Profit/(loss) before tax attributable to equity holders
473
325
117
161
(227)
(773)
76
Tax credit/(expense) attributable to equity holders
236
(30)
(44)
61
17
127
367
Profit/(loss) for the year
709
295
73
222
(210)
(646)
443
(b) Total revenue – summary
Total revenue includes insurance revenue, fees from fund management and investment contracts and other operational income from contracts
with customers. Further details on the components of insurance revenue are disclosed in Note 21. Other operational income from contracts with
customers is a component of other operational income and excludes the share of profit/loss from associates and joint ventures, as well as gains/
losses on disposal of subsidiaries, associates, joint ventures and other operations.
The tables below split the revenue by the geographic location of the client.
Insurance revenue
8,419
2,032
123
10,574
Fees from fund management and investment contracts
702
83
79
864
Other operational income from contracts with customers
1,249
2
–
1,251
Total revenue
10,370
2,117
202
12,689
Insurance revenue
7,679
1,830
115
9,624
Fees from fund management and investment contracts
652
80
93
825
Other operational income from contracts with customers
1,661
1
–
1,662
Total revenue
9,992
1,911
208
12,111
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 154

(c) Total revenue – internal/external analysis
Management
1
and other
2
Internal revenue
3
–
193
–
–
(193)
–
External revenue
5,885
849
3,366
1,584
1,005
12,689
Total revenue
5,885
1,042
3,366
1,584
812
12,689
Management
1
and other
2
Internal revenue
3
–
176
–
–
(176)
–
External revenue
5,257
930
3,115
1,468
1,341
12,111
Total revenue
5,257
1,106
3,115
1,468
1,165
12,111
1. Asset Management internal revenue relates to investment management services provided to other segments.
2. Other includes inter-segmental eliminations and Group consolidation adjustments.
3. Asset Management revenue includes the investment management activities that the division undertakes on behalf of other Group businesses. The revenue for the most significant
portion of these activities, previously undertaken by the LGIM division prior to the restructure in June 2024, are included in the above table on a gross basis. Any additional services
provided by Asset Management to other divisions, notably those inherited from the previous LGC division, are eliminated in the segmental disclosures and presented on a net basis.
Prior year comparatives have been adjusted to be on a consistent basis.
(d) Fees from fund management and investment contracts
Fees from fund management and investment contracts include fees for administration and managing of funds in pension plans, as well
as revenue generated from acting as the investment manager for clients. Transaction fees are charged to implement trades for clients.
and other
1
Investment contracts and management fees
2
909
122
(186)
845
Transaction fees
19
–
–
19
Total fees from fund management and investment contracts
928
122
(186)
864
and other
1
Investment contracts and management fees
2
869
104
(173)
800
Transaction fees
25
–
–
25
Total fees from fund management and investment contracts
894
104
(173)
825
1. Other includes inter-segmental eliminations and Group consolidation adjustments.
2. Asset Management revenue includes the investment management activities that the division undertakes on behalf of other Group businesses. The revenue for the most significant
portion of these activities, previously undertaken by the LGIM division prior to the restructure in June 2024, are included in the above table on a gross basis. Any additional services
provided by Asset Management to other divisions, notably those inherited from the previous LGC division, are eliminated in the segmental disclosures and presented on a net basis.
Prior period comparatives have been adjusted to be on a consistent basis.
(e) Other operational income from contracts with customers
Other operational income from contracts with customers includes house building revenue, revenue arising from professional services and
insurance broker fees.
and other
1
House building
14
100
–
–
984
1,098
Professional services fees
–
14
51
6
13
84
Insurance broker
–
–
68
–
–
68
Total other operational income from contracts with customers
2
14
114
119
6
997
1,250
and other
1
House building
2
208
–
–
1,321
1,531
Professional services fees
–
4
46
7
17
74
Insurance broker
–
–
57
–
–
57
Total other operational income from contracts with customers
2
2
212
103
7
1,338
1,662
1. Other includes inter-segmental eliminations and Group consolidation adjustments.
2. Total other operational income from contracts with customers excludes the share of profit/loss from associates and joint ventures, and the gain on disposal of subsidiaries,
associates and joint ventures.
Legal & General Group Plc Annual report and accounts 2024
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3. Post balance sheet events
Sale of US insurance entity
On 7 February 2025 the Group announced that it had agreed the sale of its US insurance entity
1
, comprising its US protection and US pension risk
transfer (PRT) businesses, to Meiji Yasuda Life Insurance Company (Meiji Yasuda), a Japanese mutual life insurance company, for an equity value
of $2.3bn (£1.8bn) payable in cash at completion (subject to certain purchase price adjustments). Following completion, Meiji Yasuda will own the
Group’s US protection business and have a 20% economic interest in its US PRT business, with L&G retaining 80% of existing and new PRT through
reinsurance arrangements with Meiji Yasuda.
The transaction is expected to complete towards the end of 2025 and is subject to customary closing conditions and regulatory approvals.
Management undertook an assessment of the facts and circumstances related to the transaction as at 31 December 2024 and concluded that the
criteria for classification as held for sale were not met at that date. However, as a result of the announcement on 7 February 2025, subsequent to the
year end, the Group’s US insurance entity (including its US PRT business) now qualifies for classification and measurement as a held for sale disposal
group. It also meets the definition of a discontinued operation, and its results will be presented accordingly in subsequent reporting periods.
1. To be implemented by the Group disposing of all of the shares held in Legal & General America Inc., the parent company of Banner Life and William Penn, which write L&G’s
US protection and US PRT businesses.
OECD update on Pillar II rules
An update was issued by the OECD on 15 January 2025 to its guidance on the Global Anti-base Erosion Model Rules, to clarify the application
of the Pillar II rules to certain deferred tax assets existing on transition to the new rules. Please refer to Note 30 Tax for further details.
4. Insurance service and other expenses
Claims and benefits
7,834
7,201
Fees and commissions
693
573
Losses and reversals of losses on onerous contracts
307
329
Loss on disposal of subsidiaries
1
28
99
–
Staff costs (including pension costs and share-based payments)
32
1,309
1,309
Redundancy costs
15
9
Auditor’s remuneration
31
20
23
Depreciation and impairment of plant and equipment
11
63
81
Amortisation and impairment of intangible assets
10
56
54
House building expenses
2
945
1,308
Other administrative expenses
818
1,092
Amounts attributed to insurance acquisition cash flows incurred during the year
(358)
(335)
Amortisation of insurance acquisition cash flows
167
151
Net impairment loss on assets for insurance acquisition cash flows
–
8
Total Insurance service and other expenses
11,968
11,803
Insurance service expenses
9,091
8,373
Other expenses
2,877
3,430
Total Insurance service and other expenses
11,968
11,803
1. Loss on disposal of subsidiaries reflects the disposal of Cala.
2. House building expenses represent the cost of sales of the Group’s house building businesses, including Cala. A total of £1,098m (2023: £1,531m) of house building income has
been recognised in the year (see Note 2(v)(e)).
5. Dividends
Per share
1
Per share
1
•
Final 2022 dividend paid in June 2023
–
–
831
13.93
•
Interim 2023 dividend paid in September 2023
–
–
341
5.71
•
Final 2023 dividend paid in June 2024
2
874
14.63
–
–
•
Interim 2024 dividend paid in September 2024
356
6.00
–
–
Total div idends
1,230
20.63
1,172
19.64
1. The dividend per share calculation is based on the number of equity shares registered on the ex-dividend date.
2. The dividend proposed at 31 December 2023 was £871m based on the current number of eligible equity shares at that date.
Subsequent to 31 December 2024, the directors declared a final dividend for 2024 of 15.36 pence per ordinary share. This dividend will be paid on
5 June 2025. It will be accounted for as an appropriation of retained earnings in the year ended 31 December 2025 and is not included as a liability
in the Consolidated Balance Sheet as at 31 December 2024.
Primary statements and performance continued
Legal & General Group Plc Annual report and accounts 2024 156

6. Earnings per share
(i) Basic and core operating earnings per share
Per share
1
Per share
1
Profit for the year attributable to equity holders
191
3.24
457
7.73
Less: coupon payable in respect of restricted Tier 1 convertible notes after tax relief
(21)
(0.35)
(22)
(0.38)
Total basic earnings
170
2.89
435
7.35
Less: Corporate Investments adjusted operating profit after allocated tax
(71)
(1.21)
(104)
(1.76)
Less: Investment variance after allocated tax
1,092
18.55
795
13.45
Total basic core operating earnings
2
1,191
20.23
1,126
19.04
1. Basic earnings per share is calculated by dividing profit after tax by the weighted average number of ordinary shares in issue during the year, excluding employee scheme
treasury shares.
2. Total basic core earnings includes allocated tax at the standard UK corporate tax rate.
(ii) Diluted and core operating earnings per share
Per share
1
Profit for the year attributable to equity holders
191
5,886
3.24
Less: coupon payable in respect of restricted Tier 1 convertible notes after tax relief
2
(21)
–
(0.35)
Net shares under options allocable for no further consideration
–
62
(0.03)
Total diluted earnings
170
5,948
2.86
Less: Corporate Investments adjusted operating profit after allocated tax
(71)
–
(1.19)
Less: Investment variance after allocated tax
1,092
–
18.36
Conversion of restricted Tier 1 notes
2
21
307
(0.65)
Total diluted core operating earnings
1,212
6,255
19.38
Per share
1
Profit for the year attributable to equity holders
457
5,915
7.73
Net shares under options allocable for no further consideration
–
59
(0.08)
Conversion of restricted Tier 1 notes
–
307
(0.37)
Total diluted earnings
457
6,281
7.28
Less: Corporate Investments adjusted operating profit after allocated tax
(104)
–
(1.66)
Less: Investment variance after allocated tax
795
–
12.66
Total diluted core operating earnings
1,148
6,281
18.28
1. For diluted earnings per share, the weighted average number of ordinary shares in issue, excluding employee scheme treasury shares, is adjusted to assume conversion of all
potential ordinary shares, such as share options granted to employees and conversion of restricted Tier 1 notes.
2. The conversion of restricted Tier 1 notes in 2024 is antidilutive for the calculation of diluted earnings per share and dilutive for the calculation of diluted core operating earnings
per share. Where antidilutive, the conversion has not been considered for the determination of the relevant amount per share. The instrument could potentially dilute basic earnings
per share in the future.
Legal & General Group Plc Annual report and accounts 2024
157
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7. Principal products
Product classification
The Group’s products are classified for accounting purposes as either insurance or investment contracts. The basis of accounting for these
products is outlined in Note 1. The following table summarises the classification of the Group’s key insurance and investment contracts as well
as investment products for each applicable business.
Reportable segment
Insurance contracts
Investment contracts and investment products
Institutional Retirement
•
Pension risk transfers
•
Assured payment policies
•
Longevity insurance
Retail
•
UK Retail protection
•
Lifetime mortgages
•
UK Group protection
•
Fixed term individual annuities
•
US protection
•
Retirement interest only mortgages
•
US universal life
•
Workplace and Retail savings
•
Individual annuities
•
Lifetime Care Plan
Asset Management
•
Institutional pension
•
Segregated investment management mandates
•
Collective investment schemes
A significant part of the Group’s business involves the acceptance and management of risk.
A description of the principal products offered by the Group’s core segments is outlined below. In addition to the core segments, Corporate
Investments, which represents a portfolio of non-strategic assets, is managed separately with the goal of maximising shareholder value ahead
of potential divestment.
The Group seeks to manage its exposure to risk through controls which ensure that the residual exposures are within acceptable tolerances
agreed by the Board. The Group’s risk appetite framework and the methods used to monitor risk exposures can be found on pages 44 to 53.
Details of the risks associated with the Group’s principal products and the controls used to manage these risks can be found in Notes 8 and 16 to 18.
Institutional Retirement
Annuity contracts
Pension Risk Transfer (PRT) represents bulk annuities, whereby the Group accepts the assets and liabilities of a company pension scheme or a life
fund. Annuities provide guaranteed income for a specified time, usually the life of the policyholder and may include a guaranteed payment period.
PRT business consists of both immediate and deferred annuities.
Immediate annuities provide a regular income stream to the policyholder and are in payment at the date of the transaction.
Deferred annuities provide a regular income stream to the policyholder where the income stream starts at a future date after the transaction.
Some deferred contracts accepted by the Group contain guaranteed cash options, predominantly minimum factors for commuting part
of the annuity income into cash at the date of vesting.
There is a block of immediate and deferred annuities within the UK business with benefits linked to changes in the RPI or for a minority
the CPI, but with contractual maximum or minimum increases. Impact on profit due to changes in inflation can be found in Note 20
IFRS sensitivity analysis.
Investment contracts
The Group writes Assured Payment Policies (APP). An APP is a long-term contract under which the policyholder (a registered UK pension scheme)
pays a day-one premium and in return receives a contractually fixed and/or inflation-linked set of payments over a fixed period of time from the insurer.
Longevity insurance contracts
The Group also provides longevity insurance products for company pension schemes, under which regular payments are made to the scheme
reflecting their actual longevity experience, while the scheme makes an agreed set of regular payments in return. Some policies contain a
guaranteed surrender value which is currently immaterial.
Asset Management
Asset Management is a newly created division, formed from the combination of LGIM (Legal & General Investment Management) and LGC
(Legal & General Capital).
Asset Management offers both active and passive management on either a pooled or segregated basis to clients domiciled globally. Assets are
managed on behalf of pension funds, institutional clients, sovereign wealth clients, retail clients and subsidiary companies within the Group.
The key products provided by Asset Management are unit linked institutional pensions, segregated investment management mandates
and collective investment schemes.
The core strategies applied for managing the products are set out overleaf.
Balance sheet management
Legal & General Group Plc Annual report and accounts 2024 158

Public Markets strategies
Index fund management
Asset Management provides a diversified range of pooled index funds, providing a wide choice and the ability to pursue specific benchmarks
efficiently. In addition, segregated solutions are offered to institutional clients providing large scale customisation against established market
capitalisation weighted and alternative indices.
The Asset Management Exchange Traded Fund (ETF) business provides clients access to Asset Management’s index fund management
capabilities via our ETF platform. ETF products cover a broad range of traditional and thematic asset classes.
Active strategies
Asset Management offers a range of pooled and segregated active fixed income funds. The Asset Management liquidity funds offer institutional
investors a solution for their cash management requirements across a range of core currencies. The liquidity funds aim to deliver competitive
returns with a high level of diversification, whilst focusing on capital preservation through portfolios of high quality, liquid assets.
Active strategies also include an active equity management business comprising focused teams managing stock selection across
different regions.
Solutions and Liability Driven Investment (LDI)
Asset Management provides a range of pooled and bespoke solutions to help de-risk defined benefit pension schemes. These solutions will
usually combine active or passive underlying portfolios with derivative overlays designed to meet clients’ specific requirements. An allocation
strategy service is also offered to institutional clients, which may also allocate some of the portfolio to managers other than Asset Management.
Multi-asset funds
Multi-asset funds for retail and institutional clients, built using Asset Management’s expertise in asset allocation which is informed by an in-house
research capability. The underlying asset classes may be managed on an active or passive basis within Asset Management.
Private Markets strategies
Private Markets offers a range of pooled funds, segregated accounts and joint ventures investing on behalf of UK and overseas investors across
physical real estate, private corporate debt, infrastructure debt and real estate loans. The business has specialist teams of fund and asset managers
and an in-house research team.
Direct investments are typically illiquid investments entered into through acquisition, joint venture with strategic partners or by the creation of new
companies. Asset Management seeks to make direct investments in sectors where there are structural funding shortfalls, and is organised into four
sectors: specialist commercial real estate, clean energy, housing and alternative finance. We deploy capital and sector expertise to such investments
to target attractive risk-adjusted returns which can deliver higher returns and/or lower volatility for our shareholder capital than listed equity.
Retail
The Retail division comprises Insurance and Retail Retirement businesses.
UK protection business (Retail and Group)
The Group offers protection products which provide mortality or morbidity benefits. They may include health, disability, critical illness and
accident benefits; these additional benefits are commonly provided as supplements to main life policies but can also be sold separately.
The benefit amounts would usually be specified in the policy terms. Some sickness benefits cover the policyholder’s mortgage repayments
and are linked to the prevailing mortgage interest rates. In addition to these benefits, some contracts may guarantee premium rates, provide
guaranteed insurability benefits and offer policyholders conversion options.
US protection business
US protection represents individual term assurance, which provides death benefits over the medium to long-term. The contracts have level
premiums for an initial period with premiums set annually thereafter. During the initial period, there is generally an option to convert the contract
to a universal life contract. After the initial period, the premium rates are not guaranteed, but cannot exceed the age-related guaranteed premium.
US universal life
Universal life contracts written by Legal & General America (LGA) provide savings and death benefits over the medium to long-term. The savings
element has a guaranteed minimum growth rate. LGA has exposure to loss in the event that interest rates decrease and it is unable to earn enough
on the underlying assets to cover the guaranteed rate. LGA is also exposed to loss should interest rates increase, as the underlying market value
of assets will generally fall without a change in the surrender value.
Reinsurance is used within the protection businesses to manage exposure to large claims for individual term business and virtually all universal
life business. These practices lead to the establishment of reinsurance assets on the Group’s balance sheet. Within our US business, reinsurance
and securitisation are also used to provide regulatory solvency relief (including relief from regulation governing term insurance).
Annuities
Immediate annuities have similar characteristics as products sold by Institutional Retirement. The Group also offers products for individuals that
provide a guaranteed level of income over a chosen fixed period of time, in exchange for an initial lump sum payment from the policyholder. The
products can provide a fixed lump sum at maturity and/or options to surrender on non-guaranteed terms.
Deferred annuity contracts written by LGA contain a provision that, at maturity, a policyholder may move the account value into an immediate
annuity, at rates which are either those currently in effect, or rates guaranteed in the contract.
Legal & General Group Plc Annual report and accounts 2024 159
Strategic report Governance Financial statements Other information

7. Principal products continu ed
Retail co n tinued
Lifetime Care Plan
The Lifetime Care Plan provides a monthly payment to a UK registered care provider that helps meet the cost of care for the policyholder’s life.
A policyholder can choose to receive a fixed monthly payment or opt to have escalation built in. A death benefit exists within the product so that
if a policyholder dies within the first 6 months of the start date a percentage of the original premium less any payments already made is payable
to the estate.
Lifetime mortgages
Lifetime mortgages are a form of equity release mortgage that provide non-commercial borrowers with a loan secured against their main
residence, without the need for regular repayments. They are regulated retail mortgages offered only to borrowers over the age of 55 through
specialist intermediaries. Interest accrues over the term of the loan and is repayable at the time the principal becomes due. Loans can be
advanced in a single lump sum amount or in several subsequent drawdowns of an agreed facility. All lifetime mortgages provide a ‘no negative
equity’ guarantee, which means that if the loan is repaid from the sale of the property and if the net sale proceeds are lower than the balance of
the loan, the Group will accept the net sale proceeds as full settlement.
Retirement Interest-Only mortgages
A Retirement Interest-Only (RIO) mortgage is a standard residential mortgage available for non-commercial borrowers above 55 years old.
A RIO mortgage is very similar to a standard interest-only mortgage, with two key differences:
• the loan is usually only paid off on death, move into long-term care or sale of the house
• the borrowers only have to prove they can afford the monthly interest repayments and not the capital remaining at the end of the mortgage term.
No repayment solution is required as repayment defaults to sale of property.
Workplace and Retail savings
Workplace savings provides corporate pension scheme solutions to enable companies to meet their auto-enrolment obligations. Workplace
savings acts as scheme operator and administrator for these products while the customers hold the individual or scheme level pension policies
issued by Legal and General Assurance Society Limited (LGAS). Our Workplace proposition is complemented by Retail savings which provides
digital savings products direct to individuals in the form of a Personal Pension or a Stocks and Shares ISA. The Personal Pension allows individuals
to save for retirement, particularly those without access to a workplace scheme, like the self-employed. Contributions include basic rate tax relief
and are invested in investment funds. Once the individual reaches the normal minimum pension age, they can access their funds flexibly. The
Stocks and Shares ISA offers individuals a tax efficient product to save into investment funds.
8. Asset risk
The Group is exposed to the following categories of asset risk as a consequence of offering the principal products outlined in Note 7 for the
Group’s core segments along with the portfolio of non-strategic assets in the Corporate Investments unit.
Market risk
Exposure to loss as a direct or indirect result of fluctuations in the value of, or income from, specific assets.
Credit risk
Exposure to loss if another party fails to perform its financial obligations to the Group or suffers a rating downgrade.
Liquidity risk
The risk that the Group, though solvent, either does not have sufficient liquid financial resources available to enable it to meet its obligations as
they fall due, or can secure them only at excessive cost.
The Group is also exposed to insurance risk as a consequence of offering these products – more detail on insurance risk can be found in Note 18.
The Group is not directly exposed to any market risk, credit risk or liquidity risk associated with Asset Management’s client funds, and as a result,
the detailed risk disclosures have not been presented. However, Asset Management’s income from client funds is related to the value of funds
under management, and so they are indirectly exposed to market risks that impact the value of assets underlying those funds.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 160

The Group seeks to manage its exposures to risk through controls which ensure that the residual risk exposures are within acceptable tolerances agreed
by the Board. A description of the risks associated with the Group’s principal products and the associated controls is detailed in the table below.
Market risks
Principal risks
Segment
Controls to mitigate risks
requirements do not perform in line with investment and
product pricing assumptions leading to a potential financial
loss. Valuations of real estate assets depend both on
property-specific and wider market drivers. Properties
to supply chains. The Group’s revenue streams are
exposed to residential sales achieved, as well as the
volume of transactions, both of which may be affected
Group
To mitigate the risk of loss from currency translation the Group continuously
Legal & General Group Plc Annual report and accounts 2024 161
Strategic report Governance Financial statements Other information

8. Asset risk continued
Credit risk
Principal risks
Segment
Controls to mitigate risks
Liquidity risk
Principal risks
Segment
Controls to mitigate risks
As at 31 December 2024, the Group had £3,757m (2023: £4,235m) of cash and cash equivalents in shareholder funds and a £1.5bn syndicated
committed revolving credit facility in place, provided by a number of its key relationship banks, maturing in August 2029.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 162

9. Balance sheet analysis
The Group has categorised its assets and liabilities in the following disclosure in accordance with the level of shareholder exposure to market
and credit risks. Various reinsurance and hedging arrangements are in place as mechanisms to mitigate the risks.
The two categorisations presented are:
Unit linked
For unit linked contracts, there is a direct link between the investments and the obligations. Unit linked business is written in both Legal and
General Assurance Society Limited and Legal and General Assurance (Pensions Management) Limited. The financial risk on these contracts
is borne by the policyholders. The Group is therefore not directly exposed to any market risk, currency risk or credit risk for these contracts.
As a result, risk disclosures have not been presented for unit linked assets and liabilities.
Shareholder
All non-unit linked assets are classified as shareholder assets. Shareholders of the Group are directly exposed to market and credit risk on these
assets, including those backing the non-unit linked business.
The table below presents an analysis of the balance sheet by category. The quantitative risk disclosures in Notes 16 and 17 have been provided
using this categorisation.
Goodwill and Intangible assets
480
–
480
Investment in associates and joint ventures accounted for using the equity method
795
77
872
Property, plant and equipment
276
119
395
Investments
1
151,741
370,289
522,030
Reinsurance contract assets
9,165
–
9,165
Other assets
5,878
5,347
11,225
Total assets
168,335
375,832
544,167
Contract liabilities
97,061
322,714
419,775
Core borrowings
4,397
(89)
4,308
Operational borrowings
1,734
1,657
3,391
Other liabilities
61,650
51,532
113,182
Total liabilities
164,842
375,814
540,656
Goodwill and Intangible assets
550
–
550
Investment in associates and joint ventures accounted for using the equity method
616
–
616
Property, plant and equipment
315
118
433
Investments
1
133,865
366,946
500,811
Reinsurance contract assets
7,306
–
7,306
Other assets
8,414
3,965
12,379
Total assets
151,066
371,029
522,095
Contract liabilities
92,664
315,874
408,538
Core borrowings
4,377
(97)
4,280
Operational borrowings
1,457
383
1,840
Other liabilities
47,757
54,896
102,653
Total liabilities
146,255
371,056
517,311
1. Investments includes financial investments, investment property and cash and cash equivalents.
Legal & General Group Plc Annual report and accounts 2024
163
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10. Intangible assets
Intangible assets mainly consist of capitalised software costs and intangible assets acquired as part of a business combination
(customer relationships and brand). Amortisation charges and any impairments are recognised in the Consolidated Income Statement
in Other expenses (see Note 4).
software costs
1
As at 1 January
593
36
629
Additions
53
–
53
Disposals
(6)
(25)
(31)
Increase due to currency translation
2
–
2
Other movements
2
–
(11)
(11)
As at 31 December
642
–
642
As at 1 January
(142)
(10)
(152)
Amortisation for the year
(56)
–
(56)
Impairment
–
–
–
Disposals
6
–
6
Other movements
2
–
10
10
As at 31 December
(192)
–
(192)
Total net book value as at 31 December
450
–
450
To be amortised within 12 months
47
To be amortised after 12 months
403
software costs
1
As at 1 January
520
35
555
Additions
100
1
101
Disposals
(23)
–
(23)
Decrease due to currency translation
(4)
–
(4)
As at 31 December
593
36
629
As at 1 January
(109)
(5)
(114)
Amortisation for the year
(48)
–
(48)
Impairment
(1)
(5)
(6)
Disposals
16
–
16
As at 31 December
(142)
(10)
(152)
Total net book value as at 31 December
451
26
477
To be amortised within 12 months
57
To be amortised after 12 months
420
1. Total capitalised software costs include £213m of work in progress assets that were not yet available for use as at 31 December 2024 (31 December 2023: £233m).
2. Other movements primarily reflect the removal of fully amortised assets that are no longer in use.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 164

11. Property, plant and equipment
Right-of-use
Owned
Other
1
Other
2
As at 1 January
215
35
9
422
681
Additions
11
–
–
31
42
Disposals
(23)
–
(2)
(51)
(76)
Increase due to currency translation
1
–
–
–
1
Other
1
–
–
1
2
As at 31 December
205
35
7
403
650
As at 1 January
(115)
(5)
(4)
(124)
(248)
Depreciation for the year
(18)
(6)
(2)
(23)
(49)
Impairment
–
–
–
(14)
(14)
Disposals
13
–
2
41
56
As at 31 December
(120)
(11)
(4)
(120)
(255)
Total net book value as at 31 December
85
24
3
283
395
Right-of-use
Owned
Other
1
Other
2
As at 1 January
234
57
3
285
579
Additions
4
35
6
171
216
Disposals
(20)
(57)
–
(11)
(88)
Decrease due to currency translation
(3)
–
–
(2)
(5)
Revaluation
–
–
–
(21)
(21)
As at 31 December
215
35
9
422
681
As at 1 January
(94)
(49)
(3)
(107)
(253)
Depreciation for the year
(20)
(9)
(1)
(18)
(48)
Impairment
(21)
–
–
(12)
(33)
Disposals
20
53
–
11
84
Decrease due to currency translation
–
–
–
2
2
As at 31 December
(115)
(5)
(4)
(124)
(248)
Total net book value as at 31 December
100
30
5
298
433
1. Other right-of-use assets comprise of vehicles and other buildings.
2. Other owned assets predominantly include land, buildings and IT, as well as owner-occupied property with a carrying value of £47m as at 31 December 2024 (2023: £46m)
held under the fair value model.
Legal & General Group Plc Annual report and accounts 2024
165
Strategic report Governance Financial statements Other information

12. Financial investments and investment property
Fair value through profit or loss
1
79,233
346,753
425,986
Fair value through other comprehensive income
1,922
–
1,922
Fair value through profit or loss – derivatives
1
49,195
1,997
51,192
Loans at fair value through profit or loss
1
2,630
4,772
7,402
Financial investments at fair value
12(i)
132,980
353,522
486,502
Debt securities at amortised cost
8,965
–
8,965
Loans at amortised cost
84
–
84
Total financial investments
142,029
353,522
495,551
Investment property
5,955
3,867
9,822
Total financial investments and investment property
147,984
357,389
505,373
Expected to be recovered within 12 months
36,632
Expected to be recovered after 12 months
468,741
Fair value through profit or loss
1
74,442
335,466
409,908
Fair value through other comprehensive income
2,022
–
2,022
Fair value through profit or loss – derivatives
1
38,019
3,121
41,140
Loans at fair value through profit or loss
1
1,599
8,691
10,290
Financial investments at fair value
12(i)
116,082
347,278
463,360
Debt securities at amortised cost
8,032
–
8,032
Loans at amortised cost
13
–
13
Total financial investments
124,127
347,278
471,405
Investment property
5,503
3,390
8,893
Total financial investments and investment property
129,630
350,668
480,298
Expected to be recovered within 12 months
37,513
Expected to be recovered after 12 months
442,785
1. Mandatorily measured at fair value through profit or loss.
Investment risks on unit linked assets are borne by the policyholders. The remaining risks associated with financial investments are outlined
in Note 8.
Financial investments, cash and cash equivalents include:
• £2,755m (2023: £4,034m) of assets pledged as collateral against net derivative liability counterparty positions. The assets used as collateral
are Treasury Gilts, Foreign Government Bonds, AAA, AA, A and BBB Corporate Bonds and Cash (2023: Treasury Gilts, Foreign Government
Bonds, AAA, AA, A and BBB Corporate Bonds and Cash) having a residual maturity of over 32 years (2023: over 44 years).
• £5,377m (2023: £5,257m) of assets pledged as collateral in relation to various pension risk transfer deals. The assets used as collateral
are Treasury Gilts, AAA to BBB Corporate Bonds and Cash (2023: Treasury Gilts, AAA to BBB Corporate Bonds and Cash) having a residual
maturity of over 45 years (2023: over 44 years).
• £904m (2023: £752m) of assets pledged in respect of longevity swaps with reinsurance counterparties. The assets used as collateral are
Treasury Gilts and AAA to AA Corporate Bonds (2023: Treasury Gilts, AAA to A Corporate Bonds) having a residual maturity of over 61 years
(2023: over 34 years).
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 166

While pledged as collateral, the Group is entitled to receive all of the cash flows from the assets above, and there is no obligation to pay or transfer
cash flows arising from them to another entity. These assets are neither past due, nor impaired. The carrying value reflects the full exposure of
these assets.
The Group is permitted to sell or repledge collateral as per the International Swap Dealers Association agreements in place, including where there
has been no default by the owner of the collateral. As at 31 December 2024, the Group had repledged cash collateral with a fair value of £704m
(2023: £647m) in order to fulfil other collateral requirements in relation to derivatives contracts. The counterparties have an obligation to return
the cash collateral to the Group. There are no other significant terms and conditions associated with the use of this cash collateral.
Financial investments include £22,117m (2023: £25,452m) of assets that have been sold but not derecognised and are subject to repurchase
agreements. Risks and rewards of these assets have been retained within the Group. The related obligation to repurchase the financial assets is
included within Payables and other financial liabilities (Note 25).
Financial investments have been allocated between those expected to be settled within 12 months and after 12 months in line with the expected
settlement of the backed liabilities. Assets in excess of the insurance and investment contract liabilities have been classified as expected to be
settled after 12 months.
(i) Financial investments and investment property at fair value
Equity securities
2,948
198,342
201,290
Debt securities
78,207
148,411
226,618
Derivative assets
13
49,195
1,997
51,192
Loans at fair value
12(ii)
2,630
4,772
7,402
Financial investments
132,980
353,522
486,502
Investment property
5,955
3,867
9,822
Total financial investments at fair value
138,935
357,389
496,324
Equity securities
3,166
182,816
185,982
Debt securities
73,298
152,650
225,948
Derivative assets
13
38,019
3,121
41,140
Loans at fair value
12(ii)
1,599
8,691
10,290
Financial investments
116,082
347,278
463,360
Investment property
5,503
3,390
8,893
Total financial investments at fair value
121,585
350,668
472,253
Included within unit linked equity securities are £121m (2023: £162m) of debt instruments which incorporate an embedded derivative linked to the
value of the Group’s share price.
Legal & General Group Plc Annual report and accounts 2024 167
Strategic report Governance Financial statements Other information

12. Financial investments and investment property continued
(ii) Fair value hierarchy
The table below breaks down the fair value of financial investments and investment property by fair value hierarchy level.
Equity securities
2,948
960
170
1,818
Debt securities
78,207
31,714
25,424
21,069
Derivative assets
49,195
7
49,188
–
Loans at fair value
2,630
–
2,630
–
Investment property
5,955
–
–
5,955
Total Shareholder
138,935
32,681
77,412
28,842
Equity securities
198,342
197,532
1
809
Debt securities
148,411
97,799
49,269
1,343
Derivative assets
1,997
84
1,913
–
Loans at fair value
4,772
–
4,772
–
Investment property
3,867
–
–
3,867
Total Unit linked
357,389
295,415
55,955
6,019
Total financial investments and investment property at fair value
496,324
328,096
133,367
34,861
Debt securities at amortised cost
1
7,847
–
43
7,804
Loans at amortised cost
1
84
1
–
83
Equity securities
3,166
1,069
144
1,953
Debt securities
73,298
26,003
27,860
19,435
Derivative assets
38,019
123
37,896
–
Loans at fair value
1,599
–
1,599
–
Investment property
5,503
–
–
5,503
Total Shareholder
121,585
27,195
67,499
26,891
Equity securities
182,816
182,348
29
439
Debt securities
152,650
91,874
59,748
1,028
Derivative assets
3,121
148
2,973
–
Loans at fair value
8,691
–
8,691
–
Investment property
3,390
–
–
3,390
Total Unit linked
350,668
274,370
71,441
4,857
Total financial investments and investment property at fair value
472,253
301,565
138,940
31,748
Debt securities at amortised cost
1
7,184
–
45
7,139
Loans at amortised cost
1
13
1
12
–
1. This table includes debt securities and loans which are held at amortised cost on the Consolidated Balance Sheet at a total value of £9,049m (2023: £8,045m).
The levels of fair value measurement bases are defined as follows:
Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: fair values measured using valuation techniques for all inputs significant to the measurement other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: fair values measured using valuation techniques for any input for the asset or liability significant to the measurement that is not based
on observable market data (unobservable inputs).
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 168

(a) Level 2 assets measured at fair value
All of the Group’s Level 2 assets have been valued using standard market pricing sources, such as IHS Markit, ICE and Bloomberg, or Index
Providers such as Barclays, Merrill Lynch or JPMorgan. Each uses mathematical modelling and multiple source validation in order to determine
consensus prices, with the exception of OTC Derivative holdings; OTCs are marked to market using an in-house system (Lombard Oberon),
external vendor (IHS Markit), internal model or Counterparty Broker marks. In normal market conditions, we would consider these market
prices to be observable market prices. Following consultation with our pricing providers and a number of their contributing brokers, we have
considered that these prices are not from a suitably active market and have therefore classified them as Level 2.
The Group’s policy is to re-assess categorisation of financial assets at the end of each reporting period and to recognise transfers between
levels at that point in time. At 31 December 2024 debt securities totalling net £0.6bn (2023: £0.7bn) transferred from Level 2 to Level 1 in the
fair value hierarchy.
(b) Level 3 assets measured at fair value
Level 3 assets, where modelling techniques are used, comprise property, unquoted securities, untraded debt securities and securities where
unquoted prices are provided by a single broker. Unquoted securities include suspended securities, investments in private equity and property
vehicles. Untraded debt securities include private placements, commercial real estate loans, income strips, retirement interest only and other
lifetime mortgages.
In many situations, inputs used to measure the fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these
situations, the Group determines the level in which the fair value falls based upon the lowest level input that is significant to the determination
of the fair value. As a result, both observable and unobservable inputs may be used in the determination of fair values that the Group has
classified within Level 3.
The Group determines the fair values of certain financial assets and liabilities based on quoted market prices, where available. The Group also
determines fair value based on estimated future cash flows discounted at the appropriate current market rate. As appropriate, fair values reflect
adjustments for counterparty credit quality, the Group’s credit standing, liquidity and risk margins on unobservable inputs.
Fair values are subject to a control framework designed to ensure that input variables and outputs are assessed independent of the risk taker.
These inputs and outputs are reviewed and approved by a valuation committee and validated independently as appropriate.
As at 1 January
2,392
20,463
8,893
31,748
2,307
16,421
9,372
28,100
•
realised gains or (losses)
1
4
(17)
(2)
(15)
24
(432)
3
(405)
•
unrealised gains or (losses)
1
(208)
(278)
(20)
(506)
(34)
357
(923)
(600)
Purchases/Additions
789
5,649
1,502
7,940
278
6,009
1,264
7,551
Disposals/Derecognitions
(364)
(3,369)
(552)
(4,285)
(149)
(2,018)
(854)
(3,021)
Transfers into Level 3
–
70
–
70
2
241
–
243
Transfers out of Level 3
–
(144)
–
(144)
(3)
–
–
(3)
Foreign exchange rate movements
14
38
1
53
(33)
(115)
31
(117)
As at 31 December
2,627
22,412
9,822
34,861
2,392
20,463
8,893
31,748
1. Realised and unrealised gains/(losses) are recognised in Investment return in the Consolidated Income Statement.
Equity securities
Level 3 equity securities amount to £2,627m (2023: £2,392m), of which the majority is made up of holdings in investment property vehicles
and private investment funds. They are valued at the proportion of the Group’s holding of the Net Asset Value reported by the investment
vehicles. Other equity securities are valued by a number of third-party specialists using a range of techniques which are often dependent on
the maturity of the underlying investment but can also depend on the characteristics of individual assets. Such techniques include transaction
values underpinned by analysis of milestone achievement and cash runway for early/start-up stage investments, discounted cash flow models
for investments at the next stage of development and earnings multiples for more mature investments.
Legal & General Group Plc Annual report and accounts 2024 169
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12. Financial investments and investment property continued
(ii) Fair value hierarchy continued
(b) Level 3 assets measured at fair value continued
Other financial investments
Lifetime mortgage (LTM) loans and retirement interest only mortgages amount to £5,861m (2023: £5,766m). Lifetime mortgages are valued using
a discounted cash flow model by projecting best estimate net asset proceeds and discounted using rates inferred from current LTM loan pricing.
The inferred illiquidity premiums for the majority of the portfolio range between 150 and 250bps. This ensures the value of loans at outset is consistent
with the purchase price of the loan and achieves consistency between new and in-force loans. Lifetime mortgages include a no negative equity
guarantee (NNEG) to borrowers. This ensures that if there is a shortfall between the sale proceeds of the property and the outstanding loan
balance on redemption of the loan, the value of the loan will be reduced by this amount. The NNEG on loan redemption is valued as a series of
put options, which we calculate using a variant of the Black-Scholes formula. Key assumptions in the valuation of lifetime mortgages include
short-term and long-term property growth rates, property index volatility, voluntary early repayments and longevity assumptions. The valuation
as at 31 December 2024 reflects a combination of short-term and long-term property growth rate assumptions equivalent to a flat rate of 3.4%
annually, after allowing for the effects of dilapidation. The values of the properties collateralising the LTM loans are updated from the date of the
last property valuation to the valuation date by indexing using UK regional house price indices.
Private credit loans (including commercial real estate loans) amount to £11,779m (2023: £10,574m). Their valuation is determined by discounted
future cash flows which are based on the yield curve of the Asset Management approved comparable bonds and the initial spread, both of which
are agreed by IHS Markit who also provide an independent valuation of comparable bonds. Unobservable inputs that go into the determination
of comparators include rating, sector, sub-sector, performance dynamics, financing structure and duration of investment. Existing private credit
investments, which were executed as far back as 2011, are subject to a range of interest rate formats, although the majority are fixed rate. The
weighted average duration of the portfolio is 7.6 years, with a weighted average life of 11.0 years. Maturities in the portfolio currently extend
out to 2074. The private credit portfolio of assets has internal ratings assigned by an independent credit team in line with internally developed
methodologies. These credit ratings range from AAA to BB-.
Private placements held by the US business amount to £2,181m (2023: £1,684m). They are valued using a pricing matrix comprised of a public
spread matrix, internal ratings assigned to each holding, average life of each holding, and a premium spread matrix. These are added to the
risk-free rate to calculate the discounted cash flows and establish a market value for each investment grade private placement. The valuation
as at 31 December 2024 reflects illiquidity premiums between 20 and 70bps.
Income strip assets amount to £1,280m (2023: £1,306m). Their valuation is outsourced to Knight Frank and CBRE who apply a yield to maturity
to discounted future cash flows to derive valuations. The overall valuation takes into account the property location, tenant details, tenure, rent,
rental break terms, lease expiries and underlying residual value of the property. The valuation as at 31 December 2024 reflects equivalent yield
ranges between 2% and 17% and estimated rental values (ERV) between £7 and £367 per sq.ft.
Commercial mortgage loans amount to £843m (2023: £784m) and are determined by incorporating credit risk for performing loans at the
portfolio level and adjusted for loans identified to be distressed at the loan level. The projected cash flows of each loan are discounted along
stochastic risk-free rate paths and are inclusive of an Option Adjusted Spread (OAS), derived from current internal pricing on new loans, along
with the best observable inputs. The valuation as at 31 December 2024 reflects illiquidity premiums between 20 and 50bps.
Other debt securities which are not traded in an active market amount to £468m (2023: £349m). They have been valued using third-party or
counterparty valuations, and these prices are considered to be unobservable due to infrequent market transactions.
Investment property
Level 3 investment property amounting to £9,822m (2023: £8,893m) is valued with the involvement of external valuers. All property valuations in
the UK are carried out in accordance with the latest edition of the Valuation Standards published by the Royal Institute of Chartered Surveyors, and
are undertaken by appropriately qualified valuers as defined therein. Outside the UK, valuations are produced in conjunction with external qualified
professional values in the countries concerned. Whilst transaction evidence underpins the valuation process, the definition of market value, including
the commentary, in practice requires the valuer to reflect the realities of the current market. In this context, valuers must use their market knowledge
and professional judgement and not rely only upon market sentiment based on historic transactional comparables.
The valuation of investment properties also includes an income approach that is based on current rental income plus anticipated uplifts,
where the uplift and discount rates are derived from rates implied by recent market transactions. These inputs are deemed unobservable.
The valuation as at 31 December 2024 reflects equivalent yield ranges between 1% and 53% and ERV between £2 and £369 per sq.ft.
The table below shows the valuation of investment property by sector:
Retail
1,242
1,169
Leisure
493
451
Distribution
1,058
1,076
Office space
2,876
2,768
Industrial and other commercial
1,805
1,714
Accommodation
2,348
1,715
Total
9,822
8,893
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 170

(c) Effect of changes in assumptions on Level 3 assets
Fair values of financial instruments are, in certain circumstances, measured using valuation techniques that incorporate assumptions that are
not evidenced by prices from observable current market transactions in the same instrument and are not based on observable market data.
Where material, the Group assesses the sensitivity of fair values of Level 3 investments to changes in unobservable inputs to reasonable alternative
assumptions. The table below shows the impact of applying these sensitivities to the fair value of Level 3 assets as at 31 December 2024. Further
disclosure on how these sensitivities have been applied can be found in the descriptions following the table.
Lifetime mortgages
5,861
237
(289)
Private credit portfolios
14,803
647
(647)
Investment property
9,822
776
(776)
Other investments
1
4,375
289
(349)
Total Level 3 assets
34,861
1,949
(2,061)
1. Other investments include Level 3 equity securities, income strip assets and other traded debt securities which are Level 3.
The sensitivities are not a function of sensitising a single variable relating to the valuation of the asset, but rather a function of flexing multiple
factors often at individual asset level. The following sets out a number of key factors by asset type, and how they have been flexed to derive
reasonable alternative valuations.
Lifetime mortgages
Key assumptions used in the valuation of lifetime mortgage assets are listed in Note 12(ii)(b) and sensitivities are applied to derive the values in
the above table. The most significant sensitivity by value is -20bps of market spread and overvaluation of property valuations by 10% across the
portfolio which, applied in isolation produces sensitised values of £143m and £(152)m.
Private credit portfolios
The sensitivity in the private credit portfolio has been determined through a method which estimates investment spread value premium differences
as compared to the institutional investment market. Individual investment characteristics of each holding, such as credit rating and duration are
used to determine spread differentials for the purposes of determining alternate values. Spread differentials are determined to be lower for highly
rated and/or shorter duration assets as compared to lower rated and/or longer duration assets. A significant component of the spread differential
is in relation to the selection of comparator bonds, which is the potential difference in spread of the basket of relevant comparators determined by
respective investors. If we were to take an AA rated asset it may attract a spread differential of 20bps on the selection of comparator bonds as
opposed to 40bps for a similar duration BBB rated asset. Applied in isolation the sensitivity used to reflect the spread in comparator bond
selection results in sensitised values of £238m and £(238)m.
Investment property
Investment property holdings are valued by independent valuers on the basis of open market value as defined in the appraisal and valuation
manual of the Royal Institute of Chartered Surveyors (RICS). As such, sensitivities are calculated through a mixture of asset level and portfolio
level methodologies which make reference to individual investment characteristics of the holding but do not flex individual assumptions used by
the independent expert in valuing the holdings. Each method is applied individually and aggregated with equal weighting to determine the overall
sensitivity determined for the portfolio. One method is similar to that used in the private credit portfolio as it determines the impact of an alternate
property yield determined in reference to credit ratings, remaining term and other characteristics of each holding. In this methodology we would
apply a lower yield sensitivity to a highly rated and/or shorter remaining term asset compared with a lower rated and/or longer remaining term
asset. If we were to take an AA rated asset with remaining term of 25 years in normal market conditions this would lead to a 15bps yield flex (as
opposed to a 35bps yield flex for a BBB rated asset with a 30 year remaining term). The methodology which leads to the most significant sensitivity
at the balance sheet date is related to an example in case law where it was found that an acceptable margin of error in a valuation dispute is 10%
either way, subject to the valuation being undertaken with due care. If this sensitivity were to be taken without a weighting it would produce
sensitised values of £564m and £(564)m.
It should be noted that some sensitivities described above are non-linear, and larger or smaller impacts should not be interpolated or extrapolated
from these results.
Legal & General Group Plc Annual report and accounts 2024 171
Strategic report Governance Financial statements Other information

13. Derivative assets and liabilities
The Group uses derivatives as a component of efficient portfolio management. This includes, but is not limited to, hedging economic exposure to
foreign currencies, interest rates, inflation and credit risks. The Group uses hedge accounting, provided the prescribed criteria in IFRS 9, ‘Financial
Instruments’ are met, to recognise the offsetting effects of changes in the fair value or cash flow of the derivative instrument and the hedged item.
Cross-currency swap contracts – cash flow hedges
The Group has entered into fixed rate borrowings denominated in USD and is therefore exposed to foreign exchange and interest rate risks. In
order to hedge these risks the Group has entered into cross-currency interest rate swaps, enabling the exposure to be swapped into a fixed rate
in its functional currency. These had a net asset fair value totalling £42m (2023: £21m) and a notional amount of £1,099m at 31 December 2024
(2023: £1,099m). There was no ineffectiveness recognised in the income statement in respect of these hedges during 2024.
Other derivative contracts – held for trading
The Group uses certain derivative contracts which are effective hedges of economic exposures in accordance with the Group’s risk management
policy, but for various reasons are not designated within a formal hedge accounting relationship. Therefore, these contracts must be designated
as held for trading, and gains and losses on these contracts are recognised immediately in the Consolidated Income Statement.
Fair values
Fair values
Assets
1
Liabilities
2
Assets
1
Liabilities
2
Interest rate contracts – held for trading
38,914
39,895
31,411
33,580
Forward foreign exchange contracts – held for trading
35
31
26
7
Currency swap contracts – held for trading
1,009
2,323
1,624
1,750
Currency swap contracts – cash flow hedges
42
–
24
3
Inflation swap contracts – held for trading
9,176
11,595
4,704
4,827
Inflation rate contracts – held for trading
–
–
96
30
Credit derivatives – held for trading
–
18
–
21
Equity/index derivatives – held for trading
2
4
1
3
Other derivatives – held for trading
17
408
133
278
Total shareholder derivatives
49,195
54,274
38,019
40,499
Interest rate contracts – held for trading
564
2,082
1,133
335
Forward foreign exchange contracts – held for trading
558
1,077
815
420
Credit derivatives – held for trading
2
1
7
16
Inflation swap contracts – held for trading
758
175
170
143
Inflation rate contracts – held for trading
–
–
–
2
Equity/index derivatives – held for trading
37
228
969
2,221
Other derivatives – held for trading
78
36
27
185
Total unit linked derivatives
1,997
3,599
3,121
3,322
Total derivative assets and liabilities
51,192
57,873
41,140
43,821
1. Derivative assets are reported in the Consolidated Balance Sheet within Financial investments and investment property (Note 12).
2. Derivative liabilities are reported in the Consolidated Balance Sheet within Payables and other financial liabilities (Note 25).
The contractual undiscounted cash flows in relation to non-unit linked derivatives have the following maturity profile. Unit linked derivatives have
not been included as shareholders are not directly exposed to liquidity risks.
Derivative assets
49,195
23,319
57,912
75,704
33,823
18,909
209,667
Derivative liabilities
(54,274)
14,840
39,656
53,019
23,103
14,275
144,893
Total
(5,079)
38,159
97,568
128,723
56,926
33,184
354,560
Derivative assets
49,195
(15,374)
(40,194)
(49,928)
(22,692)
(14,175)
(142,363)
Derivative liabilities
(54,274)
(23,758)
(60,276)
(80,320)
(35,843)
(23,122)
(223,319)
Total
(5,079)
(39,132)
(100,470)
(130,248)
(58,535)
(37,297)
(365,682)
Net cash flows
(973)
(2,902)
(1,525)
(1,609)
(4,113)
(11,122)
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 172

Derivative assets
38,019
17,833
35,787
47,562
21,119
11,069
133,370
Derivative liabilities
(40,499)
9,304
21,883
30,447
16,349
10,039
88,022
Total
(2,480)
27,137
57,670
78,009
37,468
21,108
221,392
Derivative assets
38,019
(13,483)
(27,576)
(35,293)
(16,054)
(8,684)
(101,090)
Derivative liabilities
(40,499)
(15,136)
(33,435)
(45,924)
(22,714)
(13,121)
(130,330)
Total
(2,480)
(28,619)
(61,011)
(81,217)
(38,768)
(21,805)
(231,420)
Net cash flows
(1,482)
(3,341)
(3,208)
(1,300)
(697)
(10,028)
Future cash flows on the floating legs of interest rate and exchange derivatives are calculated using current spot rates, which may differ from the
market expectation incorporated in the fair value.
Cash flows arising from implied events covered by credit derivatives are presented in the tables above on an expected basis as cash flows
within one year.
Cash inflows or outflows are presented on a net basis where the Group is required to settle net or has a legally enforceable right of offset and the
intention is to settle on a net basis.
14. Receivables and other assets
Receivables under finance leases
14(i)
531
530
Accrued interest and rent
470
655
Prepayments and accrued income
375
396
Inventories
1
531
1,932
Contract assets
2
149
156
Other receivables
3
6,571
6,111
Total receivables and other assets
8,627
9,780
Due within 12 months
7,413
8,200
Due after 12 months
1,214
1,580
1. Inventories represent house building stock including land, options on land, work in progress and other inventory.
2. Contract assets represent the entity’s right to consideration in exchange for goods or services that have been transferred to a customer.
3. Other receivables include amounts receivable from brokers and clients for investing activities, collateral pledges, unsettled cash, FX spots and other sundry balances.
In 2024, Other receivables includes £508m deferred consideration relating to Cala disposal (see Note 28 for further details).
(i) Receivables under finance leases
The Group acts as a lessor of certain finance leases, which have a weighted average duration to maturity of 34 years as at 31 December 2024
(2023: 35 years). The counterparties, as lessee, are regarded to be the economic owner of the leased assets.
The future minimum lease payments under the arrangement, together with the present value, are disclosed below:
Within 1 year
29
(22)
7
32
(25)
7
1-2 years
30
(22)
8
32
(25)
7
2-3 years
28
(21)
7
32
(25)
7
3-4 years
29
(21)
8
31
(24)
7
4-5 years
30
(21)
9
31
(24)
7
After 5 years
878
(386)
492
961
(466)
495
Total
1,024
(493)
531
1,119
(589)
530
Legal & General Group Plc Annual report and accounts 2024 173
Strategic report Governance Financial statements Other information

15. Cash and cash equivalents
Cash at bank and in hand
1,098
3,502
4,600
Cash equivalents
2,659
9,398
12,057
Total cash and cash equivalents
3,757
12,900
16,657
Cash at bank and in hand
1,026
1,918
2,944
Cash equivalents
3,209
14,360
17,569
Total cash and cash equivalents
4,235
16,278
20,513
16. Market risk
(i) Investment performance risk
(a) Equity securities
The Group controls its exposure to geographic price risks by using internal country risk exposure limits. These exposure limits are based on
macroeconomic data and key qualitative indicators. The latter take into account economic, social and political environments. The table below
indicates the Group’s exposure to different equity markets around the world. Unit linked equity investments are excluded from the table as the
risk is retained by the policyholder.
United Kingdom
75
130
North America
298
231
Europe
187
326
Japan
8
10
Asia Pacific
73
74
Other
37
31
Listed equities
678
802
Unlisted equities
1
988
958
Holdings in unit trusts
2
1,282
1,406
Total equities
2,948
3,166
1. Unlisted equities are split between £444m (2023: £582m) United Kingdom, £369m (2023: £319m) Europe and £175m (2023: £57m) North America.
2. Limited Partnerships are included within Holdings in unit trusts.
(b) Debt securities
The Group controls its exposure to geographic price risks by using internal country credit ratings. These ratings are based on macroeconomic
data and key qualitative indicators. The latter take into account economic, social and political environments. The table below indicates the
Group’s exposure to different debt security markets around the world. Unit linked debt securities are excluded from the table as the risk
is retained by the policyholder.
United Kingdom
40,992
37,273
USA
30,347
29,012
Netherlands
1,934
2,206
France
1,521
1,397
Germany
413
277
- Ireland
1,915
2,066
- Italy
115
68
- Spain
214
246
Belgium
280
504
Rest of Europe
2,895
1,998
Rest of World
6,494
6,229
Collateralised debt obligations
1
52
54
Total
87,172
81,330
1. All CDOs of £52m (2023: £54m) are domiciled in the Rest of World.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 174

(c) Additional disclosures on shareholder securities exposure
Sovereigns, supras and sub-sovereigns
17,682
20
11,869
15
•
Tier 1
–
–
21
–
•
Tier 2 and other subordinated
75
–
125
–
•
Senior
6,771
8
6,751
8
•
Covered
212
–
106
–
•
Tier 2 and other subordinated
158
–
158
–
•
Senior
2,740
3
2,146
3
•
Tier 1
–
–
9
–
•
Tier 2 and other subordinated
224
–
238
–
•
Senior
956
1
988
1
•
Cyclical
2,642
3
3,109
4
•
Non-cyclical
6,347
7
7,313
9
•
Healthcare
2,223
3
2,441
3
•
Social
6,875
8
6,524
8
•
Economic
6,029
7
5,610
7
Technology and telecoms
4,103
5
4,829
6
Industrials
1,576
2
1,328
2
Utilities
9,288
11
10,464
13
Energy
2,063
2
1,597
2
Commodities
814
1
885
1
Oil and gas
1,497
2
1,517
2
Real estate
4,497
5
4,451
5
Structured finance ABS/RMBS/CMBS/Other
4,487
5
3,031
4
Lifetime mortgage loans
5,861
7
5,766
7
Collateralised debt obligations
52
–
54
–
Total
87,172
100
81,330
100
United Kingdom
13,298
8,790
USA
2,528
1,696
Netherlands
29
40
France
377
52
Germany
123
84
Ireland
426
425
Rest of Europe
324
248
Rest of World
577
534
Total
17,682
11,869
Legal & General Group Plc Annual report and accounts 2024 175
Strategic report Governance Financial statements Other information

16. Market risk continued
(ii) Currency risk
The Group has minimal exposure to currency risk from financial instruments held by business units in currencies other than their functional
currencies, nearly all such holdings are either backing insurance contracts in the same currency or are hedged back to GBP.
The Group operates internationally and as a result is exposed to foreign currency exchange risk arising from fluctuations in exchange rates of
various currencies. The largest United States dollar currency exposures relate to the Group’s US business, Legal & General America. The majority
of currency exposures relating to euros are held by LGIM Managers (Europe) Limited, a subsidiary of L&G – Asset Management Limited. The
Group does not hedge foreign currency revenues as these are substantially retained locally to support the growth of the Group’s business and
meet local regulatory and market requirements.
Businesses aim to maintain sufficient assets in local currency to meet local currency liabilities, however movements may impact the value of the
Group’s consolidated shareholders’ equity which is expressed in sterling. This aspect of foreign exchange risk is monitored and managed centrally,
against pre-determined limits. These exposures are managed by aligning the deployment of regulatory capital by currency with the Group’s regulatory
capital requirements by currency. Currency borrowings and derivatives may be used to manage exposures within the limits that have been set.
As at 31 December 2024, the Group held net assets of £1.5bn (2023: net liabilities of £0.5bn) of its total equity attributable to shareholders in
currencies, mainly United States dollar and euro, other than the functional currency of the relevant business unit. The exchange risks inherent
in these exposures may be mitigated through the use of derivatives, mainly forward currency contracts.
Consistent with the Group’s accounting policies, the profits of overseas business units (reported as functional currencies) are translated at average
exchange rates and the net assets (reported as functional currencies) at the closing rate for the reporting period. A 10% increase (weakening of foreign
currencies) or decrease (strengthening of foreign currencies) in these rates would increase or reduce the profit for the year and net assets as follows:
Profit for the year
1
(7)
4
9
(6)
Net assets attributable to USD exposures
1
(92)
20
111
(24)
Profit for the year
1
–
–
–
–
Net assets attributable to USD exposures
1
(17)
1
22
(2)
1. Profit for the year impacts relate only to overseas business units where the functional currency is not sterling. Net asset impacts include both functional currency and non-
functional currency exposures.
17. Credit risk
The Group’s exposure to credit risk arises from its offering of insurance and investment products. The investments of shareholders’,
policyholders’ and segregated clients’ monies require credit risks to be taken, as well as the hedging of insurance (including reinsurance)
and other financial risks.
Oversight of credit risk management has been delegated by the Board to the Group Risk Financial Risk Committee (GRFRC), the remit of which
includes proposing the Group’s appetite for credit risk in aggregate, and by issuers, sectors, and geography, and monitoring actual exposures
relative to appetite. The GRFRC also considers credit risk implicit in new asset classes and corporate transactions, and advises on appropriate
counterparty risk tolerances. The Group controls its exposure to counterparty credit risk through defining the minimum financial strength of the
counterparties with which it will deal and setting exposure tolerances for these counterparties, which are monitored and reviewed by operational
management on a counterparty-by-counterparty basis.
The credit profile of the Group’s assets exposed to credit risk is shown below. This includes both externally and internally rated positions. Unit
linked assets have not been included as shareholders are not directly exposed to the associated credit risk. Additionally, assets such as equity
securities, deferred acquisition costs and tax have no exposure to the associated credit risk and therefore have also been excluded.
For externally rated assets, the credit rating bands are provided by independent rating agencies. Unrated traded instruments are assigned a rating
through a portfolio review process or through a committee, depending on complexity. Certain assets require an internal rating even when an
external rating is already available, if these constitute material traded exposures or are complex securitisations or direct investments. In these
cases, internal ratings are assigned by either the Asset Management Direct Investment rating team or the asset management firm that originated
the transaction.
The carrying amount of the financial assets recorded in the financial statements represents the maximum exposure to credit risk before
taking account of collateral held. Collateral is held to mitigate credit risk exposures, by virtue of transactions in long-dated derivatives and
stock lending activities.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 176

Shareholder
As at 31 December 2024
Notes
Government securities
199
13,741
232
159
18
1
14,350
Other fixed rate securities
1,988
7,690
23,145
21,696
361
42
54,922
Variable rate securities
774
2,703
4,165
3,558
122
16
11,338
Lifetime mortgages
–
4,917
483
402
–
59
5,861
Accrued interest
25
135
256
277
6
2
701
Total debt securities
2,986
29,186
28,281
26,092
507
120
87,172
Loans
–
226
303
–
–
2,185
2,714
Derivative assets
13
–
733
48,298
–
–
164
49,195
Cash and cash equivalents
15
1,420
408
1,628
72
–
229
3,757
Reinsurance contract assets
–
3,889
5,047
228
–
1
9,165
Other assets
12
152
176
29
–
3,783
4,152
Total
4,418
34,594
83,733
26,421
507
6,482
156,155
As at 31 December 2023
Notes
Government securities
242
8,141
253
98
1
1
8,736
Other fixed rate securities
2,083
7,080
24,206
21,646
299
141
55,455
Variable rate securities
471
2,734
4,039
3,328
133
2
10,707
Lifetime mortgages
–
4,835
504
402
–
25
5,766
Accrued interest
24
113
240
283
4
2
666
Total debt securities
2,820
22,903
29,242
25,757
437
171
81,330
Loans
–
183
893
–
–
536
1,612
Derivative assets
13
–
35
37,332
–
1
651
38,019
Cash and cash equivalents
15
985
805
1,886
115
–
444
4,235
Reinsurance contract assets
–
4,163
2,551
256
–
336
7,306
Other assets
15
253
237
116
2
6,050
6,673
Total
3,820
28,342
72,141
26,244
440
8,188
139,175
Impairment
The table below shows the gross carrying value of financial investments measured at FVOCI and amortised cost split by credit rating, separately
identifying those investments for which a 12-month ECL (i.e. Stage 1) or Lifetime ECL (i.e. Stage 2 and 3) is calculated, as well as any loss
allowances recognised. As at 31 December 2024, the Group did not have any purchased or originated credit-impaired financial investments
(2023: no purchased or originated credit-impaired financial investments).
AAA
88
–
88
54
–
54
AA
1,697
–
1,697
1,802
–
1,802
A
93
–
93
111
–
111
BBB
43
–
43
55
–
55
BB and below
–
–
–
–
–
–
Other
–
–
–
–
–
–
Total gross
1,921
–
1,921
2,022
–
2,022
ECL
(7)
–
(7)
(5)
–
(5)
Assets under
Stage 1
Amortised cost 2024
Shareholder
AAA
242
–
242
253
–
253
AA
542
–
542
530
–
530
A
3,873
–
3,873
3,478
–
3,478
BBB
4,312
–
4,312
3,647
113
3,760
BB and below
–
29
29
18
25
43
Other
83
–
83
12
–
12
Total gross
9,052
29
9,081
7,938
138
8,076
ECL
(32)
–
(32)
(25)
(6)
(31)
Total net amount
9,020
29
9,049
7,913
132
8,045
Other financial assets at amortised cost are predominantly unrated other receivables with an immaterial loss allowance (2023: immaterial loss allowance) .
Legal & General Group Plc Annual report and accounts 2024 177
Strategic report Governance Financial statements Other information

17. Credit risk c ontinued
Offsetting
Financial assets and liabilities are offset in the Consolidated Balance Sheet when the Group has a legally enforceable right to offset and has the
intention to settle the asset and liability on a net basis, or to realise the asset and liability simultaneously.
The Group has not entered into any financial transactions resulting in financial assets and liabilities being offset in the Consolidated Balance
Sheet. The table below shows the financial assets and liabilities that are subject to master netting agreements in shareholder assets and liabilities.
Unit linked assets and liabilities have not been included as shareholders are not exposed to the risks on these policies.
instruments
1
collateral
2
pledged
2
Derivative assets
49,195
(48,433)
(85)
(677)
–
Reverse repurchase agreements
2,630
–
–
(2,630)
–
Total
51,825
(48,433)
(85)
(3,307)
–
Derivative liabilities
(54,274)
48,433
630
5,211
–
Repurchase agreements
(2,488)
–
–
2,488
–
Total
(56,762)
48,433
630
7,699
–
instruments
1
collateral
2
pledged
2
Derivative assets
38,019
(37,172)
(790)
(57)
–
Reverse repurchase agreements
1,599
–
–
(1,599)
–
Total
39,618
(37,172)
(790)
(1,656)
–
Derivative liabilities
(40,499)
37,172
1,385
1,942
–
Repurchase agreements
(2,456)
–
–
2,456
–
Total
(42,955)
37,172
1,385
4,398
–
1. Related financial instruments represents outstanding amounts with the same counterparty which, under agreements such as the ISDA Master Agreement, could be offset
and settled net following certain predetermined events.
2. Cash and securities held may exceed target levels due to the complexities of operational collateral management, timing and agreements in place with individual counterparties.
In the tables above, the amounts of assets or liabilities presented in the Consolidated Balance Sheet are offset first by financial instruments that
have the right of offset under master netting or similar arrangements with any remaining amount reduced by cash and securities collateral.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 178

18. Insurance risk
The Group is exposed to insurance risk as a consequence of offering the principal products outlined in Note 7. Insurance risk is the exposure
to loss arising from insurance risk experience being different to that anticipated. Detailed below are the insurance risks associated with each
of the Group’s segments along with the mitigating controls operated. They are applicable to all stated products across the Group.
Principal risks
Segment
Controls to mitigate risks
Retail
The pricing of protection business is based on assumptions as to
Retail
The pricing and valuation assumptions for protection business include
Retail
Group protection business contracts include an ‘event limit’ capping the total
Retail
The pricing basis for protection business includes an assessment of potential
Accumulation of risks
There is limited potential for single incidents to give rise to a large number of claims across the different contract types written by the Group.
However, there are potentially material correlations of insurance risk with other types of risk exposure. The Group’s capital model seeks
to measure risk correlations particularly those that would tend to be more acute as the underlying risk scenarios become more extreme.
An example of the accumulation of risk is the correlation between reinsurer credit risk with mortality and morbidity exposures.
Operational risk
Operational risk is defined as loss arising from inadequate or failed internal processes, people, systems or external events. Potential for exposure
to such risk extends to all of the Group’s businesses. The Group has constructed a framework of internal controls to minimise material loss from
operational risk events recognising that no system of internal control can completely eliminate the risk of error, financial loss, fraudulent action
or reputational damage.
Legal & General Group Plc Annual report and accounts 2024 179
Strategic report Governance Financial statements Other information

19. Long-term insurance valuation assumptions
The Group’s insurance assumptions, described below, relate to the UK insurance (both annuities and protection) business and material lines of
the US insurance (both annuities and protection) business. Other non-UK businesses do not constitute a material component of the Group’s
operations and consideration of geographically determined assumptions is therefore not included.
For the purpose of producing IFRS 17 best estimate liabilities, the Group seeks to make best estimate assumptions about future experience based
on current market conditions and recent experience.
(i) Mortality and morbidity
Mortality and morbidity assumptions for the UK business are set with reference to standard tables drawn up by the Continuous Mortality
Investigation Bureau (CMI), a subsidiary of the Institute and Faculty of Actuaries, and/or UK death registrations. US assumptions are set with
reference to standard tables drawn up by the American Academy of Actuaries. Tables are based on industry-wide mortality and morbidity
experience for insured lives.
The Group conducts statistical investigations of its mortality and morbidity experience, the majority of which are carried out at least annually.
Investigations determine the extent to which the Group’s experience differs from that underpinning the standard tables, and suggest appropriate
adjustments which need to be made to the valuation assumptions. Recent mortality experience observed as a result of Covid-19 and industry
studies on its potential endemic effects have been used to derive appropriate adjustments to the assumptions.
In most cases, mortality rates are set separately for gender and smoker status, and the percentage of mortality table will vary for the first
2-5 years of the policy’s duration to allow for underwriting selection.
Mortality tables
2024
2023
UK term assurances
1
90% TM08/TF08
90% TM08/TF08
UK term assurances with terminal illness
1
66% – 86% TM08/TF08 Sel 5
74% – 86% TM08/TF08 Sel 5
UK term assurances with critical illness
2
83% – 126% ACL08 Sel 2
91% – 135% ACL08 Sel 2
US term assurances
3
Adjusted SOA 2014 VBT
Adjusted SOA 2014 VBT
Whole of Life Protection Plan
4
Whole of Life over 50
4
UK Annuities in deferment
5
95.3% – 95.5% PMA16_PBO/PFA16_PBO
95.3% – 95.6% PMA16_PBO/PFA16_PBO
UK Vested annuities
6
Pension risk transfer
95.3% – 95.5% PMA16_PBO/PFA16_PBO
95.3% – 95.6% PMA16_PBO/PFA16_PBO
Other annuities
79.0% – 126.1% PMA16_PBO/PFA16_PBO
79.0% – 131.6% PMA16_PBO/PFA16_PBO
US annuities
7
1. Improvement assumptions applied of 1.0% p.a. for males and females (2023: 1.0% p.a. for males and females).
2. Morbidity rates are assumed to deteriorate at a rate of 0.50% p.a. for males and 0.75% p.a. for females (2023: 0.50% p.a. for males and 0.75% p.a. for females).
3. Adjustments are made for gender, select period, smoker status, policy size, policy duration and year, issue year, age, and calendar year.
4. Mortality rates are assumed to reduce based on CMI 2022 model with a long-term annual improvement rate of 1.75% for males and 1.25% for females
(2023: Mortality rates are assumed to reduce based on CMI 2021 model with a long-term annual improvement rate of 1.75% for males and 1.25% for females).
5. Table for male is created by using PMA16_PBO and for female it is PFA16_PBO (2023: PMA16_PBO and PFA16_PBO). These tables are used for both immediate and
deferred annuities.
6. Mortality rates are assumed to reduce according to an adjusted version of the mortality improvement model CMI 2022 (2023: CMI 2021) with the following parameters:
Males: Long-term Rate of 1.75% p.a. up to age 85 tapering to 0% at 110 (2023: Long-term Rate of 1.75% p.a. up to age 85 tapering to 0% at 110).
Females: Long-term Rate of 1.25% p.a. up to age 85 tapering to 0% at 110 (2023: Long-term Rate of 1.25% p.a. up to age 85 tapering to 0% at 110).
Smoothing is applied to derive initial rates using a smoothing parameter (Sk) value of 7.5 applied to ONS population data to 2022. The resulting initial rates are then adjusted
to reflect socio-economic class, these adjustments have been updated for 2024. (2023: smoothing parameter (Sk) value of 7.5 applied to L&G bespoke population data to 2021).
Zero weights is placed on data for calendar years 2020, 2021 and 2022 (2023: zero weight for calendar years 2020, 2021 and 2022).
For individual annuities distributed through retail channels, a further allowance is made for the effect of initial selection.
The basis above is applicable up to age 90. After age 90 the basis is blended towards a bespoke table from age 105 onwards.
7. Smoothing is applied to derive initial rates using a smoothing parameter (Sk) value of 7.75 for males and 7.5 for females, applied to HMD population data to 2022.
The resulting initial rates are then adjusted to reflect socio-economic class, these adjustments have been updated for 2024 (2023: Mortality rates are assumed
to reduce according to an adjusted version of the mortality improvement model CMI 2021). Zero weight is placed on data for the calendar years 2020, 2021 and 2022
(2023: zero weight for calendar years 2020, 2021 and 2022).
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 180

(ii) Valuation rates of interest and discount rates
The interest rates used to discount the cash flows for the purpose of valuing insurance contract liabilities should reflect the timing and liquidity
characteristics of the insurance liability cash flows and current market conditions. The valuation interest rate assumptions are derived as interest
rate curves with full term structure.
In deriving the liquidity premium assumptions for annuity business, an explicit allowance for risk is deducted from the yield on the assets backing
annuity liabilities. The allowance for risk comprises long-term assumptions about defaults and the market risk premiums for taking credit risk.
In the case of lifetime mortgage assets a best estimate expectation of losses arising from the No Negative Equity Guarantee, and the market risk
premiums for this risk are deducted from the yield. For the UK annuity business, the deduction for risk of default for corporate bonds and direct
investments equated to 38bps (2023: 40bps). For lifetime mortgages the deductions equated to £0.3bn (2023: £0.4bn).
For US and UK protection business, the yield is calculated based on notional asset portfolios of AA rated corporate bonds and cash, which reflect
the characteristics of the liability cash flows. An explicit allowance is deducted from the yield to reflect the default risk associated with the notional
portfolio assets.
The discount rate curves used for material product lines are shown below. The discount rate curves are used to discount the cash flows on the
underlying contracts and any associated reinsurance cashflows. The graph displays the underlying spot rates:
31 December 2024 Discount Rates
7%
6%
5%
4%
3%
2%
GBP Risk-free Annuities GBP Protection GBP USD Risk-free Annuities USD Protection USD
Rate
0 10 20 30 40 50
60
Years ahead
31 December 2023 Discount Rates
Rate
7%
6%
5%
4%
3%
2%
GBP Risk-free Annuities GBP Protection GBP USD Risk-free Annuities USD Protection USD
Rate
0 10 20 30 40 50
60
Years ahead
Legal & General Group Plc Annual report and accounts 2024 181
Strategic report Governance Financial statements Other information

19. Long-term insurance valuation assumptions continued
(iii) Persistency
The Group monitors its persistency experience and carries out detailed investigations annually. Persistency experience can be volatile and past
experience may not be an appropriate future indicator. The Group tries to balance past experience and potential future conditions in setting
assumptions about expected long-term average persistency levels.
Lapse Rates
2024
2023
UK Level term
1.9% – 29.5%
2.0% – 30.0%
UK Decreasing term
3.8% – 14.6%
4.1% – 14.7%
UK Accelerated critical illness cover
3.0% – 28.3%
3.2% – 31.3%
Whole of Life (conventional non profit)
0.6% – 12.2%
0.6% – 10.0%
US term – 10 year guarantee period
7.1% – 8.1%
7.1% – 8.1%
US term – 15 year guarantee period
4.2% – 5.8%
4.2% – 5.8%
US term – 20 year guarantee period
3.0% – 6.1%
3.0% – 6.1%
US term – 30 year guarantee period
2.1% – 6.5%
2.1% – 6.5%
US Universal Life
2.7%
2.7%
(iv) Expenses
The Group monitors its expense experience and carries out detailed investigations regularly to determine the expenses incurred in writing and
administering the different products and classes of business. Adjustments may be made for known future changes in the administration
processes, in line with the Group’s business plan, as well as for changes in allocations. An allowance for expense inflation in the future is also
made in line with RPI, taking account of both salary and price information.
(v) Risk Adjustment
The risk adjustment is the compensation that the Group requires for bearing the uncertainty about the amount and timing of the cash flows that
arises from non-financial risk. For the majority of risks, the Group’s view on the compensation required for non-financial risks is determined with
reference to an 85th percentile confidence level (2023: 85th percentile), calculated using a one-year Value-at-Risk (VAR) measure. This VAR measure
reflects the Group’s view on how non-financial risks behave (risk distributions), diversification of risks across the Group (risk correlations), and the
costs and benefits from reinsurance in place (risk mitigation). This is consistent with how risks are priced for and managed across the Group.
Where the Group has less appetite for a risk (and requires proportionally higher compensation) a higher confidence level is used. The calculation
uses a capital basis appropriate for the territory, the type of business, and how it is priced. A one percentile increase in the one-year confidence
level would increase the compensation targeted by c£40m (2023: c£50m).
We have estimated the equivalent confidence level for the entire Group on a multi-year basis, using a weighted average of the key risks. Overall
the Group risk adjustment as at 31 December 2024 is aligned to a 75th percentile multi-year confidence level (2023: 75th percentile) over the full
runoff of the portfolio.
The Group calculates its Risk Adjustment at contract level using a Provision for Adverse Deviations (PADs) approach, where adjustments are
applied to best estimate non-financial risk assumptions to calculate the risk adjustment required over and above the best estimate liability for
each contract. These adjustments (which vary by risk) are calibrated such that the total Group Risk Adjustment calculated aligns to the Group’s
view of compensation for non-financial risks determined with reference to the 85th percentile (as described above) and the Risk Adjustment at
contract level is representative of the compensation required by Group for that contract.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 182

20 IFRS sensitivity analysis
100bps increase in interest rates
(5,153)
(5,400)
4,975
5,140
(178)
(260)
100bps decrease in interest rates
6,053
6,369
(5,910)
(6,119)
143
250
50bps increase in future inflation expectations
1,630
1,680
(1,540)
(1,508)
90
172
50bps decrease in future inflation expectations
(1,496)
(1,540)
1,499
1,469
3
(71)
Credit spreads widen by 100bps with no change in expected defaults
(3,449)
(3,475)
3,308
3,459
(141)
(16)
25% rise in equity markets
323
323
–
–
323
323
25% fall in equity markets
(323)
(323)
–
–
(323)
(323)
15% rise in property values
975
975
(19)
(19)
956
956
15% fall in property values
(1,078)
(1,078)
95
95
(983)
(983)
10bps increase in credit default assumptions
–
–
(408)
(426)
(408)
(426)
10bps decrease in credit default assumptions
–
–
373
388
373
388
100bps increase in interest rates
(5,909)
(6,151)
5,713
5,892
(196)
(259)
100bps decrease in interest rates
6,999
7,318
(6,919)
(7,147)
80
171
50bps increase in future inflation expectations
1,778
1,814
(1,831)
(1,801)
(53)
13
50bps decrease in future inflation expectations
(1,620)
(1,652)
1,732
1,707
112
55
Credit spreads widen by 100bps with no change in expected defaults
(4,193)
(4,216)
4,041
4,206
(152)
(10)
25% rise in equity markets
297
297
–
–
297
297
25% fall in equity markets
(297)
(297)
–
–
(297)
(297)
15% rise in property values
1,155
1,155
(25)
(25)
1,130
1,130
15% fall in property values
(1,276)
(1,276)
102
102
(1,174)
(1,174)
10bps increase in credit default assumptions
–
–
(494)
(514)
(494)
(514)
10bps decrease in credit default assumptions
–
–
455
471
455
471
1% increase in annuitant mortality, gross of reinsurance
370
(74)
(74)
1% increase in annuitant mortality, net of reinsurance
184
(36)
(36)
1% decrease in annuitant mortality, gross of reinsurance
(374)
75
75
1% decrease in annuitant mortality, net of reinsurance
(185)
37
37
5% increase in assurance mortality, gross of reinsurance
(629)
(400)
(281)
5% increase in assurance mortality, net of reinsurance
(346)
(92)
(65)
10% increase in maintenance expenses, gross of reinsurance
(158)
(7)
–
10% increase in maintenance expenses, net of reinsurance
(155)
(6)
1
1% increase in annuitant mortality, gross of reinsurance
352
(52)
(52)
1% increase in annuitant mortality, net of reinsurance
181
(26)
(26)
1% decrease in annuitant mortality, gross of reinsurance
(357)
52
52
1% decrease in annuitant mortality, net of reinsurance
(183)
27
27
5% increase in assurance mortality, gross of reinsurance
(591)
(395)
(308)
5% increase in assurance mortality, net of reinsurance
(307)
(95)
(81)
10% increase in maintenance expenses, gross of reinsurance
(140)
(3)
1
10% increase in maintenance expenses, net of reinsurance
(137)
(4)
1
Legal & General Group Plc Annual report and accounts 2024 183
Strategic report Governance Financial statements Other information

20 IFRS sensitivity analysis continued
The economic sensitivity tables above show the impacts on Group post-tax profit and equity, net of reinsurance, under each sensitivity scenario.
The impacts on Group post-tax profit and equity arising from financial assets and insurance contracts are also shown separately in the tables.
The economic sensitivity impacts cover long-term insurance business and other group assets and obligations.
The non-economic sensitivity tables above show the impacts on CSM, Group post-tax profit and equity, gross and net of reinsurance, under each
sensitivity scenario. The non-economic sensitivity impacts cover long-term insurance business only.
The Group impacts may arise from asset and/or liability movements under the sensitivities. The current disclosure reflects management’s view
of key risks in current economic conditions.
The stresses are assumed to occur on the balance sheet date. Both CSM and current year CSM release into profit are assumed to be affected
when non-financial assumptions are stressed.
In calculating the alternative values, all other assumptions are left unchanged. In practice, impacts of the Group’s experience may be correlated.
The sensitivity analyses do not take into account management actions that could be taken to reduce the impacts. The Group seeks to actively
manage its asset and liability position. A change in market conditions may lead to changes in the asset allocation or charging structure which
may have a more, or less, significant impact on the value of the liabilities. The analysis also ignores any second order effects of the assumption
change, including the potential impact on the Group asset and liability position and any second order tax effects.
The sensitivity of profit and equity to changes in assumptions may not be linear. They should not be extrapolated to changes of a much
larger order.
The change in interest rate stresses assume a 100 bps increase/decrease in the gross redemption yield on fixed interest securities together
with the same change in the real yields on variable securities. Interest rates used to discount liabilities are assumed to move in line with market
yields, adjusted to remove risks in the asset reference portfolios that are not present in the liabilities calculated in a manner consistent with the
base results.
The inflation stresses adopted are a 0.5% per annum (p.a.) increase/decrease in inflation, resulting in a 0.5% p.a. reduction/rise in real yield and
no change to the nominal yield. In addition, the expense inflation rate is increased/decreased by 0.5% p.a. The expense inflation assumptions
are non-financial and therefore recalibrate the CSM under the stresses. These recalibrations are reflected in the impacts shown.
In the sensitivity for credit spreads, corporate bond yields have increased by 100bps, government bond yields unchanged, and there has been
no adjustment to the default assumptions. All lifetime mortgages are excluded, as their primary exposure is to property risk, and therefore
captured under the property stress.
The equity stresses are a 25% rise and 25% fall in listed equity market values.
The property stresses adopted are a 15% rise and 15% fall in property market values including lifetime mortgages. Where property is being used
to back liabilities, interest rates used to discount liabilities move with property yields, and so the value of the liabilities will also move.
The credit default assumption is set based on the credit rating of individual bonds and Moody’s historical transition matrices. The credit default
stress assumes a +/-10bps stress to the current credit default assumptions, which will have an impact on the interest rates used to discount
liabilities. Default allowances for assets deemed credit risk free are unchanged. All lifetime mortgages are excluded, as their primary exposure
is to property risk, and therefore captured under the property stress.
The annuitant mortality stresses are a 1% increase and 1% decrease in the mortality rates for immediate and deferred annuitants with no change
to the mortality improvement rates.
The assurance mortality stress is a 5% increase in the mortality and morbidity rates with no change to the mortality and morbidity
improvement rates.
The maintenance expense stress is a 10% increase in all types of maintenance expenses in future years.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 184

21. Insurance contracts
(i) Insurance service result
•
CSM recognised for services provided
1,027
270
1,297
•
Expected incurred claims and other insurance service expenses
5,838
2,826
8,664
•
Change in the risk adjustment for non-financial risk for the risk expired
438
22
460
Recovery of insurance acquisition cash flows
25
142
167
Premium experience variance relating to past and current service
–
(14)
(14)
Total insurance revenue
7,328
3,246
10,574
Total insurance service expenses
(5,877)
(3,214)
(9,091)
Allocation of reinsurance premiums
(3,221)
(1,037)
(4,258)
Amounts recoverable from reinsurers for incurred claims
2,813
1,286
4,099
Net (expense)/income from reinsurance contracts held
(408)
249
(159)
Total insurance service result
1,043
281
1,324
•
CSM recognised for services provided
943
225
1,168
•
Expected incurred claims and other insurance service expenses
5,278
2,597
7,875
•
Change in the risk adjustment for non-financial risk for the risk expired
371
16
387
Recovery of insurance acquisition cash flows
19
132
151
Premium experience variance relating to past and current service
1
42
43
Total insurance revenue
6,612
3,012
9,624
Total insurance service expenses
(5,244)
(3,129)
(8,373)
Allocation of reinsurance premiums
(2,847)
(1,044)
(3,891)
Amounts recoverable from reinsurers for incurred claims
2,415
1,339
3,754
Net (expense)/income from reinsurance contracts held
(432)
295
(137)
Total insurance service result
936
178
1,114
(ii) Insurance and reinsurance contracts
Insurance contract balances
–
91,075
–
86,706
Assets for insurance contract acquisition cash flows
1
–
(14)
–
(18)
Insurance contract balances
–
4,609
–
4,782
Assets for insurance contract acquisition cash flows
1
–
(22)
–
(24)
Total insurance contracts issued
2
–
95,648
–
91,446
Reinsurance contracts balances
6,651
2
4,758
–
Assets for reinsurance contract acquisition cash flows
1
4
–
3
–
Reinsurance contracts balances
2,510
168
2,545
220
Assets for reinsurance contract acquisition cash flows
1
–
–
–
–
Total reinsurance contracts held
2
9,165
170
7,306
220
1. Assets for insurance and reinsurance acquisition cash flows are presented within the carrying amount of the related insurance and reinsurance contract liabilities.
2. £6,798m (2023: £5,119m) of the net insurance balance of £86,653m (2023: £84,360m) is expected to run off within 12 months.
Legal & General Group Plc Annual report and accounts 2024
185
Strategic report Governance Financial statements Other information

21. Insurance contracts continued
(iii) Annuities – Insurance contracts issued
(a) Reconciliation of the liability for remaining coverage and the liability for incurred claims
Opening insurance contract liabilities
86,630
3
73
86,706
73,664
6
59
73,729
Opening insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 1 January
86,630
3
73
86,706
73,664
6
59
73,729
Insurance revenue
(7,328)
–
–
(7,328)
(6,612)
–
–
(6,612)
Incurred claims and other insurance service expenses
–
–
5,847
5,847
–
–
5,215
5,215
Amortisation of insurance acquisition expenses
25
–
–
25
19
–
–
19
Changes that relate to past service
–
–
6
6
–
–
4
4
Losses and reversal of losses on onerous contracts
–
(1)
–
(1)
–
(2)
–
(2)
Insurance service expenses
25
(1)
5,853
5,877
19
(2)
5,219
5,236
Insurance service result
(7,303)
(1)
5,853
(1,451)
(6,593)
(2)
5,219
(1,376)
Finance expenses/(income) from insurance contracts
(1,196)
–
–
(1,196)
5,841
–
–
5,841
Effect of movements in exchange rates
70
(1)
–
69
(328)
(1)
(1)
(330)
Total amount recognised in comprehensive income
(8,429)
(2)
5,853
(2,578)
(1,080)
(3)
5,218
4,135
Investment components
(528)
–
528
–
(399)
–
399
–
Premiums received
13,421
–
–
13,421
14,535
–
–
14,535
Claims and other directly attributable expenses
–
–
(6,369)
(6,369)
–
–
(5,603)
(5,603)
Insurance acquisition cash flows
(105)
–
–
(105)
(90)
–
–
(90)
Total cash flows
13,316
–
(6,369)
6,947
14,445
–
(5,603)
8,842
Closing insurance contract liabilities
90,989
1
85
91,075
86,630
3
73
86,706
Closing insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 31 December
90,989
1
85
91,075
86,630
3
73
86,706
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 186

(b) Reconciliation of the measurement components of insurance contracts
Opening insurance contract liabilities
71,133
2,221
13,352
86,706
60,448
1,753
11,528
73,729
Opening insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 1 January
71,133
2,221
13,352
86,706
60,448
1,753
11,528
73,729
CSM recognised for services provided
–
–
(1,027)
(1,027)
–
–
(943)
(943)
Release of risk adjustment
–
(438)
–
(438)
–
(371)
–
(371)
Experience adjustments
(13)
–
–
(13)
(83)
–
–
(83)
Total changes that relate to current service
(13)
(438)
(1,027)
(1,478)
(83)
(371)
(943)
(1,397)
Changes in estimates which adjust the CSM
(202)
(119)
321
–
(1,657)
52
1,605
–
or reversal of losses on onerous contracts
(1)
–
–
(1)
(2)
–
–
(2)
Contracts initially recognised in the year
(871)
321
550
–
(1,305)
451
854
–
Total changes that relate to future service
(1,074)
202
871
(1)
(2,964)
503
2,459
(2)
Claims variance
28
–
–
28
23
–
–
23
Insurance service result
(1,059)
(236)
(156)
(1,451)
(3,024)
132
1,516
(1,376)
Finance expenses/(income) from insurance contracts
(1,596)
(5)
405
(1,196)
5,177
340
324
5,841
Effect of movements in exchange rates
70
2
(3)
69
(310)
(4)
(16)
(330)
Total amount recognised in comprehensive income
(2,585)
(239)
246
(2,578)
1,843
468
1,824
4,135
Premiums received
13,421
–
–
13,421
14,535
–
–
14,535
Claims and other directly attributable expenses
(6,369)
–
–
(6,369)
(5,603)
–
–
(5,603)
Insurance acquisition cash flows
(105)
–
–
(105)
(90)
–
–
(90)
Total cash flows
6,947
–
–
6,947
8,842
–
–
8,842
Closing insurance contract liabilities
75,495
1,982
13,598
91,075
71,133
2,221
13,352
86,706
Closing insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 31 December
75,495
1,982
13,598
91,075
71,133
2,221
13,352
86,706
(c) Impact of contracts recognised in the year
Of which relates to:
Of which relates to:
Insurance acquisition cash flows
105
–
–
90
–
–
Claims and other insurance service expenses payable
11,255
–
–
13,208
–
–
Estimates of present value of cash outflows
11,360
–
–
13,298
–
–
Estimates of present value of cash inflows
(12,231)
–
–
(14,603)
–
–
Risk adjustment for non-financial risk
321
–
–
451
–
–
CSM
550
–
–
854
–
–
Increase in insurance contract liabilities from contracts recognised in the year
–
–
–
–
–
–
Legal & General Group Plc Annual report and accounts 2024 187
Strategic report Governance Financial statements Other information

21. Insurance contracts continued
(iii) Annuities – Insurance contracts issued continued
(d) Amounts determined on transition to IFRS 17
The Group has applied the fair value transition approach to Annuities written prior to 2016, the modified retrospective approach to Annuities
written between 2016 and 2020 and the full retrospective approach for contracts written in 2021.
Details of the assumptions applied on transition were disclosed in the 2023 Annual report and accounts.
Insurance revenue
2,258
2,154
2,916
7,328
1,536
2,138
2,938
6,612
CSM as at 1 January
2,441
5,811
5,100
13,352
1,442
5,659
4,427
11,528
CSM recognised for services provided
(193)
(418)
(416)
(1,027)
(144)
(396)
(403)
(943)
Changes in estimates which adjust the CSM
52
139
130
321
228
408
969
1,605
Contracts initially recognised in the year
550
–
–
550
854
–
–
854
Finance expenses/(income) from insurance contracts
118
158
129
405
65
149
110
324
Effect of movements in exchange rates
–
–
(3)
(3)
(4)
(9)
(3)
(16)
CSM as at 31 December
2,968
5,690
4,940
13,598
2,441
5,811
5,100
13,352
(iv) Annuities – Reinsurance contracts held
(a) Reconciliation of the remaining coverage and incurred claims
Asset for remaining coverage
Asset for remaining coverage
Opening reinsurance contract liabilities
(1)
–
1
–
(1)
–
1
–
Opening reinsurance contract assets
4,682
1
75
4,758
2,459
2
34
2,495
Net balance as at 1 January
4,681
1
76
4,758
2,458
2
35
2,495
Allocation of reinsurance premium
(3,221)
–
–
(3,221)
(2,847)
–
–
(2,847)
incurred in the year
24
–
2,790
2,814
1
–
2,415
2,416
Changes that relate to past service
–
–
–
–
–
–
–
–
to onerous underlying contracts
–
–
–
–
–
–
–
–
cash flows
–
(1)
–
(1)
–
(1)
–
(1)
Change in non-performance risk of reinsurers
–
–
–
–
–
–
–
–
Amount recoverable from reinsurers for incurred claims
24
(1)
2,790
2,813
1
(1)
2,415
2,415
Net (expenses)/income from reinsurance contracts
(3,197)
(1)
2,790
(408)
(2,846)
(1)
2,415
(432)
Finance income/(expenses) from reinsurance contracts
(114)
–
–
(114)
625
–
–
625
Effect of movements in exchange rates
4
–
1
5
(25)
–
–
(25)
Total amount recognised in comprehensive income
(3,307)
(1)
2,791
(517)
(2,246)
(1)
2,415
168
Investment components
(4)
–
4
–
(4)
–
4
–
attributable expenses
4,709
–
–
4,709
4,464
–
–
4,464
Recoveries from reinsurance
–
–
(2,306)
(2,306)
–
–
(2,378)
(2,378)
Reinsurance pre-recognition cash flows
5
–
–
5
9
–
–
9
Total cash flows
4,714
–
(2,306)
2,408
4,473
–
(2,378)
2,095
Closing reinsurance contract liabilities
(24)
–
22
(2)
(1)
–
1
–
Closing reinsurance contract assets
6,108
–
543
6,651
4,682
1
75
4,758
Net balance as at 31 December
6,084
–
565
6,649
4,681
1
76
4,758
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 188

(b) Reconciliation of the measurement components of reinsurance contract balances
Opening reinsurance contract liabilities
1
10
(11)
–
5
7
(12)
–
Opening reinsurance contract assets
1,283
1,103
2,372
4,758
(43)
818
1,720
2,495
Net balance as at 1 January
1,284
1,113
2,361
4,758
(38)
825
1,708
2,495
CSM recognised for services received
–
–
(166)
(166)
–
–
(156)
(156)
risk for risk expired
–
(235)
–
(235)
–
(193)
–
(193)
Experience adjustments
(7)
–
–
(7)
(81)
–
–
(81)
Total changes that relate to current service
(7)
(235)
(166)
(408)
(81)
(193)
(156)
(430)
Changes in estimates which adjust the CSM
(68)
(56)
124
–
(902)
43
859
–
of losses on underlying onerous contracts
–
–
–
–
(2)
–
–
(2)
Contracts initially recognised in the year
(183)
197
(14)
–
(181)
271
(90)
–
Total changes that relate to future service
(251)
141
110
–
(1,085)
314
769
(2)
Claims variance
–
–
–
–
–
–
–
–
Change in non-performance risk of reinsurers
–
–
–
–
–
–
–
–
Net (expenses)/income from reinsurance contracts
(258)
(94)
(56)
(408)
(1,166)
121
613
(432)
Finance income/(expenses) from
reinsurance contracts
(159)
(9)
54
(114)
417
168
40
625
Effect of movements in exchange rates
4
1
–
5
(24)
(1)
–
(25)
Total amount recognised in comprehensive income
(413)
(102)
(2)
(517)
(773)
288
653
168
attributable expenses
4,709
–
–
4,709
4,464
–
–
4,464
Recoveries from reinsurance
(2,306)
–
–
(2,306)
(2,378)
–
–
(2,378)
Reinsurance pre-recognition cash flows
5
–
–
5
9
–
–
9
Total cash flows
2,408
–
–
2,408
2,095
–
–
2,095
Closing reinsurance contract liabilities
(11)
8
1
(2)
1
10
(11)
–
Closing reinsurance contract assets
3,290
1,003
2,358
6,651
1,283
1,103
2,372
4,758
Net balance as at 31 December
3,279
1,011
2,359
6,649
1,284
1,113
2,361
4,758
(c) Impact of contracts recognised in the year
Of which relates to:
Of which relates to:
Estimates of present value of cash outflows
(6,215)
–
–
(8,235)
–
–
Estimates of present value of cash inflows
6,032
–
–
8,054
–
–
Risk adjustment for non-financial risk
197
–
–
271
–
–
CSM
(14)
–
–
(90)
–
–
Net change in reinsurance contracts from contracts recognised in the year
–
–
–
–
–
–
Legal & General Group Plc Annual report and accounts 2024 189
Strategic report Governance Financial statements Other information

21. Insurance contracts continued
(iv) Annuities – Reinsurance contracts held continued
(d) Amounts determined on transition to IFRS 17
The Group has applied the fair value transition approach to Annuity reinsurance written prior to 2016, the modified retrospective approach to
Annuity reinsurance written between 2016 and 2020 and the full retrospective approach for Annuity reinsurance contracts written in 2021.
Details of the assumptions applied on transition were disclosed in the 2023 Annual report and accounts.
CSM as at 1 January
230
1,680
451
2,361
97
1,417
194
1,708
CSM recognised for services received
(13)
(112)
(41)
(166)
(13)
(107)
(36)
(156)
Changes in estimates which adjust the CSM
(20)
108
36
124
237
333
289
859
Contracts initially recognised in the year
(14)
–
–
(14)
(90)
–
–
(90)
Finance (expenses)/income from
reinsurance contracts
(2)
45
11
54
(1)
37
4
40
CSM as at 31 December
181
1,721
457
2,359
230
1,680
451
2,361
(v) Protection – Insurance contracts issued
(a) Reconciliation of the liability for remaining coverage and the liability for incurred claims
Liability for remaining coverage
Liability for remaining coverage
Opening insurance contract liabilities
2,582
896
1,304
4,782
2,643
561
1,329
4,533
Opening insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 1 January
2,582
896
1,304
4,782
2,643
561
1,329
4,533
Insurance revenue
(3,246)
–
–
(3,246)
(3,012)
–
–
(3,012)
Incurred claims and other insurance service expenses
–
(89)
2,819
2,730
–
(62)
2,702
2,640
Amortisation of insurance acquisition expenses
142
–
–
142
132
–
–
132
Changes that relate to past service
–
–
35
35
–
–
26
26
Losses and reversal of losses on onerous contracts
–
307
–
307
–
331
–
331
Insurance service expenses
142
218
2,854
3,214
132
269
2,728
3,129
Insurance service result
(3,104)
218
2,854
(32)
(2,880)
269
2,728
117
Finance (income)/expenses from insurance contracts
(278)
(34)
24
(288)
(11)
67
6
62
Effect of movements in exchange rates
28
–
5
33
(108)
(1)
(11)
(120)
Total amount recognised in comprehensive income
(3,354)
184
2,883
(287)
(2,999)
335
2,723
59
Investment components
(38)
–
38
–
(37)
–
37
–
Premiums received
3,258
–
–
3,258
3,217
–
–
3,217
Claims and other directly attributable expenses
–
–
(2,885)
(2,885)
–
–
(2,785)
(2,785)
Insurance acquisition cash flows
(259)
–
–
(259)
(242)
–
–
(242)
Total cash flows
2,999
–
(2,885)
114
2,975
–
(2,785)
190
Closing insurance contract liabilities
2,189
1,080
1,340
4,609
2,582
896
1,304
4,782
Closing insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 31 December
2,189
1,080
1,340
4,609
2,582
896
1,304
4,782
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 190

(b) Reconciliation of the measurement components of insurance contracts
Opening insurance contract liabilities
2,551
600
1,631
4,782
2,069
617
1,847
4,533
Opening insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 1 January
2,551
600
1,631
4,782
2,069
617
1,847
4,533
CSM recognised for services provided
–
–
(270)
(270)
–
–
(225)
(225)
Release of risk adjustment
–
(22)
–
(22)
–
(16)
–
(16)
Experience adjustments
(79)
–
–
(79)
5
–
–
5
Total changes that relate to current service
(79)
(22)
(270)
(371)
5
(16)
(225)
(236)
Changes in estimates which adjust the CSM
(174)
6
168
–
308
(32)
(276)
–
of losses on onerous contracts
213
(2)
–
211
261
(1)
–
260
Contracts initially recognised in the year
(238)
15
319
96
(220)
15
276
71
Total changes that relate to future service
(199)
19
487
307
349
(18)
–
331
Claims variance
32
–
–
32
22
–
–
22
Insurance service result
(246)
(3)
217
(32)
376
(34)
(225)
117
Finance (income)/expenses from insurance contracts
(334)
(18)
64
(288)
(50)
47
65
62
Effect of movements in exchange rates
3
11
19
33
(34)
(30)
(56)
(120)
Total amount recognised in comprehensive income
(577)
(10)
300
(287)
292
(17)
(216)
59
Premiums received
3,258
–
–
3,258
3,217
–
–
3,217
Claims and other directly attributable expenses
(2,885)
–
–
(2,885)
(2,785)
–
–
(2,785)
Insurance acquisition cash flows
(259)
–
–
(259)
(242)
–
–
(242)
Total cash flows
114
–
–
114
190
–
–
190
Closing insurance contract liabilities
2,088
590
1,931
4,609
2,551
600
1,631
4,782
Closing insurance contract assets
–
–
–
–
–
–
–
–
Net balance as at 31 December
2,088
590
1,931
4,609
2,551
600
1,631
4,782
Legal & General Group Plc Annual report and accounts 2024 191
Strategic report Governance Financial statements Other information

21. Insurance contracts continued
(v) Protection – Insurance contracts issued continued
(c) Impact of contracts recognised in the year
Of which relates to:
Of which relates to:
Insurance acquisition cash flows
259
–
94
242
–
73
Claims and other insurance service expenses payable
2,382
–
559
2,096
–
488
Estimates of present value of cash outflows
2,641
–
653
2,338
–
561
Estimates of present value of cash inflows
(2,879)
–
(558)
(2,558)
–
(491)
Risk adjustment for non-financial risk
15
–
1
15
–
1
CSM
319
–
–
276
–
–
Increase in insurance contract liabilities from contracts recognised in the year
96
–
96
71
–
71
(d) Amounts determined on transition to IFRS 17
The Group has applied the following transition approaches to its material Protection insurance contract portfolios on transition to IFRS 17,
by year of issue:
Transition approach
UK Protection
US Protection
Full retrospective
2021
2021
Modified retrospective
2012-2020
2011-2020
Fair value
Pre-2012
Pre-2011
Details of the assumptions applied on transition were disclosed in the 2023 Annual report and accounts.
Insurance revenue
1,281
1,189
776
3,246
1,055
1,171
786
3,012
CSM as at 1 January
574
866
191
1,631
427
1,106
314
1,847
CSM recognised for services provided
(133)
(112)
(25)
(270)
(82)
(110)
(33)
(225)
Changes in estimates which adjust the CSM
104
99
(35)
168
(51)
(132)
(93)
(276)
Contracts initially recognised in the year
319
–
–
319
276
–
–
276
Finance expenses/(income) from insurance contracts
32
28
4
64
21
37
7
65
Effect of movements in exchange rates
10
9
–
19
(17)
(35)
(4)
(56)
CSM as at 31 December
906
890
135
1,931
574
866
191
1,631
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 192

(vi) Protection – Reinsurance contracts held
(a) Reconciliation of the remaining coverage and incurred claims
Asset for remaining coverage
Asset for remaining coverage
Opening reinsurance contract liabilities
(299)
–
79
(220)
(52)
–
–
(52)
Opening reinsurance contract assets
962
760
823
2,545
866
473
874
2,213
Net balance as at 1 January
663
760
902
2,325
814
473
874
2,161
Allocation of reinsurance premium
(1,037)
–
–
(1,037)
(1,044)
–
–
(1,044)
incurred in the year
–
(106)
1,115
1,009
–
(11)
1,082
1,071
Changes that relate to past service
–
–
11
11
–
–
12
12
to onerous underlying contracts
5
–
–
5
3
–
–
3
on underlying contracts
–
279
–
279
–
315
–
315
cash flows
–
(18)
–
(18)
–
(16)
–
(16)
Change in non-performance risk of reinsurers
–
–
–
–
(46)
–
–
(46)
Amount recoverable from reinsurers for incurred claims
5
155
1,126
1,286
(43)
288
1,094
1,339
Net (expenses)/income from reinsurance contracts
(1,032)
155
1,126
249
(1,087)
288
1,094
295
Finance income/(expenses) from reinsurance contracts
(123)
–
3
(120)
7
–
(5)
2
Effect of movements in exchange rates
(1)
1
4
4
(5)
(1)
(5)
(11)
Total amount recognised in comprehensive income
(1,156)
156
1,133
133
(1,085)
287
1,084
286
Investment components
(21)
–
21
–
(24)
–
24
–
attributable expenses
957
–
–
957
958
–
–
958
Recoveries from reinsurance
–
–
(1,073)
(1,073)
–
–
(1,080)
(1,080)
Total cash flows
957
–
(1,073)
(116)
958
–
(1,080)
(122)
Closing reinsurance contract liabilities
(305)
–
137
(168)
(299)
–
79
(220)
Closing reinsurance contract assets
748
916
846
2,510
962
760
823
2,545
Net balance as at 31 December
443
916
983
2,342
663
760
902
2,325
Legal & General Group Plc Annual report and accounts 2024 193
Strategic report Governance Financial statements Other information

21. Insurance contracts continued
(vi) Protection – Reinsurance contracts held continued
(b) Reconciliation of the measurement components of reinsurance contract balances
Opening reinsurance contract liabilities
(254)
4
30
(220)
(48)
2
(6)
(52)
Opening reinsurance contract assets
2,941
6
(402)
2,545
2,467
11
(265)
2,213
Net balance as at 1 January
2,687
10
(372)
2,325
2,419
13
(271)
2,161
CSM recognised for services received
–
–
6
6
–
–
41
41
risk for risk expired
–
–
–
–
–
(1)
–
(1)
Experience adjustments
(30)
–
–
(30)
(15)
–
–
(15)
Total changes that relate to current service
(30)
–
6
(24)
(15)
(1)
41
25
Changes in estimates which adjust the CSM
(208)
–
208
–
161
(3)
(158)
–
Changes in estimates that result in losses or
reversal of losses on underlying onerous contracts
170
–
–
170
241
–
(8)
233
Contracts initially recognised in the year
52
–
43
95
34
2
35
71
Total changes that relate to future service
14
–
251
265
436
(1)
(131)
304
Claims variance
8
–
–
8
12
–
–
12
Change in non-performance risk of reinsurers
–
–
–
–
(46)
–
–
(46)
Net income/(expenses) from reinsurance contracts
(8)
–
257
249
387
(2)
(90)
295
Finance income/(expenses) from
reinsurance contracts
(113)
–
(7)
(120)
7
–
(5)
2
Effect of movements in exchange rates
4
–
–
4
(4)
(1)
(6)
(11)
Total amount recognised in comprehensive income
(117)
–
250
133
390
(3)
(101)
286
attributable expenses
957
–
–
957
958
–
–
958
Recoveries from reinsurance
(1,073)
–
–
(1,073)
(1,080)
–
–
(1,080)
Total cash flows
(116)
–
–
(116)
(122)
–
–
(122)
Closing reinsurance contract liabilities
(191)
4
19
(168)
(254)
4
30
(220)
Closing reinsurance contract assets
2,645
6
(141)
2,510
2,941
6
(402)
2,545
Net balance as at 31 December
2,454
10
(122)
2,342
2,687
10
(372)
2,325
(c) Impact of contracts recognised in the year
Of which relates to:
Of which relates to:
Estimates of present value of cash outflows
(587)
–
(522)
(462)
–
(397)
Estimates of present value of cash inflows
639
–
590
496
–
443
Risk adjustment for non-financial risk
–
–
–
2
–
–
CSM
43
–
27
35
–
25
Net change in reinsurance contracts from contracts recognised in the year
95
–
95
71
–
71
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 194

(d) Amounts determined on transition to IFRS 17
The Group has applied the following transition approaches to its material Protection reinsurance contract portfolios on transition to IFRS 17,
by year of issue:
Transition approach
UK Protection
US Protection
Full retrospective
2021
2021
Modified retrospective
2012-2020
2011-2020
Fair value
Pre-2012
Pre-2011
Details of the assumptions applied on transition were disclosed in the 2023 Annual report and accounts.
CSM as at 1 January
16
(465)
77
(372)
(11)
(420)
160
(271)
CSM recognised for services received
(18)
33
(9)
6
2
54
(15)
41
Changes in estimates which adjust the CSM
109
123
(24)
208
(8)
(87)
(71)
(166)
Contracts initially recognised in the year
43
–
–
43
35
–
–
35
Finance income/(expenses) from
reinsurance contracts
1
(10)
2
(7)
1
(9)
3
(5)
Effect of movements in exchange rates
(1)
1
–
–
(3)
(3)
–
(6)
CSM as at 31 December
150
(318)
46
(122)
16
(465)
77
(372)
(vii) Maturity of contractual undiscounted cash flows
Insurance contracts issued
Reinsurance contracts issued
1 year or less
6,263
236
6,499
91
(576)
(485)
1 – 2 years
6,693
(385)
6,308
(243)
(60)
(303)
2 – 3 years
6,597
(335)
6,262
(226)
(71)
(297)
3 – 4 years
6,503
(246)
6,257
(268)
(75)
(343)
4 – 5 years
6,407
(154)
6,253
(256)
(83)
(339)
5 – 10 years
29,925
380
30,305
(1,134)
(621)
(1,755)
10 – 20 years
46,008
3,396
49,404
(1,990)
(1,687)
(3,677)
Over 20 years
41,527
4,319
45,846
(5,651)
(1,995)
(7,646)
Total
149,923
7,211
157,134
(9,677)
(5,168)
(14,845)
Insurance contracts issued
Reinsurance contracts issued
1 year or less
4,575
471
5,046
(110)
(709)
(819)
1 – 2 years
5,862
(364)
5,498
(52)
(39)
(91)
2 – 3 years
5,763
(298)
5,465
(63)
(49)
(112)
3 – 4 years
5,675
(205)
5,470
(73)
(54)
(127)
4 – 5 years
5,582
(121)
5,461
(82)
(65)
(147)
5 – 10 years
26,063
407
26,470
(517)
(525)
(1,042)
10 – 20 years
39,623
3,096
42,719
(1,145)
(1,593)
(2,738)
Over 20 years
33,802
3,873
37,675
(28)
(1,939)
(1,967)
Total
126,945
6,859
133,804
(2,070)
(4,973)
(7,043)
The undiscounted cash flows are calculated in line with the methodology and assumptions used to the determine the best estimate liabilities.
Where portfolios contain amounts which would be payable on demand the cashflows are determined in line with the best estimates of policyholder
behaviour. Products which have amounts considered payable on demand are deferred annuities in the UK and universal life in the US.
During the deferral period a policyholder often has the ability to elect to surrender the policy or retire early, at which time the deferred annuity
policy terminates. The cash value of the surrender is calculated in line with the terms of the agreement and in reference to the duration of deferral.
The total value considered payable on demand as at 31 December 2024 is £10,990m (2023: £10,210m).
Universal life contracts written in the US provide savings and death benefits over the medium to long-term. The savings element is considered
to be payable on demand by the policyholder. The total value considered payable on demand as at 31 December 2024 is £425m (2023: £436m).
Legal & General Group Plc Annual report and accounts 2024 195
Strategic report Governance Financial statements Other information

21. Insurance contracts continued
(viii) CSM maturity profile
Insurance contracts issued
Reinsurance contracts issued
1 year or less
618
184
802
(102)
–
(102)
1 – 2 years
633
150
783
(106)
1
(105)
2 – 3 years
629
132
761
(105)
2
(103)
3 – 4 years
619
122
741
(105)
3
(102)
4 – 5 years
605
115
720
(104)
4
(100)
5 – 10 years
2,764
481
3,245
(501)
31
(470)
10 – 20 years
4,169
549
4,718
(806)
61
(745)
Over 20 years
3,561
198
3,759
(530)
20
(510)
Total
13,598
1,931
15,529
(2,359)
122
(2,237)
Insurance contracts issued
Reinsurance contracts issued
1 year or less
626
296
922
(90)
8
(82)
1 – 2 years
636
232
868
(94)
11
(83)
2 – 3 years
625
188
813
(94)
14
(80)
3 – 4 years
612
157
769
(94)
17
(77)
4 – 5 years
596
131
727
(94)
19
(75)
5 – 10 years
2,687
387
3,074
(462)
106
(356)
10 – 20 years
4,010
198
4,208
(789)
146
(643)
Over 20 years
3,560
42
3,602
(644)
51
(593)
Total
13,352
1,631
14,983
(2,361)
372
(1,989)
The amounts presented above reflect the net amount of CSM amortisation and interest accretion expected to be recognised in Insurance
service result in future periods. Actual CSM amortisation in future periods will differ from that presented due to the impacts of future
new business, recalibrations of the CSM, changes in the future coverage units as well as interest accretion, which will be presented
in Finance income and expense.
(ix) Assets for insurance acquisition cash flows
(a) Insurance contracts
Opening balance
18
24
42
20
28
48
Amounts incurred during the year
101
257
358
96
239
335
Amounts derecognised and included in the measurement of insurance contracts
(105)
(259)
(364)
(90)
(242)
(332)
Impairment losses and reversals
–
–
–
(8)
–
(8)
Effect of movements in exchange rates
–
–
–
–
(1)
(1)
Closing balance
14
22
36
18
24
42
Presented in insurance contract assets
–
–
–
–
–
–
Presented in insurance contract liabilities
14
22
36
18
24
42
Total
1
14
22
36
18
24
42
1. All balances relating to Assets for insurance acquisition cash flows are expected to run off within a year.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 196

(b) Reinsurance contracts
Opening balance
3
–
3
5
–
5
Amounts incurred during the year
7
–
7
7
–
7
Amounts derecognised and included in the measurement of reinsurance contracts
(6)
–
(6)
(9)
–
(9)
Impairment losses and reversals
–
–
–
–
–
–
Effect of movements in exchange rates
–
–
–
–
–
–
Closing balance
4
–
4
3
–
3
Presented in reinsurance contract assets
4
–
4
3
–
3
Presented in reinsurance contract liabilities
–
–
–
–
–
–
Total
1
4
–
4
3
–
3
1. All balances relating to Assets for insurance acquisition cash flows are expected to run off within a year.
22. Investment contract liabilities
(i) Analysis of investment contract liabilities
Investment contract liabilities
323,957
316,872
Expected to be settled within 12 months
30,517
33,242
Expected to be settled after 12 months
293,440
283,630
Amounts under unit linked contracts are generally repayable on demand and the Group is responsible for ensuring there is sufficient liquidity
within the asset portfolio to enable liabilities to unit linked policyholders to be met as they fall due. However, the terms of funds investing in less
liquid assets permit the deferral of redemptions for predefined periods in circumstances where there are not sufficient liquid assets within the
fund to meet the level of requested redemptions.
Investment contract liabilities include £1,093m (2023: £848m) of Assured Payment Policies (APP) and Fixed Term Annuity (FTA) products, which
are classified as Level 2 in the fair value hierarchy. The valuation of APP and FTA products are determined through a discounted cash flows model,
where the discount rate is derived from a risk-free rate, a credit benchmark spread and a zero-volatility spread (Z-spread). The credit benchmark
rate used is the A-rated credit spread curve which reflects the strategic portfolio mix. The Z-spread ensures that the fair value at inception is equal
to the transaction price, therefore it is based on the premium on origination and remains constant over the life of the policy.
The presented fair values of the remaining investment contract liabilities reflect quoted prices in active markets and they have been classified
as Level 1 in the fair value hierarchy.
During the year there have been no transfers of investment contract liabilities between levels of the fair value hierarchy (2023: no transfers between
levels of the fair value hierarchy).
(ii) Movement in investment contract liabilities
As at 1 January
316,872
286,830
Reserves in respect of new business
44,162
44,153
Amounts paid on surrenders and maturities during the year
(58,957)
(40,959)
Investment return
22,196
27,116
Management charges
(316)
(268)
Total as at 31 December
323,957
316,872
Legal & General Group Plc Annual report and accounts 2024 197
Strategic report Governance Financial statements Other information

23. Borrowings
Borrowings comprise core borrowings such as subordinated Tier 2 bond issues, long-term unsecured senior debt and operational borrowings
such as commercial paper issuance and bank borrowings under both committed and uncommitted debt facilities, including bank overdrafts.
Borrowings secured on specific assets/cash flows are included as non-recourse borrowings.
(i) Analysis by type
Core borrowings
4,308
–
4,308
4,280
–
4,280
Operational borrowings
1,734
1,657
3,391
1,457
383
1,840
Total borrowings
6,042
1,657
7,699
5,737
383
6,120
£216m of interest expense was incurred during the year (2023: £212m) on borrowings excluding non-recourse and unit linked borrowings.
The total finance costs incurred in the year were £372m (2023: £347m), which also includes £7m of finance costs on lease liabilities (2023: £7m).
Finance costs of £3m were capitalised in the year.
(ii) Analysis by nature
(a) Core borrowings
5.5% Sterling subordinated notes 2064 (Tier 2)
590
5.50
565
590
5.50
600
5.375% Sterling subordinated notes 2045 (Tier 2)
605
5.38
606
605
5.38
603
5.25% US Dollar subordinated notes 2047 (Tier 2)
688
5.25
684
676
5.25
656
5.55% US Dollar subordinated notes 2052 (Tier 2)
403
5.55
408
396
5.55
382
5.125% Sterling subordinated notes 2048 (Tier 2)
401
5.13
398
401
5.13
395
3.75% Sterling subordinated notes 2049 (Tier 2)
600
3.75
555
599
3.75
545
4.5% Sterling subordinated notes 2050 (Tier 2)
501
4.50
473
501
4.50
467
Client fund holdings of Group debt (Tier 2)
1
(77)
–
(73)
(80)
–
(77)
Total subordinated borrowings
3,711
–
3,616
3,688
–
3,571
Sterling medium term notes 2031-2041
609
5.87
633
609
5.87
666
Client fund holdings of Group debt
1
(12)
–
(12)
(17)
–
(17)
Total senior borrowings
597
–
621
592
–
649
Total core borrowings
4,308
–
4,237
4,280
–
4,220
1. £89m (31 December 2023: £97m) of the Group’s subordinated and senior borrowings are held by L&G customers through unit linked products. These borrowings are shown
as a deduction from total core borrowings in the table above.
The presented fair values of the Group’s core borrowings primarily reflect quoted prices in active markets and they have been classified as Level 1
in the fair value hierarchy. The 5.55% US Dollar subordinated notes 2052 and £49m of the senior borrowings are derived using prices from an
external, publicly available pricing model by a standard market pricing source and have been classified as Level 2 in the fair value hierarchy. The
inputs for this model include a range of factors which are deemed to be observable, including current market prices for comparative instruments,
period to maturity and yield curves.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 198

Subordinated borrowings
5.5% Sterling subordinated notes 2064
On 27 June 2014, Legal & General Group Plc issued £600m of 5.5% dated subordinated notes. The notes are callable at par on 27 June 2044 and
every five years thereafter. If not called, the coupon from 27 June 2044 will be reset to the prevailing five year benchmark gilt yield plus 3.17% p.a.
These notes mature on 27 June 2064.
5.375% Sterling subordinated notes 2045
On 27 October 2015, Legal & General Group Plc issued £600m of 5.375% dated subordinated notes. The notes are callable at par on 27 October
2025 and every five years thereafter. If not called, the coupon from 27 October 2025 will be reset to the prevailing five year benchmark gilt yield
plus 4.58% p.a. These notes mature on 27 October 2045.
5.25% US Dollar subordinated notes 2047
On 21 March 2017, Legal & General Group Plc issued $850m of 5.25% dated subordinated notes. The notes are callable at par on 21 March 2027
and every five years thereafter. If not called, the coupon from 21 March 2027 will be reset to the prevailing US Dollar mid-swap rate plus 3.687% p.a.
These notes mature on 21 March 2047.
5.55% US Dollar subordinated notes 2052
On 24 April 2017, Legal & General Group Plc issued $500m of 5.55% dated subordinated notes. The notes are callable at par on 24 April 2032 and
every five years thereafter. If not called, the coupon from 24 April 2032 will be reset to the prevailing US Dollar mid-swap rate plus 4.19% p.a. These
notes mature on 24 April 2052.
5.125% Sterling subordinated notes 2048
On 14 November 2018, Legal & General Group Plc issued £400m of 5.125% dated subordinated notes. The notes are callable at par on
14 November 2028 and every five years thereafter. If not called, the coupon from 14 November 2028 will be reset to the prevailing five year
benchmark gilt yield plus 4.65% p.a. These notes mature on 14 November 2048.
3.75% Sterling subordinated notes 2049
On 26 November 2019, Legal & General Group Plc issued £600m of 3.75% dated subordinated notes. The notes are callable at par on
26 November 2029 and every five years thereafter. If not called, the coupon from 26 November 2029 will be reset to the prevailing five year
benchmark gilt yield plus 4.05% p.a. These notes mature on 26 November 2049.
4.5% Sterling subordinated notes 2050
On 1 May 2020, Legal & General Group Plc issued £500m of 4.5% dated subordinated notes. The notes are callable at par on 1 November 2030
and every five years thereafter. If not called, the coupon from 1 November 2030 will be reset to the prevailing five year benchmark gilt yield plus
5.25% p.a. These notes mature on 1 November 2050.
All of the above subordinated notes are treated as Tier 2 own funds for Solvency II purposes unless stated otherwise.
Senior borrowings
Between 2000 and 2002 Legal & General Finance Plc issued £600m of senior unsecured Sterling medium term notes 2031-2041 at coupons
between 5.75% and 5.875%. These notes have various maturity dates between 2031 and 2041.
Legal & General Group Plc Annual report and accounts 2024 199
Strategic report Governance Financial statements Other information

23. Borrowings co n tinued
(ii) Analysis by nature continued
(b) Operational borrowings
Euro Commercial Paper
50
5.26
50
49
4.73
49
Bank loans and overdrafts
9
–
9
12
–
12
Cala revolving credit facility
–
–
–
149
7.15
149
Class B Surplus Notes
1,411
7.66
1,411
1,176
8.27
1,176
Affordable Homes revolving credit facilities
185
6.06
185
41
7.15
41
Homes Modular revolving credit facility
11
8.02
11
11
8.30
11
Suburban Build to Rent revolving credit facility
68
7.13
68
19
6.00
19
Total operational borrowings
1
1,734
–
1,734
1,457
–
1,457
1. Unit linked borrowings with a carrying value of £1,657m (31 December 2023: £383m) are excluded from the analysis above as the risk is retained by policyholders. Operational
borrowings including unit linked borrowings are £3,391m (31 December 2023: £1,840m).
Non-recourse borrowings
• CALA Group (Holdings) Limited’s revolving credit facility was secured by way of a bond and floating charge, and guarantees and fixed charges
granted by CALA Group Limited and its main subsidiaries (CALA 1999 Limited, CALA Limited, and CALA Management Limited). A number
of other bonds and floating charges, fixed securities, debentures and share pledges over land and assets was granted by certain subsidiaries
of CALA Group Limited in favour of the lenders. The facility was derecognised following the disposal of Cala during 2024.
• The Class B Surplus Notes have been issued by a US subsidiary of the Group as part of a coinsurance structure for the purpose of US statutory
regulations. The notes were issued in exchange for bonds of the same value from an unrelated party, included within Financial investments
on the Group’s Consolidated Balance Sheet.
• The revolving credit facilities to Affordable Homes are subject to agreed covenants, the breach of which could result in a charge on the land
and work in progress of Legal & General Affordable Homes (Development 2) Limited and Legal & General Affordable Homes (Development 3)
Limited and charge on investment property on Legal & General Affordable Homes Limited.
• Legal & General Homes Modular Limited’s revolving credit facility is secured by way of fixed charges over development properties owned
by the company and a fixed charge over the shares in the company.
• Suburban Build to Rent revolving credit facility is secured by way of fixed charges over development properties owned by the company
and a fixed charge over the shares in the company.
The carrying value of operational borrowings approximates their fair value. The presented fair values reflect observable market information
and have been classified as Level 2 in the fair value hierarchy with the exception of the Affordable Homes revolving credit facilities which have
been classified as Level 3.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 200

(iii) Analysis by maturity
5.5% Sterling subordinated notes 2064 (Tier 2)
590
–
–
–
–
(600)
(600)
5.375% Sterling subordinated notes 2045 (Tier 2)
605
(6)
–
–
(600)
–
(606)
5.25% US Dollar subordinated notes 2047 (Tier 2)
688
(10)
–
–
(700)
–
(710)
5.55% US Dollar subordinated notes 2052 (Tier 2)
403
(4)
–
–
–
(399)
(403)
5.125% Sterling subordinated notes 2048 (Tier 2)
401
(3)
–
–
(400)
–
(403)
3.75% Sterling subordinated notes 2049 (Tier 2)
600
(2)
–
–
–
(600)
(602)
4.5% Sterling subordinated notes 2050 (Tier 2)
501
(4)
–
–
–
(500)
(504)
Client fund holdings of Group debt (Tier 2)
(77)
–
–
–
–
–
–
Sterling medium term notes 2031-2041
609
(11)
–
(590)
(10)
–
(611)
Client fund holdings of Group debt
(12)
–
–
–
–
–
–
Total core borrowings
4,308
(40)
–
(590)
(1,710)
(2,099)
(4,439)
Euro Commercial Paper
50
(50)
–
–
–
–
(50)
Bank loans and overdrafts
9
(9)
–
–
–
–
(9)
Cala revolving credit facility
–
–
–
–
–
–
–
Class B Surplus Notes
1,411
–
–
(769)
(644)
–
(1,413)
Affordable Homes revolving credit facilities
185
(185)
–
–
–
–
(185)
Homes Modular revolving credit facility
11
(11)
–
–
–
–
(11)
Suburban Build to Rent revolving credit facility
68
–
(68)
–
–
–
(68)
Total operational borrowings
1,734
(255)
(68)
(769)
(644)
–
(1,736)
Total borrowings excluding unit linked borrowings
1
6,042
(295)
(68)
(1,359)
(2,354)
(2,099)
(6,175)
Contractual undiscounted interest payments
(332)
(1,318)
(2,781)
(1,849)
(556)
(6,836)
Total contractual undiscounted cash flows
(627)
(1,386)
(4,140)
(4,203)
(2,655)
(13,011)
1. Unit linked borrowings are excluded from the analysis above as the risk is retained by policyholders.
Legal & General Group Plc Annual report and accounts 2024
201
Strategic report Governance Financial statements Other information

23. Borrowings co n tinued
(iii) Analysis by maturity continued
5.5% Sterling subordinated notes 2064 (Tier 2)
590
–
–
–
–
(600)
(600)
5.375% Sterling subordinated notes 2045 (Tier 2)
605
(6)
–
–
(600)
–
(606)
5.25% US Dollar subordinated notes 2047 (Tier 2)
676
(10)
–
–
(668)
–
(678)
5.55% US Dollar subordinated notes 2052 (Tier 2)
396
(4)
–
–
–
(393)
(397)
5.125% Sterling subordinated notes 2048 (Tier 2)
401
(3)
–
–
(400)
–
(403)
3.75% Sterling subordinated notes 2049 (Tier 2)
599
(2)
–
–
–
(600)
(602)
4.5% Sterling subordinated notes 2050 (Tier 2)
501
(4)
–
–
–
(500)
(504)
Client fund holdings of Group debt (Tier 2)
(80)
–
–
–
–
–
–
Sterling medium term notes 2031-2041
609
(11)
–
(590)
(10)
–
(611)
Client fund holdings of Group debt
(17)
–
–
–
–
–
–
Total core borrowings
4,280
(40)
–
(590)
(1,678)
(2,093)
(4,401)
Euro Commercial Paper
49
(49)
–
–
–
–
(49)
Bank loans and overdrafts
12
(12)
–
–
–
–
(12)
Cala revolving credit facility
149
–
(149)
–
–
–
(149)
Class B Surplus Notes
1,176
(4)
–
(543)
(631)
–
(1,178)
Affordable Homes revolving credit facilities
41
(41)
–
–
–
–
(41)
Homes Modular revolving credit facility
11
–
(11)
–
–
–
(11)
Suburban Build to Rent revolving credit facility
19
–
(19)
–
–
–
(19)
Total operational borrowings
1,457
(106)
(179)
(543)
(631)
–
(1,459)
Total borrowings excluding unit linked borrowings
1
5,737
(146)
(179)
(1,133)
(2,309)
(2,093)
(5,860)
Contractual undiscounted interest payments
(316)
(1,276)
(2,786)
(1,913)
(655)
(6,946)
Total contractual undiscounted cash flows
(462)
(1,455)
(3,919)
(4,222)
(2,748)
(12,806)
1. Unit linked borrowings are excluded from the analysis above as the risk is retained by policyholders.
The maturity profile above is calculated on the basis that a facility to refinance a maturing loan is not recognised unless the facility and loan are
related. If refinancing under the Group’s credit facilities was recognised, then all amounts shown as repayable within one year would be reclassified
as repayable between one and five years.
Undiscounted interest payments are estimated based on the year end applicable interest rate and spot exchange rates.
Syndicated credit facility
The Group has in place a £1.5bn syndicated committed revolving credit facility provided by a number of its key relationship banks, maturing
in August 2029. No amounts were outstanding at 31 December 2024.
(iv) Movement in borrowings
As at 1 January
6,120
5,557
•
Proceeds from borrowings
1,054
1,078
•
Repayment of borrowings
(473)
(544)
•
Increase in bank loans and overdrafts
1,271
148
•
Disposal of Cala
(320)
–
•
Amortisation
3
3
•
Foreign exchange rate movements
43
(108)
•
Other
1
(14)
Total core and operational borrowings as at 31 December
7,699
6,120
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 202

24. Provisions
(i) Analysis of provisions
Other provisions
24(ii)
149
244
Retirement benefit obligations
24(iii)
3
14
Total provisions
152
258
(ii) Other provisions
Other provisions include costs that the Asset Management division is committed to incur on the extension of its existing partnership with
State Street announced in 2021, to increase the use of Charles River technology across the front office and to deliver middle office services
going forward. Costs include the transfer of data and operations to State Street, as well as the implementation of the new operating model.
The amounts included in the provision have been determined on a best estimate basis by reference to a range of plausible scenarios,
taking into account the multi-year implementation period for the project. As at 31 December 2024, the outstanding provision was £65m
(31 December 2023: £108m).
(iii) Retirement benefit obligations
Defined contribution schemes
The Group operates the following principal defined contribution pension schemes in the UK and overseas:
• Legal & General Group Personal Pension Plan (UK)
• Legal & General Staff Stakeholder Pension Scheme (UK)
• Legal & General America Inc. Savings Plan (US).
The Group previously operated the CALA defined contribution pension scheme, until the disposal of Cala completed on 31 October 2024.
Contributions of £109m (2023: £102m) were made during year in respect of defined contribution schemes.
Defined benefit schemes
The Group currently operates the Legal & General America Inc. Cash Balance Plan (US) defined benefit scheme. The last full actuarial valuation
was as at 31 December 2024.
The Group previously operated the following defined benefit pension schemes in the UK:
• Legal & General Group UK Pension and Assurance Fund (the Fund). The Fund was closed to new members from January 1995
• Legal & General Group UK Senior Pension Scheme (the Scheme). The Scheme was, with a few exceptions (principally transfers from the Fund),
closed to new members from August 2000 and finally closed to new members from April 2007
• CALA Retirement and Death Benefits Scheme (UK). This scheme closed to new members from 31 December 2007 and closed to future accrual
on 31 December 2018.
Certain parts of the liabilities of the Fund and the Scheme had previously been secured by way of annuities purchased from the Group, which were
not recognised as an asset for IAS 19 purposes. In April 2023, Assured Payment Policies (APPs), previously transacted between the Group’s UK
defined benefit pension schemes and Legal and General Assurance Society Limited (LGAS), were surrendered at their carrying value of £839m
and converted into annuity contracts. An additional top-up consideration of £183m, priced on an arm’s length basis, was paid to LGAS by the
defined benefit pension schemes as part of the transaction, making a total contribution for new annuities of £1,022m. This resulted in both
pension schemes being fully covered by annuity contracts.
The Trustees completed a buyout of the Fund and the Scheme in November 2023, and the existing annuity policies were exchanged for individual
policies between LGAS and members. As a result, all the Group’s obligations under the pension schemes were fully extinguished, and the defined
benefit obligation as at the settlement date of £1,470m was therefore derecognised. On the same date, the Group recognised the direct liability to
the members within insurance contract liabilities. The difference between the defined benefit obligation at this date and the fair value of the insurance
contract liabilities recognised under IFRS 17 resulted in £167m being recognised in the Consolidated Income Statement in 2023 as settlement
costs. This reflects measurement differences between IFRS 17 and IAS 19, principally comprising of the associated CSM and risk adjustment.
The Fund and the Scheme still hold minimal residual assets which are expected to meet the cost of wind-up expenses. The Fund expects
to complete their wind-up in 2025 and the Scheme in 2026.
Legal & General Group Plc Annual report and accounts 2024 203
Strategic report Governance Financial statements Other information

24. Provisions continued
(iii) Retirement benefit obligations con tinued
Defined benefit schemes continued
Following the disposal of Cala, which completed on 31 October 2024, the Group no longer operates the CALA Retirement and Death Benefits Scheme.
As at 1 January
–
(115)
(1,480)
(105)
Current service cost
–
(4)
(3)
(4)
Interest expense
–
(2)
(64)
(5)
•
Change in financial assumptions
–
2
70
(5)
•
Change in demographic assumptions
–
–
(20)
2
•
Experience
–
(2)
(37)
(5)
Benefits paid
–
2
64
5
Exchange differences
–
(1)
–
2
Disposal of Cala
–
63
–
–
Settlement
–
–
1,470
–
As at 31 December
–
(57)
–
(115)
As at 1 January
–
101
868
100
Expected return on plan assets at liability discount rate
–
2
38
5
Actuarial remeasurement (recognised in the Consolidated Statement of Comprehensive Income)
–
9
53
(4)
Employer contributions
–
7
127
7
Benefits paid
–
(2)
(64)
(5)
Exchange differences
–
1
–
(2)
Disposal of Cala
–
(64)
–
–
Purchase of non-plan asset annuities
–
–
(1,022)
–
As at 31 December
–
54
–
101
Gross defined benefit pension deficit included in provisions
–
(3)
–
(14)
Deferred tax on defined benefit pension deficit
–
1
–
3
Net defined benefit pension deficit
–
(2)
–
(11)
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 204

The fair value of the plan assets at the end of the year is made up as follows:
Cala and US
1
Cala and US
1
Equities
–
26
–
–
Bonds
–
6
–
–
Investment funds
–
–
–
5
Cash and cash equivalents
–
17
–
–
Fair value of plan assets
–
49
–
5
1. Cala and US reflects the Legal & General America Inc. Cash Balance Plan assets following the disposal of Cala.
Equities
–
27
–
–
Bonds
–
6
–
–
Investment funds
–
42
–
4
Cash and cash equivalents
–
22
–
–
Fair value of plan assets
–
97
–
4
The following amounts have been charged to the income statement:
Current service costs
–
4
3
4
Net interest expense
–
–
26
–
Total amounts included in other expenses
–
4
29
4
Legal & General Group Plc Annual report and accounts 2024 205
Strategic report Governance Financial statements Other information

25. Payables and other financial liabilities
Derivative liabilities
57,873
43,821
Repurchase agreements
1
22,117
25,452
Other financial liabilities
2
7,372
9,166
Total payables and other financial liabilities
87,362
78,439
Due within 12 months
28,124
38,175
Due after 12 months
59,238
40,264
1. Repurchase agreements are presented gross, however they and their related assets (included within debt securities) are subject to master netting arrangements. The significant
majority of repurchase agreements are unit linked.
2. Other financial liabilities include trail commission, lease liabilities, FX spots and the value of short positions taken out to cover reverse repurchase agreements. The value of short
positions as at 31 December 2024 was £1,614m (2023: £2,647m).
Fair value hierarchy
cost
1
Derivative liabilities
57,873
522
57,318
33
–
Repurchase agreements
22,117
–
22,117
–
–
Other financial liabilities
7,372
2,797
53
–
4,522
Total payables and other financial liabilities
87,362
3,319
79,488
33
4,522
cost
1
Derivative liabilities
43,821
627
43,147
47
–
Repurchase agreements
25,452
–
25,452
–
–
Other financial liabilities
9,166
3,103
59
–
6,004
Total payables and other financial liabilities
78,439
3,730
68,658
47
6,004
1. The carrying value of payables and other financial liabilities at amortised cost approximates its fair value.
Derivative liabilities and repurchase agreements are measured at fair value, with changes in fair value recognised in profit or loss.
The fair value of derivative liabilities is derived using broker quotes or models such as option pricing models, simulation models or a combination
of models. The inputs for these models include a range of factors which are deemed to be observable, including current market and contractual
prices for underlying instruments, period to maturity, correlations, yield curves and volatility of the underlying instruments.
Repurchase agreements are valued based on the discounted cash flows expected to be paid, using an observable market interest rate, in line with
the value of the underlying security.
Within other financial liabilities, trail commission is measured at fair value through profit or loss. The balance represents a liability for the present
value of future commission costs on distribution agreements with intermediaries, recognised in the balance sheet on inception of the contract
and remeasured at subsequent reporting dates.
Collateral repayable on short position reverse repurchase agreements and other financial liabilities balances, including FX spots, broker and other
payables, are measured at amortised cost. The carrying value of these liabilities approximates their fair value.
Significant transfers between levels
There have been no significant transfers of liabilities between Levels 1, 2 and 3 for the year ended 31 December 2024 (2023: no significant transfers).
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 206

26. Leases
(i) Group as a lessee
The Group leases offices, vehicles, IT equipment and investment properties under non-cancellable operating lease agreements. Note 11 Property,
plant and equipment shows movements in right-of-use assets recognised on the Consolidated Balance Sheet within Property, plant and equipment,
broken down by class of underlying asset.
The maturity profile and movement of lease liabilities are presented in the tables below
1
. Lease liabilities are included within Payables and other
financial liabilities (see Note 25).
Within 1 year
35
(7)
28
38
(8)
30
1-2 years
31
(5)
26
36
(7)
29
2-3 years
23
(4)
19
32
(5)
27
3-4 years
12
(3)
9
23
(4)
19
4-5 years
12
(3)
9
11
(3)
8
After 5 years
154
(99)
55
173
(112)
61
Total lease liabilities
267
(121)
146
313
(139)
174
As at 1 January
(174)
(178)
Additions
(9)
(22)
Interest expense
(7)
(7)
Lease payments
35
32
Foreign exchange rate movements
(1)
2
Disposals
10
–
Other
–
(1)
Total lease liability as at 31 December
(146)
(174)
1. Includes investment property lease liability.
Depreciation and impairment of right-of-use assets are included in other expenses and interest expenses on leases are included in other
finance costs. No other material amounts in relation to arrangements for which the Group is a lessee have been recognised in the Consolidated
Income Statement.
The remaining terms on the Group’s leases range from 1 to 233 years (2023: 1 to 234 years), with approximately 2% of the leases (2023: 24%)
having extension options and 79% of these leases (2023: 69%) having termination options. Extension and termination options are included in
various leases across the Group and are used to maximise operational flexibility in terms of managing the assets used in the Group’s operations.
The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Group has no lease
contracts that contain variable payments.
At 31 December 2024 the Group had committed to a 15-year lease for a new head office building in London, with an expected commencement
date of January 2026. Total lease commitment is £237m (2023: committed to no additional leases).
(ii) Group as a lessor
Finance income for the year on finance leases and sub leases was £11m (2023: £8m), while income on operating leases was £439m
(2023: £433m).
The future minimum lease payments receivable under finance lease arrangement, together with the present value, are disclosed in Note 14(i).
The future undiscounted minimum lease payments receivable under operating lease arrangements are disclosed in Note 39(ii).
Legal & General Group Plc Annual report and accounts 2024 207
Strategic report Governance Financial statements Other information

27. Management of capital resources
Solvency II
The Group measures and monitors its capital resources in line with the UK implementation of the Solvency II requirements as set out in the
Prudential Regulation Authority (PRA) Rulebook. The Solvency II regulations were amended in the UK in December 2023 to introduce a change to
the calculation of Risk Margin, in June 2024 to change the calculation of the Matching Adjustment and Fundamental Spread. In December 2024,
the final regulations were implemented, and these introduce a number of changes to the Solvency II calculations, the most significant being the
Matching Adjustment Attestation requirements, which increase the Fundamental Spread on assets where the Group believes there to be risks
which are not sufficiently captured in existing deductions.
The Group calculates its Solvency II capital requirements using a Partial Internal Model. The majority of the risk to which the Group is exposed
is assessed on the Internal Model basis approved by the PRA. Capital requirements for a few smaller entities are assessed using the Standard
Formula basis on materiality grounds. The Group’s US insurance businesses and Legal & General Reinsurance Company No. 2 are valued on a
local statutory basis, following the PRA’s approval to use Calculation Method 2 for including these businesses in the Group solvency calculation.
The table below is unaudited and shows the Group Own Funds, Solvency Capital Requirement (SCR) and Surplus Own Funds, based on the
Partial Internal Model, Matching Adjustment and Transitional Measures on Technical Provisions (TMTP) as at 31 December 2024.
As at 31 December 2024, and on the above basis, the Group had a surplus of £9,012m (31 December 2023: £9,167m) over its Solvency Capital
Requirement, corresponding to a Solvency II capital coverage ratio of 232% (31 December 2023: 224%). The Solvency II capital position is as follows:
Unrestricted Tier 1 Own Funds
11,988
12,845
Restricted Tier 1 Own Funds
1
495
495
Tier 2 Subordinated liabilities
3,404
3,460
Eligibility restrictions
(27)
(244)
Solvency II Own Funds
2,3
15,860
16,556
Solvency Capital Requirement
(6,848)
(7,389)
Solvency II surplus
9,012
9,167
SCR Coverage ratio
232%
224%
1. Restricted Tier 1 Own Funds represent Perpetual restricted Tier 1 contingent convertible notes.
2. Solvency II Own Funds do not include an accrual for the final dividend of £902m (31 December 2023: final dividend of £871m) declared after balance sheet date.
3. Solvency II Own Funds allow for a Risk Margin of £1,041m (31 December 2023: £1,191m) and TMTP of £685m (31 December 2023: £970m).
A reconciliation of the Group’s IFRS shareholders’ equity to Solvency II Own Funds is given below:
IFRS equity
1
3,548
4,826
CSM net of tax
2
10,287
10,048
IFRS equity plus CSM net of tax
13,835
14,874
Remove DAC, goodwill and other intangible assets and associated liabilities
(473)
(525)
Add IFRS carrying value of subordinated borrowings
3
3,788
3,768
Insurance contract valuation differences
4
(626)
(622)
Financial investments valuation differences
4
(1,118)
(845)
Difference in value of net deferred tax liabilities
2,4
491
203
Other
4
(10)
(53)
Eligibility restrictions
4
(27)
(244)
Solvency II Own Funds
4,5
15,860
16,556
1. IFRS equity represents equity attributable to owners of the parent and restricted Tier 1 convertible debt note as per the Consolidated Balance Sheet.
2. On 31 December 2023, CSM net of tax and difference in value of net deferred tax liabilities were restated to reflect the introduction of the new corporate income tax regime in Bermuda,
which was enacted in December 2023.
3. Treated as available capital on the Solvency II balance sheet as the liabilities are subordinate to policyholder claims.
4. These balances are unaudited.
5. Solvency II Own Funds do not include an accrual for the final dividend of £902m (31 December 2023: final dividend of £871m) declared after the balance sheet date.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 208

Sensitivity analysis (unaudited)
The following sensitivities are provided to give an indication of how the Group’s Solvency II surplus as at 31 December 2024 would have changed
in a variety of adverse events. These are all independent stresses to a single risk. In practice, the balance sheet is impacted by combinations of
stresses and the combined impact can be larger than adding together the impacts of the same stresses in isolation. It is expected that,
particularly for market risks, adverse stresses will happen together.
100bps increase in risk-free rates
(0.0)
11
0.1
10
100bps decrease in risk-free rates
1
(0.2)
(14)
(0.2)
(11)
Credit spreads widen by 100bps assuming an escalating addition to ratings
2,3
0.2
9
0.4
14
Credit spreads widen by 100bps assuming a flat addition to ratings
2
0.2
13
0.5
15
Credit spreads narrow by 100bps assuming a flat deduction from ratings
2,4
(0.6)
(18)
(0.7)
(18)
a level addition to ratings
2,5
(0.1)
(3)
(0.2)
(7)
Credit migration
6
(0.5)
(8)
(0.7)
(10)
25% fall in equity markets
7
(0.5)
(5)
(0.4)
(3)
15% fall in property markets
8
(0.8)
(10)
(0.9)
(10)
50bps increase in future inflation expectations
0.1
(1)
(0.1)
(3)
10% increase in maintenance expenses
9
(0.3)
(5)
(0.3)
(4)
1. In the interest rate down stress negative rates are allowed, i.e. there is no floor at zero rates.
2. The spread sensitivity applies to the Group’s corporate bond (and similar) holdings, with no change in long-term default expectations. Restructured lifetime mortgages are excluded
as the underlying exposure is mostly to property.
3. The stress for AA bonds is twice that for AAA bonds, for A bonds it is three times, for BBB four times and so on, such that the weighted average spread stress for the portfolio is 100
basis points. To give a 100bps increase on the total portfolio, the spread stress increases in steps of 32bps, i.e. 32bps for AAA, 64bps for AA etc.
4. The spread narrowing stress has changed from assuming an escalating deduction from ratings to a flat deduction. The previous disclosed stress is no longer suitable due to the
low spread differentials between ratings under the base economic conditions at 31 December 2024.
5. No stress for bonds rated BBB and above. For bonds rated BB and below the stress is 100bps. The spread widening on the total portfolio is smaller than 1bps as the Group holds
less than 1% in bonds rated BB and below. The impact is primarily an increase in SCR arising from the modelled cost of trading downgraded bonds back to a higher rating in the
stress scenarios in the SCR calculation.
6. Credit migration stress covers the cost of an immediate big letter downgrade on 20% of all assets where the capital treatment depends on a credit rating (including corporate
bonds, and sale and leaseback rental strips; lifetime mortgage senior notes are excluded). Downgraded assets in our annuities portfolio are assumed to be traded to their original
credit rating, so the impact is primarily a reduction in Own Funds from the loss of value on downgrade. The impact of the sensitivity will depend upon the market levels of spreads at
the balance sheet date.
7. This relates primarily to equity exposure held by the Group but will also include equity-based mutual funds and other investments that receive an equity stress (for example, certain
investments in subsidiaries). Some assets have factors that increase or decrease the stress relative to general equity levels via a beta factor.
8. Assets stressed include residual values from sale and leaseback, the full amount of lifetime mortgages and direct investments treated as property.
9. A 10% increase in the assumed unit costs and future costs of investment management across all long-term insurance business lines.
The above sensitivity analysis does not reflect all management actions which could be taken to reduce the impacts. In practice, the Group actively
manages its asset and liability positions to respond to market movements. Allowance is made for the recalculation of the Loss Absorbing Capacity of
Deferred Tax for all stresses, assuming full capacity remains available post stress.
The impacts of these stresses are not linear therefore these results should not be used to interpolate or extrapolate the impact of a smaller or
larger stress. The results of these tests are indicative of the market conditions prevailing at the balance sheet date. The results would be different
if performed at an alternative reporting date.
Capital management policies and objectives
The Group aims to manage its capital resources to maintain financial strength, policyholder security and relative external ratings advantage.
The Group also seeks to maximise its financial flexibility by maintaining strong liquidity and by utilising a range of alternative sources of capital
including equity, senior debt, subordinated debt and reinsurance.
Capital measures
The Group measures its capital on a number of different bases, including those which comply with the regulatory frameworks within which the
Group operates and those which the directors consider most appropriate for managing the business. The measures used by the Group include:
Accounting and economic bases
Management use financial information prepared on both an IFRS and risk-based capital basis to manage capital and cash flow usage and to
determine dividend paying capacity.
The Group maintains a risk-based capital model that is used to support the management of risk within the Group. This modelling framework,
suitably adjusted for regulatory constraints, also meets the needs of the Solvency II regime.
Legal & General Group Plc Annual report and accounts 2024 209
Strategic report Governance Financial statements Other information

27. Management of capital resources continued
Sensitivity analysis (unaudited) continued
Regulatory bases
The financial strength of the Group’s insurance subsidiaries is measured under various local regulatory requirements (see below).
Basis of regulatory capital and corresponding regulatory capital requirements
In each country in which the Group operates, the local insurance regulator specifies rules and guidance for the minimum amount and type of capital
which must be held by insurance subsidiaries in excess of their insurance liabilities. The minimum capital requirements have been maintained at
all times throughout the year. This helps to ensure that payments to policyholders can be made as they fall due.
The required capital is calculated by either assessing the additional assets which would be required to meet the insurance company’s
liabilities in specified, stressed financial conditions, or by applying fixed percentages to the insurance company’s liabilities and risk exposures.
The requirements in the different jurisdictions in which the Group operates are detailed below:
Group regulatory basis
The Group is required to comply with the Solvency II capital requirements calculated using the Group’s Partial Internal Model. The vast majority of
the risk to which the Group is exposed is assessed on the Internal Model basis approved by the PRA. The Group capital requirements for a handful
of smaller entities are assessed using the Standard Formula basis on materiality grounds. The Group’s capital requirements in respect of its US
insurance businesses and Legal & General Reinsurance Company No. 2 (L&G Re 2) are valued on a local statutory basis, following PRA approval
of the Group’s application to use Calculation Method 2 for including these businesses in the Group solvency calculation.
UK regulatory basis
At the balance sheet date, required capital for the life business was based on the UK Implementation of Solvency II, as set out in the PRA Rulebook.
All material UK insurance firms, including Legal and General Assurance Society Limited, and Legal and General Assurance (Pensions Management)
Limited (Asset Management’s insurance subsidiary) are required to hold eligible own funds in excess of their SCR, calculated on a Partial Internal
Model basis. These firms, as well as the non-UK insurance firm (Legal & General Reinsurance Company Limited based in Bermuda) contribute over
90% of the Group’s SCR.
US regulatory basis
Required capital is determined to be the Company Action Level Risk Based Capital (RBC) based on the National Association of Insurance
Commissioners RBC model. RBC is a method of measuring the minimum amount of capital appropriate for an insurance company to support its
overall business operations, taking into account its size and risk profile. The calculation is based on applying factors to various asset, premium,
claims, expense and reserve items, with higher factors used for those items with greater underlying risk and lower factors for less risky items.
Bermudan regulatory basis
Bermudan regulated insurers are required to hold sufficient capital to meet the Bermudan Solvency Capital Requirement (BSCR). The BSCR model
follows a Standard Formula framework; capital attributed to each risk is calculated by applying specified stresses to the assets and liabilities.
The individual risk elements (excluding operational risk) are combined using a covariance matrix and then added to an operational risk charge.
Balance sheet management continued
Legal & General Group Plc Annual report and accounts 2024 210

28. Disposals
Cala
On 18 September 2024 the Group announced the disposal of 100% of the share capital of Cala to Ferguson Bidco Limited. The transaction
completed on 31 October 2024.
Based on an estimated enterprise value of £1,350m, total consideration of £1,063m was agreed for the transaction. Proceeds of £487m were
received in cash upon closing. The settlement of the remaining £576m was deferred to pre-agreed tranches between 2025 and 2029. As at the
completion date the fair value of the deferred consideration recognised on the Consolidated Balance Sheet was £508m, after taking into
consideration the effect of discounting the agreed future cash flows to present value.
Based on a carrying value upon disposal of £1,072m, the transaction generated a pre-tax loss of £99m on completion, including transaction costs
and the effect of discounting the deferred consideration described above. The effect of the discounting will unwind back into the Consolidated
Income Statement over time.
The following table summarises the net assets disposed of and the calculation of the pre-tax loss on disposal arising from the transaction.
(i) Carrying value of net assets disposed of
Goodwill
36
Intangible assets
25
Investment in associates and joint ventures accounted for using the equity method
3
Property, plant and equipment
20
Inventories
1,737
Defined benefit pension scheme surplus
1
Other assets
140
Cash and cash equivalents
32
Total assets
1,994
Operational borrowings
320
Deferred tax liabilities
12
Lease liabilities
10
Payables and other financial liabilities
580
Total liabilities
922
Total carrying value of net assets disposed of
1,072
(ii) Loss on disposal
Total carrying value of net assets disposed of
1
Consideration received upfront
487
Fair value of deferred proceeds
2
Total fair value of proceeds on disposal
995
Loss on disposal before transaction costs
(77)
Transaction costs
(22)
Total loss on disposal after transaction costs
(99)
1. The total carrying value of net assets disposed of is net of other transaction costs of £23m borne by Cala.
2. Agreed deferred proceeds are £576m. Their fair value as at the date of completion includes a reduction of £68m to take into account the effect of discounting.
The loss on disposal has been recognised in the results of the Group’s Corporate Investments segment, and, in line with the Group methodology
for the determination of operating profit, outside both adjusted operating profit and core operating profit.
Legal & General Group Plc Annual report and accounts 2024 211
Strategic report Governance Financial statements Other information

29. Investment return
The Group earns an investment return from holdings in financial instruments and property investments, held to either back insurance and
investment contracts on behalf of policyholders or to deliver returns on Group capital.
Dividend income
25
–
5,081
5,106
Interest income on financial investments at fair value through profit or loss
2,862
54
4,475
7,391
Interest income on financial investments at fair value through other comprehensive income
66
15
–
81
Interest income on financial investments at amortised cost
284
101
1
386
Other investment (expense)/income
1
(481)
11
199
(271)
(Losses)/gains on financial investments at fair value through profit or loss
2
(3,045)
(30)
12,954
9,879
Losses on derivative instruments at fair value through profit or loss
2
(1,178)
–
(198)
(1,376)
Realised losses on financial assets measured at fair value through other
comprehensive income
–
(7)
–
(7)
Financial investment return
(1,467)
144
22,512
21,189
Rental income
251
–
262
513
Net fair value (losses)/gains on properties
(49)
–
91
42
Property investment return
202
–
353
555
Total investment return recognised in profit or loss
(1,265)
144
22,865
21,744
Net movement in financial investments designated at fair value through other
comprehensive income
(246)
(12)
–
(258)
Total investment return
(1,511)
132
22,865
21,486
Finance income and expense recognised in profit or loss
3
Finance income/(expense) from insurance contracts issued
1,196
(140)
–
1,056
Finance (expense)/income from reinsurance contracts issued
(114)
84
–
(30)
Total finance income and expense recognised in profit or loss
1,082
(56)
–
1,026
Finance income and expense recognised in OCI
3
Finance income from insurance contracts issued
–
428
–
428
Finance expense from reinsurance contracts issued
–
(204)
–
(204)
Total finance income recognised in OCI
–
224
–
224
1. Other investment (expense)/income primarily comprises interest, gains and losses from derivative and other financial instruments.
2. Mandatorily measured at fair value through profit or loss.
3. The analysis of investment return and finance income/expense has been split between insurance contract portfolios. For annuity insurance liabilities, changes in the discount rate
are reflected in profit or loss. The backing portfolio of assets is selected to match the liabilities and is predominantly accounted for as FVTPL. A portfolio of assets backing annuity
business are accounted for at either amortised cost or FVOCI as they are in surplus to the IFRS 17 best estimate liability and risk adjustment. Protection insurance liabilities have
applied the IFRS 17 OCI option. Changes in discount rate are therefore reported in OCI, whilst backing assets are classified as either FVOCI or amortised cost.
Additional financial information
Legal & General Group Plc Annual report and accounts 2024 212

Dividend income
11
–
4,149
4,160
Interest income on financial investments at fair value through profit or loss
2,411
49
4,134
6,594
Interest income on financial investments at fair value through other comprehensive income
22
16
–
38
Interest income on financial investments at amortised cost
196
80
–
276
Other investment (expense)/income
1
(408)
6
270
(132)
Gains on financial investments at fair value through profit or loss
2
1,194
16
18,933
20,143
Gains on derivative instruments at fair value through profit or loss
2
2,100
–
239
2,339
Realised (losses)/gains on financial assets measured at fair value through other
comprehensive income
–
(2)
12
10
Financial investment return
5,526
165
27,737
33,428
Rental income
237
–
233
470
Net fair value losses on properties
(579)
–
(346)
(925)
Property investment return
(342)
–
(113)
(455)
Total investment return recognised in profit or loss
5,184
165
27,624
32,973
Net movement in financial investments designated at fair value through other
comprehensive income
62
13
–
75
Total investment return
5,246
178
27,624
33,048
Finance income and expense recognised in profit or loss
3
Finance (expense)/income from insurance contracts issued
(5,841)
11
–
(5,830)
Finance income/(expense) from reinsurance contracts issued
625
(41)
–
584
Total finance income and expense recognised in profit or loss
(5,216)
(30)
–
(5,246)
Finance income and expense recognised in OCI
3
Finance expense from insurance contracts issued
–
(73)
–
(73)
Finance income from reinsurance contracts issued
–
43
–
43
Total finance income and expense recognised in OCI
–
(30)
–
(30)
1. Other investment (expense)/income primarily comprises interest, gains and losses from derivative and other financial instruments.
2. Mandatorily measured at fair value through profit or loss.
3. The analysis of investment return and finance income/expense has been split between insurance contract portfolios. For annuity insurance liabilities, changes in the discount rate
are reflected in profit or loss. The backing portfolio of assets is selected to match the liabilities and is predominantly accounted for as FVTPL. A portfolio of assets backing annuity
business are accounted for at either amortised cost or FVOCI as they are in surplus to the IFRS 17 best estimate liability and risk adjustment. Protection insurance liabilities have
applied the IFRS 17 OCI option. Changes in discount rate are therefore reported in OCI, whilst backing assets are classified as either FVOCI or amortised cost.
Legal & General Group Plc Annual report and accounts 2024
213
Strategic report Governance Financial statements Other information

30. Tax
The table below provides a summary of the standard corporate income tax rates of the main territories we operate in.
2024
2023
UK
25.0%
23.5%
USA
21.0%
21.0%
Bermuda
0.0%
0.0%
Ireland
12.5%
12.5%
The tax shown in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income comprises current and deferred tax.
(i) Implementation of the global minimum tax regime
The UK has enacted legislation with effect from 1 January 2024 to apply a global minimum tax (Pillar II) in line with the Model Rules agreed by the
Organisation for Economic Co-operation and Development (OECD). The Group has applied the temporary mandatory exception from deferred tax
accounting for the impacts of the UK top-up tax and will account for it as a current tax when it is incurred. The Group is expected to be liable to UK
top-up tax in 2024 at 15% in respect of profits arising in our global reinsurance hub in Bermuda and has included a £35m multinational top-up tax
charge within its current year tax charge of £252m in respect of this which is due to be paid by 30 June 2026. From 2025, the Group’s Bermudan
profits will be liable to local Bermudan corporate income tax (CIT) at 15%.
The OECD issued an update to its Administrative Guidance on Article 9.1 of the Global Anti-base Erosion Model Rules on 15 January 2025 to clarify
application of the Pillar II rules to certain deferred tax assets existing on transition to the new rules. This update does not of itself change the
recognition of the £340m deferred tax asset under Bermuda CIT at year end 2023. The guidance changes the Pillar II treatment of the remaining
deferred tax asset balance from 1 January 2027 such that for 2027 onwards it would no longer be considered valid in the calculation of covered
taxes for Pillar II purposes. It is not possible to estimate the financial impact of this change. However, it is likely to result in additional UK top-up tax
charges and a higher overall effective tax rate on Bermuda profits from 2027 or a material reduction in the £340m Bermuda deferred tax asset in
2025. This new guidance does not represent an adjusting post balance sheet event under IAS 10.
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 214

(ii) Tax expense/(credit) in the Consolidated Income Statement
Current tax
252
120
•
Origination or reversal of temporary differences in the year
96
(356)
•
Impact of revaluation of deferred tax balances
–
(1)
Total deferred tax
96
(357)
Adjustment to equity holders’ tax in respect of prior years
(1)
(11)
Total tax expense/(credit)
347
(248)
Less: tax attributable to policyholder returns
(210)
(119)
Total tax expense/(credit) attributable to equity holders
137
(367)
The tax expense attributable to equity holders differs from the tax calculated on profit before tax at the standard UK corporation tax rate as follows:
Profit before tax attributable to equity holders
332
76
Tax calculated at 25% (2023: 23.5%)
83
18
Different rate of tax on profits and losses taxed overseas
1
(30)
(68)
Income not subject to tax
(3)
(4)
Non-deductible expenses
2
32
27
Differences between taxable and accounting investment gains
3
32
(9)
Other taxes on property and foreign income
7
4
Unrecognised tax losses
(1)
19
Double tax relief
(1)
(2)
Differences between taxable and accounting investment gains
4
19
–
Adjustments in respect of prior years
(1)
(11)
Impact of the revaluation of deferred tax balances
–
(1)
Impact of law changes on deferred tax balances
5
–
(340)
Tax expense/(credit) attributable to equity holders
137
(367)
Equity holders’ effective tax rate
41%
(483)%
1. The lower rate of tax on overseas profits and losses is principally driven by the 0% rate of tax applying in Bermuda on the profits of our Bermudan reinsurance company, the impact
of which is reduced by 15% UK top-up tax on Bermuda profits, estimated to be £35m for 2024. This also includes the impact of our US operations which are taxed at 21%.
2. Non-deductible expenses relate to costs which are not deductible for tax purposes including expenses in respect of acquisitions and disposals as well as certain restructuring costs.
3. Differences between taxable and accounting investment gains includes adjustments to the carrying value of investments which are not taxable.
4. This is in respect of the disposal of Cala which is not taxable due to substantial shareholding exemption. See Note 28 for full details.
5. The 2023 tax credit relates to the introduction of a new corporate income tax regime in Bermuda, which was enacted in December 2023.
Legal & General Group Plc Annual report and accounts 2024
215
Strategic report Governance Financial statements Other information

Additional financial information continued
30. Tax continued
(iii) Deferred tax – Consolidated Balance Sheet
Deferred tax assets and liabilities have been recognised/(provided) for temporary differences and unused tax losses. The recognition of deferred
tax assets in respect of temporary differences and tax losses are supported by management’s best estimate of future taxable profits to absorb
the losses in future years. Deferred tax assets and liabilities presented on the Consolidated Balance Sheet have been offset to the extent it is
permissible under the relevant accounting standards. The net movement in deferred tax assets and liabilities during the year is as follows:
Overseas deferred acquisition expenses
1
121
13
2
–
136
Difference between the tax and accounting value of insurance contracts
736
(315)
(41)
237
617
•
UK
1,149
(129)
1
237
1,258
•
US
(753)
(186)
(42)
–
(981)
•
Bermuda
2
340
–
–
–
340
Realised and unrealised gains on investments
3
72
68
65
(237)
(32)
Excess of depreciation over capital allowances
17
(28)
–
(2)
(13)
Accounting provisions and other
52
(29)
(26)
14
11
Trading losses
609
205
11
–
825
•
UK
76
94
–
–
170
•
US
4
533
111
11
–
655
Net deferred tax assets/(liabilities)
1,607
(86)
11
12
1,544
•
Deferred tax assets
1,714
15
12
–
1,741
•
Deferred tax liabilities
5
(107)
(101)
(1)
12
(197)
Net deferred tax assets/(liabilities)
1,607
(86)
11
12
1,544
Overseas deferred acquisition expenses
1
116
11
(6)
–
121
Difference between the tax and accounting value of insurance contracts
458
248
6
24
736
•
UK
1,237
(71)
(41)
24
1,149
•
US
(779)
(21)
47
–
(753)
•
Bermuda
2
–
340
–
–
340
Realised and unrealised gains on investments
145
(49)
(24)
–
72
Excess of depreciation over capital allowances
21
(4)
–
–
17
Accounting provisions and other
59
8
9
(24)
52
Trading losses
463
172
(26)
–
609
•
UK
–
76
–
–
76
•
US
4
463
96
(26)
–
533
Pension fund deficit
(26)
(15)
44
–
3
Acquired intangibles
(2)
(1)
–
–
(3)
Net deferred tax assets/(liabilities)
1,234
370
3
–
1,607
•
Deferred tax assets
1,440
265
9
–
1,714
•
Deferred tax liabilities
5
(206)
105
(6)
–
(107)
Net deferred tax assets/(liabilities)
1,234
370
3
–
1,607
1. Deferred tax assets arising on deferred acquisition expenses relate solely to US balances.
2. The Bermuda deferred tax asset relates to the introduction of a new corporate income tax regime in Bermuda, which was enacted in December 2023.
3. A deferred tax liability arising on IFRS 9 transitional adjustments has been reclassified from difference between the tax and accounting value of insurance contracts to realised and
unrealised gains on investments.
4. This deferred tax asset relates to US operating losses. The losses are not time restricted, and we expect to recover them over a period of 15 to 20 years, commensurate with the
lifecycle of the underlying insurance contracts. In reaching this conclusion, we have considered past results, the different basis under which US companies are taxed, temporary
differences that are expected to generate future profits against which the deferred tax can be offset, management actions, and future profit forecasts. The recoverability of
deferred tax assets is routinely reviewed by management.
5. The deferred tax liability is comprised of balances of £197m relating to the US (2023: £107m) which is not capable of being offset against other deferred tax assets.
Legal & General Group Plc Annual report and accounts 2024
216

Unrecognised deferred tax assets
The Group has the following unrelieved tax losses and deductible temporary differences carried forward as at 31 December 2024. No deferred tax
asset has been recognised in respect of these as at 31 December 2024 (or 31 December 2023), as it is not probable that there will be suitable
taxable profits emerging in future periods against which to relieve them. These tax assets will only be recognised if it becomes probable that
suitable taxable profits will arise in future periods.
Trading losses
1
297
67
330
67
Capital losses
166
37
157
34
Excess management expense
9
3
9
2
Unrelieved interest payments on debt instruments
14
4
14
4
Other unrecognised deferred tax
18
5
3
1
Unrecognised deferred tax assets
504
116
513
108
1. Trading losses includes £94m (2023: £68m) related to the US business which are expected to expire between 2026 and 2032.
(iv) Current tax – Consolidated Balance Sheet
Tax recoverable within 12 months
38
75
Tax recoverable after 12 months
819
810
Current tax assets
1
857
885
1. Of the total current tax asset, £819m (2023: £805m) relates to amounts recoverable in respect of withholding tax reclaims attributable to unit linked funds.
Tax due within 12 months
2
2
Tax due after 12 months
116
75
Current tax liabilities
118
77
(v) Tax (credited)/charged directly in equity
Current tax
(7)
(7)
Deferred tax
(2)
(1)
Tax (credit)/charge recognised directly in equity
(9)
(8)
Legal & General Group Plc Annual report and accounts 2024 217
Strategic report Governance Financial statements Other information

31. Auditor’s remuneration
Remuneration receivable by the Company’s auditors for the audit of the consolidated and Company financial statements
2.2
3.5
The audit of the Company’s subsidiaries
13.5
16.1
Audit related assurance services – required by national or EU legislation
1.8
1.6
Audit related assurance services – other
1.2
1.0
Other assurance services
1.1
0.9
Total remuneration
19.8
23.1
32. Employee information
2024
2023
UK
10,512
10,670
USA
1,202
1,132
Europe
71
66
Other
91
88
Worldwide employees
1
11,876
11,956
Wages and salaries
1,012
1,004
Social security costs
112
111
Share-based incentive awards
33
72
59
Defined benefit pension costs
24
4
33
Defined contribution pension costs
24
109
102
Total employee related expenses
1,309
1,309
1. 11,876 worldwide employees reflects average headcounts. This does not reflect Full Time Equivalents (FTEs) calculated based on the number of days worked per head.
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 218

33. Share-based payments
(i) Description of plans
The Group provides a number of equity settled share-based long-term incentive plans for directors and eligible employees.
The Savings Related Share Option Plan (ShareSave) allows employees to enter into a regular savings contract over three and/or five years,
coupled with a corresponding option over shares of the Group. The grant price is equal to 80% of the quoted market price of the Group shares
on the invitation date.
Nil-cost options can be granted to senior managers under the Performance Share Plan (PSP), based upon individual and Company performance.
Performance conditions attached to awards before 2024 result in the number of options that vest being equally dependent on the Group’s relative
total shareholder return (TSR) and earnings per share (EPS) growth (subject to Solvency II objectives). The majority of awards vest after the end
of the three year performance period and become exercisable in thirds in year three, four and five. Awards granted to Executive Directors and Persons
Delivering Managerial Responsibilities vest after three years but any options that vest will not become exercisable until year five. Additional performance
conditions have been attached to awards from 2024, and the number of options that vest are dependent on the Group’s relative TSR (40%), EPS
(40%) and progress against published commitments in our Climate transition plan (20%).
The Share Bonus Plan (SBP) awards conditional shares, restricted shares, combined awards of CSOP options and restricted shares and combined
awards of CSOP options and nil-cost options. Recipients of restricted shares are entitled to both vote and receive dividends. Fair value is calculated
as the market value on the grant date, adjusted to reflect the eligibility for dividend payments. Conditional Share awards, which include awards to
Executive Directors, do not have voting or dividend rights.
Under the HMRC tax-advantaged Employee Share Plan (ESP), UK employees may elect to purchase Group shares from the market at the
prevailing market price on a monthly basis. The Group supplements the number of shares purchased by giving employees one free matching
share for every one share purchased up to the first £20 of the employees’ contributions and one free matching share for every two shares
purchased with contributions between £20 and £125. There is currently no match on contributions between £125 and £150. From time to time,
the Group may make an award of free shares. Both the free and matching shares must be held in trust for three years. The fair value of awarded
shares is equal to the market value on award date.
The weighted average fair value of ShareSave options calculated by using the Black-Scholes model were 49.5p and PSP awards estimated by
using Monte Carlo simulations were 191.1p.
The fair values of the share awards made during the year have been calculated using the following assumptions:
ShareSave
PSP
Award date
April 2024
April 2024
Weighted average share price (pence)
252.7
252.7
Weighted average exercise price (pence)
196.0
N/A
Expected volatility
25.8%–36.2%
26.3%
Expected life
3–5 years
5 years
Risk free investment rate
3.88%–4.06%
4.11%
Dividend yield
8.1%
N/A
Legal & General Group Plc Annual report and accounts 2024 219
Strategic report Governance Financial statements Other information

33. Share-based payments continued
(ii) Total recognised expense
The total recognised expense relating to share-based payments in 2024 was £72m (2023: £59m) before tax, all of which related to equity settled
share schemes. This is broken down between the Group’s plans as detailed below:
Share bonus plan (SBP)
56
42
Performance share plan (PSP)
9
13
Employee share plan (ESP)
3
2
Savings related share option plan (ShareSave)
4
2
Total share-based payment expense
72
59
(iii) Outstanding share options
Outstanding at 1 January
21,803,958
210
3,649,295
280
32,406,031
–
Granted during the year
9,398,286
196
–
–
6,607,333
–
Forfeited during the year
(3,610,501)
209
–
–
–
–
Exercised during the year
(2,436,776)
222
–
–
(6,127,082)
–
Expired during the year
(1,180,469)
213
(1,309,149)
294
(4,126,739)
–
Outstanding at 31 December
23,974,498
203
2,340,146
272
28,759,543
–
Exercisable at 31 December
64,104
228
–
–
2,094,055
–
Weighted average remaining contractual life (years)
2
–
4
Outstanding at 1 January
23,983,860
207
5,513,503
258
35,717,751
–
Granted during the year
7,740,104
211
–
–
6,685,541
–
Forfeited during the year
(2,613,099)
211
(262,301)
263
(30,066)
–
Exercised during the year
(6,324,780)
200
(1,296,635)
204
(3,819,125)
–
Expired during the year
(982,127)
210
(305,272)
227
(6,148,070)
–
Outstanding at 31 December
21,803,958
210
3,649,295
280
32,406,031
–
Exercisable at 31 December
75,957
199
–
–
1,088,693
–
Weighted average remaining contractual life (years)
2
1
4
(iv) Total options
Options over 55,074,187 shares are outstanding under ShareSave, CSOP and PSP as at 31 December 2024 (2023: 57,859,284 shares). These options
have a range of exercise prices between 0p and 295p (2023: 0p and 295p) and maximum remaining contractual life up to 2032 (2023: 2032).
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 220

34. Share capital, share premium and employee scheme treasury shares
(i) Share capital and share premium
At 31 December: ordinary shares of 2.5p each
9,200,000,000
230
9,200,000,000
230
As at 1 January 2024
5,979,578,280
149
1,030
Cancellation of shares under share buyback programme
1
(88,835,417)
(2)
–
Options exercised under share option schemes
2,436,776
–
6
As at 31 December 2024
5,893,179,639
147
1,036
As at 1 January 2023
5,973,253,500
149
1,018
Options exercised under share option schemes
6,324,780
–
12
As at 31 December 2023
5,979,578,280
149
1,030
1. During the year, 88,835,417 shares were repurchased and cancelled under the share buyback programme representing 1.5% of opening issued share capital at a cost of £201m
including stamp duty.
There is one class of ordinary shares of 2.5p each. All shares issued carry equal voting rights.
The holders of the Company’s ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholder
meetings of the Company.
(ii) Employee share plans
The Group uses the Employees’ Share Ownership Trust (ESOT) and the Legal & General Group Employee Share Plan (ESP) to purchase and hold
shares of the Group for delivery to employees under various employee share plans. Shares owned by these vehicles are included at cost in the
Consolidated Balance Sheet and are shown as a deduction from shareholders’ equity. They are disclosed as employee plan shares until they
vest to employees. Share-based liabilities to employees may also be settled via purchases directly from the market or by the issue of new shares.
The ESOT has waived its voting rights and its rights to some of the dividends payable on the shares it holds. Employees are entitled to dividends
on the shares held on their behalf within the ESP.
As at 1 January
62,178,791
147
60,807,213
144
Shares purchased
14,428,772
33
8,093,113
18
Shares vested
(7,190,290)
(17)
(6,721,535)
(15)
As at 31 December
69,417,273
163
62,178,791
147
Legal & General Group Plc Annual report and accounts 2024 221
Strategic report Governance Financial statements Other information

35. Restricted Tier 1 convertible notes
On 24 June 2020, Legal & General Group Plc issued £500m of 5.625% perpetual restricted Tier 1 contingent convertible notes. The notes are callable
at par between 24 March 2031 and 24 September 2031 (the First Reset Date) inclusive and every 5 years after the First Reset Date. If not called,
the coupon from 24 September 2031 will be reset to the prevailing five year benchmark gilt yield plus 5.378%.
The notes have no fixed maturity date. Optional cancellation of coupon payments is at the discretion of the issuer and mandatory cancellation is
upon the occurrence of certain conditions. The Tier 1 notes are therefore treated as equity and coupon payments are recognised directly in equity
when paid. During the year coupon payments of £28m were made (2023: £28m). The notes rank junior to all other liabilities and senior to equity
attributable to owners of the parent. On the occurrence of certain conversion trigger events the notes are convertible into ordinary shares of the
issuer at the prevailing conversion price.
The notes are treated as restricted Tier 1 own funds for Solvency II purposes.
36. Other liabilities
Accruals
597
508
Deferred income
12
29
Other
341
143
Total other liabilities
950
680
Due within 12 months
922
673
Due after 12 months
28
7
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 222

37. Related party transactions
(i) Key management personnel transactions and compensation
There were no material transactions between key management and the L&G group of companies during the year. All transactions between
the Group and its key management are on commercial terms which are no more favourable than those available to employees in general.
Contributions to the post-employment defined benefit plans were £7m (31 December 2023: £134m) for all employees.
At 31 December 2024 and 31 December 2023 there were no loans outstanding to officers of the Company.
The aggregate compensation for key management personnel, including executive directors, non-executive directors and the members of the
Group Management Committee is as follows:
Salaries
14
12
Share-based incentive awards
10
8
Key management personnel compensation
24
20
The Group Management Committee was established on 1 January 2024. The comparatives incorporate the members of the Group Executive
Committee which existed under the Group’s previous governance framework.
(ii) Services provided to and by related parties
All transactions between the Group and associates, joint ventures and other related parties during the year are on commercial terms which are no
more favourable than those available to companies in general.
Loans and commitments to related parties are made in the normal course of business. As at 31 December 2024, the Group had:
• loans outstanding from related parties of £21m (2023: £49m), with a further commitment of £8m (2023: £7m)
• total other commitments of £1,547m to related parties (2023: £1,347m), of which £1,264m has been drawn (2023: £1,108m).
In 2023, a number of transactions occurred between the Group’s UK defined benefit pension schemes and Legal and General Assurance Society
Limited (LGAS). These include the surrender of Assured Payment Policies (APPs) and their conversion into annuities, as well as a buyout of the
schemes completed by the Trustees, where existing annuity policies were exchanged for individual policies between LGAS and members. Further
details are provided in Note 24. Total payments by LGAS to the pension schemes for insured pension benefits in 2023 were £55m.
38. Contingent liabilities, guarantees and indemnities
Provision for the liabilities arising under contracts with policyholders is based on certain assumptions. The variance between actual experience
from that assumed may result in those liabilities differing from the provisions made for them. Liabilities may also arise in respect of claims relating
to the interpretation of policyholder contracts, or the circumstances in which policyholders have entered into them. The extent of these liabilities is
influenced by a number of factors including the actions and requirements of the PRA, FCA, ombudsman rulings, industry compensation schemes
and court judgments.
Various Group companies receive claims and become involved in actual or threatened litigation and regulatory issues from time to time. The relevant
members of the Group ensure that they make prudent provision as and when circumstances calling for such provision become clear, and that
each has adequate capital and reserves to meet reasonably foreseeable eventualities. The provisions made are regularly reviewed. It is not
possible to predict, with certainty, the extent and the timing of the financial impact of these claims, litigation or issues.
Group companies have given warranties, indemnities and guarantees as a normal part of their business and operating activities or in relation to
capital market transactions or corporate disposals. Legal & General Group Plc has provided indemnities and guarantees in respect of the liabilities
of Group companies in support of their business activities. Legal and General Assurance Society Limited has provided indemnities, a liquidity and
expense risk agreement, a deed of support and a cash and securities liquidity facility in respect of the liabilities of Group companies to facilitate
the Group’s matching adjustment reorganisation pursuant to Solvency II.
Legal & General Group Plc Annual report and accounts 2024 223
Strategic report Governance Financial statements Other information

39. Commitments
(i) Capital commitments
•
Long-term business
323
720
(ii) Lease commitment receivable – payments to be received under operating leases
Where the Group is a lessor, the future undiscounted minimum lease payments under operating lease arrangements are disclosed below:
Within 1 year
429
418
1-2 years
406
401
2-3 years
383
381
3-4 years
367
366
4-5 years
352
354
After 5 years
3,917
4,459
Total lease commitment receivable
5,854
6,379
Lease commitments payable are disclosed as part of the leases disclosure in Note 26.
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 224

40. Associates and joint ventures
Summarised financial information for associates and joint ventures accounted for under the equity method is shown below:
Current assets
83
428
106
486
Non-current assets
1,722
740
1,638
403
Current liabilities
61
143
216
133
Non-current liabilities
1,056
–
867
24
(Loss)/profit from continuing operations – total
(95)
(27)
(76)
(88)
(Loss)/profit from continuing operations – Group’s share
(40)
(14)
(28)
(34)
Total comprehensive income – total
(95)
(27)
(76)
(88)
Total comprehensive income – Group’s share
(40)
(14)
(28)
(34)
The associates and joint ventures have no significant contingent liabilities to which the Group is exposed. The Group has no commitments to
provide funding to associates and joint ventures other than the ones included in Note 39.
During the year, the total value of Investment in associates and joint ventures accounted for using the equity method on the Group’s Consolidated
Balance Sheet increased to £872m (2023: £616m), reflecting a number of additions and disposals, as well as the Group’s share of the profits and
losses of the respective associates and joint ventures.
41. Related undertakings
The Companies Act 2006 requires disclosure of information about the Group’s subsidiaries, associates, joint ventures and other significant
holdings. Significant holdings are entities in which the Group either has a shareholding greater than or equal to 20% of the nominal value of
any share class, or a book value greater than 20% of the Group’s assets.
(i) Subsidiaries
The particulars of the Company’s subsidiaries, mutual funds and partnerships that have been consolidated as at 31 December 2024 are listed
below, grouped by registered office address. The main territory of operation of subsidiaries incorporated in England and Wales is the UK. For
overseas subsidiaries the principal country of operation is the same as the country of incorporation. All subsidiaries are 100% owned, unless
stated otherwise. All subsidiaries are held through intermediate holding companies unless noted that they are held direct by the Company.
Subsidiaries that are consolidated where the Group owns less than 50% of the ordinary share capital, are consolidated based on an assessment
of control normally arising from special rights attaching to the class of share owned, other contractual arrangements and factors such as the
purpose of the investee, the nature of its relevant activities, voting rights (including potential voting rights) and substantive and protective rights.
The Group reassesses the appropriateness of the consolidation of an investee whenever facts and circumstances indicate that there has been
a change in the relationship between the Group and the investee which affects control.
Legal & General Group Plc Annual report and accounts 2024 225
Strategic report Governance Financial statements Other information

incorporation
Share class
30-31 Golden Square GP LLP
England and Wales
Partnership
100.0
30-31 Golden Square LP
England and Wales
Partnership
100.0
30-31 Golden Square Nominee 1 Limited
England and Wales
Ordinary
100.0
30-31 Golden Square Nominee 2 Limited
England and Wales
Ordinary
100.0
Antham 1 Limited
England and Wales
Ordinary
100.0
Begbroke Oxford Limited
England and Wales
Ordinary
100.0
Bonnington Residents Management Company Limited
England and Wales
Limited by guarantee
100.0
BQN Limited
England and Wales
Ordinary
100.0
Cardiff Interchange Limited
England and Wales
Ordinary
100.0
Cardiff Interchange ManCo Limited
England and Wales
Ordinary
66.7
Cardiff Interchange NomineeCo Limited
England and Wales
Ordinary
100.0
City & Urban Developments Limited
England and Wales
Ordinary
100.0
Court Place Gardens Holdings LLP
England and Wales
Partnership
100.0
Court Place Gardens Oxford Limited
England and Wales
Ordinary
100.0
Finovation UK Limited
England and Wales
Ordinary
100.0
Haut Investments 2 Limited
England and Wales
Ordinary
100.0
Haut Investments Limited
England and Wales
Ordinary
100.0
Interchange Central Square (General Partner) Limited
England and Wales
Ordinary
100.0
Interchange Central Square Limited Partnership
England and Wales
Partnership
100.0
Investment Discounts On Line Limited
England and Wales
Ordinary
100.0
IPIF Trade General Partner Limited
England and Wales
Ordinary
100.0
IPIF Trade Nominee Limited
England and Wales
Ordinary
100.0
IXDS Limited
England and Wales
Ordinary
70.0
L&G Affordable Housing Access GP Limited
England and Wales
Ordinary
100.0
L&G Affordable Housing Access LGPS LP
England and Wales
Partnership
100.0
L&G Affordable Housing GP Limited
England and Wales
Ordinary
100.0
L&G Affordable Housing Northern GP Limited
England and Wales
Ordinary
100.0
L&G Affordable Housing Northern LGPS LP
England and Wales
Ordinary
100.0
L&G Cash Trust
England and Wales
Unit
41.9
L&G Digital Infrastructure Co-Invest Holding 1 Ltd
England and Wales
Ordinary
100.0
L&G Future World Global Opportunities
England and Wales
Unit
48.2
L&G Herne Hill Holdco GP LLP
England and Wales
Partnership
100.0
L&G Herne Hill Holdco Nominee Limited
England and Wales
Ordinary
100.0
L&G Hillview Place Propco Limited
England and Wales
Ordinary
100.0
L&G Lower Gilmore Place Propco Ltd
England and Wales
Ordinary
100.0
L&G Multi Asset Core 20 Fund
England and Wales
Unit
94.7
L&G Multi Asset Core 45 Fund
England and Wales
Unit
72.9
L&G Multi Asset Core 75 Fund
England and Wales
Unit
73.9
L&G Multi-Asset Target Return Fund
England and Wales
Unit
47.2
L&G Multifamily LLP
England and Wales
Partnership
100.0
L&G UK Smaller Companies Trust
England and Wales
Unit
32.9
Legal & General (Portfolio Management Services) Limited
England and Wales
Ordinary
100.0
Legal & General (Portfolio Management Services) Nominees Limited
England and Wales
Ordinary
100.0
Legal & General (Strategic Land Harpenden) Limited
England and Wales
Ordinary
100.0
Legal & General (Strategic Land North Horsham) Limited
England and Wales
Ordinary
100.0
Legal & General (Strategic Land) Limited
England and Wales
Ordinary
100.0
Legal & General (Unit Trust Managers) Limited
England and Wales
Ordinary
100.0
Legal & General (Unit Trust Managers) Nominees Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (AR) LLP
England and Wales
Partnership
100.0
Legal & General Affordable Homes (Development 2) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (Development 4) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (Development) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (Investment 1) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (Investment 2) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (Investment 3) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (Operations) Limited
England and Wales
Ordinary
100.0
Legal & General Affordable Homes (SO) LLP
England and Wales
Partnership
100.0
Legal & General Affordable Homes Limited
England and Wales
Ordinary
100.0
Legal & General Bristol Temple Island Estate Management Company Limited
England and Wales
Ordinary
100.0
Legal & General Capital Investments Limited
England and Wales
Ordinary
100.0
Legal & General Co Sec Limited
#
England and Wales
Ordinary
100.0
Legal & General Development Assets Holdings Limited
#
England and Wales
Ordinary
100.0
Legal & General Digital Solutions Limited
England and Wales
Ordinary
100.0
Legal & General Employee Benefits Administration Limited
England and Wales
Ordinary
100.0
# Directly held by the Company.
Additional financial information continued
41. Related undertakings continued
(i) Subsidiaries continued
Legal & General Group Plc Annual report and accounts 2024 226

incorporation
Share class
Legal & General Estate Agencies Limited
#
England and Wales
Ordinary
100.0
Legal & General Euro Mortgage No.1 SPV Limited
England and Wales
Ordinary
100.0
Legal & General Euro Mortgage SPV LLP
England and Wales
Partnership
100.0
Legal & General Everest UK Holdco Limited
England and Wales
Ordinary
100.0
Legal & General Finance PLC
#
England and Wales
Ordinary
100.0
Legal & General Financial Advice Limited
England and Wales
Ordinary
100.0
Legal & General FX Structuring (SPV) Limited
England and Wales
Ordinary
100.0
Legal & General GP LLP
England and Wales
Partnership
100.0
Legal & General Heat Pumps Limited
England and Wales
Ordinary
100.0
Legal & General Home Finance Holding Company Limited
England and Wales
Ordinary
100.0
Legal & General Home Finance Limited
England and Wales
Ordinary
100.0
Legal & General Homes (Services Co) Limited
England and Wales
Ordinary
100.0
Legal & General Homes Holdings Limited
England and Wales
Ordinary
100.0
Legal & General Homes Modular Limited
England and Wales
Ordinary
100.0
Legal & General Insurance Holdings Limited
England and Wales
Ordinary
100.0
Legal & General Insurance Holdings No. 2 Limited
#
England and Wales
Ordinary
100.0
Legal & General Investment Management (Holdings) Limited
#,~
England and Wales
Ordinary
100.0
Legal & General Investment Management Limited
England and Wales
Ordinary
100.0
Legal & General Later Living Limited
England and Wales
Ordinary
100.0
Legal & General Leisure Fund Trustee Limited
England and Wales
Ordinary
100.0
Legal & General Life Fund Limited Partnership
England and Wales
Partnership
100.0
Legal & General LTM Structuring (SPV) Limited
England and Wales
Ordinary
100.0
Legal & General Middle East Limited
#
England and Wales
Ordinary
100.0
Legal & General Overseas Operations Limited
#
England and Wales
Ordinary
100.0
Legal & General Partnership Holdings Limited
#
England and Wales
Ordinary
100.0
Legal & General Partnership Services Limited
England and Wales
Ordinary
100.0
Legal & General Pension Fund Trustee Limited
England and Wales
Ordinary
100.0
Legal & General Pension Scheme Trustee Limited
England and Wales
Ordinary
100.0
Legal & General Pensions Limited
England and Wales
Ordinary
100.0
Legal & General Property Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (Industrial Fund) Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (Industrial) Nominees Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (IPIF GP) LLP
England and Wales
Partnership
100.0
Legal & General Property Partners (Leisure GP) LLP
England and Wales
Partnership
100.0
Legal & General Property Partners (Leisure) Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (Life Fund) Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (Life Fund) Nominee Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (UK PIF Geared) Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (UK PIF) Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (UKPIF Geared Two) Limited
England and Wales
Ordinary
100.0
Legal & General Property Partners (UKPIF Two) Limited
England and Wales
Ordinary
100.0
Legal & General Re Holdings Limited
#
England and Wales
Ordinary
100.0
Legal & General Residential (Holdco) Limited
England and Wales
Ordinary
100.0
Legal & General Resources Limited
#
England and Wales
Ordinary
100.0
Legal & General Retail Investments (Holdings) Limited
#
England and Wales
Ordinary
100.0
Legal & General SBTR (Ashdown House 1) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Ashdown House 2) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Crowthorne 1) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Crowthorne 2) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Keresley 1) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Keresley 2) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Sandy Lane 1) Limited
England and Wales
Ordinary
100.0
# Directly held by the Company.
~ Legal & General Investment Management (Holdings) Limited was renamed to L&G – Asset Management Limited on 7 March 2025.
Legal & General Group Plc Annual report and accounts 2024
227
Strategic report Governance Financial statements Other information

incorporation
Share class
Legal & General SBTR (Sandy Lane 2) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (St Neots) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Stanton Cross 1) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Stanton Cross 2) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Stanton Cross 3) Limited
England and Wales
Ordinary
100.0
Legal & General SBTR (Stanton Cross 4) Limited
England and Wales
Ordinary
100.0
Legal & General Science and Tech (Holdings) Limited
England and Wales
Ordinary
100.0
Legal & General Senior Living Limited
England and Wales
Ordinary
100.0
Legal & General SPV (HoldCo) Limited
England and Wales
Ordinary
100.0
Legal & General Student Living LLP
England and Wales
Partnership
100.0
Legal & General Suburban BTR (Development 2) Limited
England and Wales
Ordinary
100.0
Legal & General Suburban BTR (Development) Limited
England and Wales
Ordinary
100.0
Legal & General Suburban BTR (Operations) Limited
England and Wales
Ordinary
100.0
Legal & General Suburban BTR (Property) LLP
England and Wales
Partnership
100.0
Legal & General Surveying Services Limited
England and Wales
Ordinary
100.0
Legal & General Trustees Limited
England and Wales
Ordinary
100.0
Legal & General UK BTR GP LLP
England and Wales
Partnership
100.0
Legal & General UK BTR GP Three LLP
England and Wales
Partnership
100.0
Legal & General UK BTR Investment GP LLP
England and Wales
Partnership
100.0
Legal & General UK BTR Investment Nominee Limited
England and Wales
Ordinary
100.0
Legal & General UK PIF Two GP LLP
England and Wales
Partnership
100.0
Legal & General UK Solar Investments (Holdings) Limited
England and Wales
Ordinary
100.0
Legal & General UK Structuring SPV LLP
England and Wales
Partnership
100.0
Legal and General Affordable Homes (Development 3) Limited
England and Wales
Ordinary
100.0
Legal and General Assurance (Pensions Management) Limited
England and Wales
Ordinary
100.0
Legal and General Assurance Society Limited
England and Wales
Ordinary
100.0
Legal and General Bristol Temple Island Limited
England and Wales
Ordinary
100.0
Legal and General Capital IM Company Limited
England and Wales
Ordinary
100.0
Legal and General Residential (BTR) 1 LLP
England and Wales
Partnership
100.0
Legal and General Residential (BTR) 2 LLP
England and Wales
Partnership
100.0
LGC
150
Richmond UK Holdco Limited
England and Wales
Ordinary
100.0
LGC
265
S. Orange UK Holdco Limited
England and Wales
Ordinary
100.0
LGC Overseas Holdco Limited
England and Wales
Ordinary
100.0
LGC TEP UK Holdco Limited
England and Wales
Ordinary
100.0
LGGP ECF (GP) LLP
England and Wales
Partnership
100.0
LGGP ECF 1 L.P.
England and Wales
Partnership
100.0
LGGP Holdings Limited
England and Wales
Ordinary
100.0
LGGP Investments 1 Limited
England and Wales
Ordinary
100.0
LGGP Management Limited
England and Wales
Ordinary
100.0
LGGP Nominee 1 Limited
England and Wales
Ordinary
100.0
LGGP Nominee 2 Limited
England and Wales
Ordinary
100.0
LGIM Commercial Lending Limited
England and Wales
Ordinary
100.0
LGIM International Limited
England and Wales
Ordinary
100.0
LGIM Real Assets (Operator) Limited
England and Wales
Ordinary
100.0
LGIM Real Assets Limited
England and Wales
Ordinary
100.0
LGIM Sustainable DC Property Fund
England and Wales
Ordinary
100.0
LGP Newco Limited
England and Wales
Ordinary
100.0
LGPL No.2 Ltd
England and Wales
Ordinary
100.0
Life and Mind Building Oxford Limited
England and Wales
Ordinary
100.0
Life Fund Limited Partnership
England and Wales
Partnership
100.0
LPI Fund
England and Wales
Ordinary
100.0
Managed Property Fund
England and Wales
Ordinary
100.0
Nest Residential GP LLP
England and Wales
Partnership
100.0
NSC Building A Limited
England and Wales
Ordinary
100.0
NSC Building B Limited
England and Wales
Ordinary
100.0
Parity Energy Storage Limited
England and Wales
Ordinary
80.0
Performance Retail (General Partner) Limited
England and Wales
Ordinary
100.0
Performance Retail (Nominee) Limited
England and Wales
Ordinary
100.0
Performance Retail Limited Partnership
England and Wales
Partnership
100.0
PRLP GP LLP
England and Wales
Partnership
100.0
Rowley Lane Borehamwood Limited
England and Wales
Ordinary
100.0
Sapphire Campus Management Company Limited
England and Wales
Ordinary and convertible
9.5
Senior Living Medici Holdco Limited
England and Wales
Ordinary
100.0
Senior Living Medici Limited
England and Wales
Ordinary
100.0
Senior Living Urban (Bath) Limited
England and Wales
Ordinary
100.0
Senior Living Urban (Epsom) Limited
England and Wales
Ordinary
100.0
Senior Living Urban (Uxbridge) Limited
England and Wales
Ordinary
100.0
Additional financial information continued
41. Related undertakings continued
(i) Subsidiaries continued
Legal & General Group Plc Annual report and accounts 2024 228

incorporation
Share class
Senior Living Urban (Walton) Limited
England and Wales
Ordinary
100.0
Stratford City Offices (No. 2) General Partner Limited
England and Wales
Partnership
100.0
Stratford City Offices (No. 2) Limited Partnership
England and Wales
Partnership
100.0
Student Operations (Clifford) Limited
England and Wales
Ordinary
100.0
Student Operations (Scotway) Limited
England and Wales
Ordinary
100.0
Sunderland Vaux 1 Limited
England and Wales
Ordinary
100.0
The Springs Thorpe Park Limited
England and Wales
Ordinary
100.0
West Bar Square Limited
England and Wales
Ordinary
100.0
108
Lakeland Avenue, Dover, County of Kent, Delaware, DE 19901, United States
Ancora 265 S. Orange Holdings, LLC
USA
Membership interests
99.0
Borehamwood Property Unit Trust
Jersey
Unit
100.0
L&G Carried Interest Digital Infrastructure GP S.a.r.l.
Luxembourg
Ordinary
100.0
L&G Carried Interest Digital Infrastructure SCSp
Luxembourg
Ordinary
100.0
L&G Digital Infrastructure Co-Invest 1 GP S.a.r.l.
Luxembourg
Ordinary
100.0
L&G Digital Infrastructure Co-Invest 1 SCSp
Luxembourg
Ordinary
100.0
L&G Digital Infrastructure Co-Invest 3 GP S.a.r.l.
Luxembourg
Ordinary
100.0
L&G Digital Infrastructure Co-Invest 3 SCSp
Luxembourg
Ordinary
100.0
L&G Digital Infrastructure GP S.a.r.l.
Luxembourg
Ordinary
100.0
L&G Digital Infrastructure SCSp
Luxembourg
Ordinary
100.0
L&G Private Markets SV S.à.r.l.
Luxembourg
Ordinary
100.0
L&G Short Term Alternative Finance Fund II
Luxembourg
Ordinary
100.0
L&G Umbrella GP S.à.r.l.
Luxembourg
Ordinary
100.0
Legal & General America Reinsurance Limited
Bermuda
Ordinary
100.0
Legal & General Reinsurance Company Limited
Bermuda
Ordinary
100.0
Legal & General Reinsurance Company No.2 Limited
Bermuda
Ordinary
100.0
Legal & General Resources Bermuda Limited
Bermuda
Ordinary
100.0
L&G ESG GBP Corporate Bond 0-5 Year UCITS ETF
Ireland
Ordinary
42.6
L&G ESG USD Corporate Bond UCITS ETF
Ireland
Ordinary
61.3
L&G India INR Government Bond UCITS ETF
Ireland
Ordinary
26.3
Clifford Limited
Jersey
Ordinary
100.0
Legal & General Student Living Limited
Jersey
Ordinary
100.0
Scotway Limited
Jersey
Ordinary
100.0
Legal & General Investment Management Japan KK
Japan
Ordinary
100.0
LGIM Singapore Pte. Limited
Singapore
Ordinary
100.0
L&G Absolute Return Bond Fund
Luxembourg
Ordinary
91.0
L&G Alternative Risk Premia Fund
Luxembourg
Ordinary
85.7
L&G Buy & Maintain Credit Fund
Luxembourg
Ordinary
97.8
L&G Climate Action Global Equity Fund
Luxembourg
Ordinary
100.0
L&G Commodity Index Fund
Luxembourg
Ordinary
67.9
L&G Emerging Markets High Yield Bond Fund
Luxembourg
Ordinary
98.0
L&G Emerging Markets Investment Grade Hard Currency Corporate Bond Fund
Luxembourg
Ordinary
68.9
L&G Euro High Yield Bond Fund
Luxembourg
Ordinary
100.0
L&G Global Diversified Credit Fund
Luxembourg
Ordinary
55.9
L&G Net Zero Global Corporate Bond Fund
Luxembourg
Ordinary
58.4
L&G Net Zero Short Dated Corporate Bond Fund
Luxembourg
Ordinary
97.4
L&G UK Core Plus Bond Fund
Luxembourg
Ordinary
100.0
L&G US High Yield Bond Fund
Luxembourg
Ordinary
99.6
L&G US Securitised Fund
Luxembourg
Ordinary
100.0
L&G US Securitised Plus Fund
Luxembourg
Ordinary
100.0
30-31 Golden Square UT
Jersey
Unit
100.0
Legal & General Group Plc Annual report and accounts 2024 229
Strategic report Governance Financial statements Other information

incorporation
Share class
3275
Bennett Creek Avenue, Frederick, MD 21704, United States
Banner Life Insurance Company
USA
Ordinary
100.0
Euro Liquidity Fund
Ireland
Ordinary
51.4
L&G ESG Global High Yield Bond Index Fund
Ireland
Ordinary
40.7
L&G Frontier Markets Equity Fund
Ireland
Ordinary
42.7
L&G Future World ESG Emerging Markets Government Bond USD Index Fund
Ireland
Ordinary
100.0
L&G Future World Global Credit Fund – UK
Ireland
Ordinary
100.0
L&G Future World Net Zero Maturing Buy & Maintain Fund 23-32
Ireland
Ordinary
100.0
L&G Future World Net Zero Maturing Buy & Maintain Fund 33-42
Ireland
Ordinary
100.0
L&G Global Government Bond Fund
Ireland
Ordinary
100.0
L&G Net Zero Sterling Corporate Bond Fund
Ireland
Ordinary
100.0
LGIM 2025
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2025
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2025
Real Fund
Ireland
Ordinary
100.0
LGIM 2030
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2030
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2030
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2030
Real Fund
Ireland
Ordinary
100.0
LGIM 2034
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2034
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2035
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2035
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2035
Real Fund
Ireland
Ordinary
100.0
LGIM 2037
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2038
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2040
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2040
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2040
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2040
Real Fund
Ireland
Ordinary
100.0
LGIM 2042
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2042
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2045
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2045
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2045
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2045
Real Fund
Ireland
Ordinary
100.0
LGIM 2047
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2049
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2050
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2050
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2050
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2050
Real Fund
Ireland
Ordinary
100.0
LGIM 2055
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2055
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2055
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2055
Real Fund
Ireland
Ordinary
100.0
LGIM 2060
Fixed Fund
Ireland
Ordinary
100.0
LGIM 2060
Inflation Fund
Ireland
Ordinary
100.0
LGIM 2060
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2060
Real Fund
Ireland
Ordinary
100.0
LGIM 2062
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2068
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2068
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM 2073
Leveraged Gilt Fund
Ireland
Ordinary
100.0
LGIM 2073
Leveraged Index Linked Gilt Fund
Ireland
Ordinary
100.0
LGIM Bespoke Fund 1
Ireland
Ordinary
50.0
LGIM Credit and Liquidity – Fund BM
Ireland
Ordinary
100.0
LGIM Credit and Liquidity – Fund BN
Ireland
Ordinary
100.0
LGIM Euro 2030 Real Fund
Ireland
Ordinary
100.0
LGIM Fixed Long Duration Fund
Ireland
Ordinary
100.0
LGIM Fixed Short Duration Fund
Ireland
Ordinary
100.0
LGIM Hedging Fund AC
Ireland
Ordinary
100.0
LGIM Hedging Fund AI
Ireland
Ordinary
100.0
LGIM Hedging Fund AO
Ireland
Ordinary
100.0
LGIM Hedging Fund AR
Ireland
Ordinary
100.0
LGIM Hedging Fund AS
Ireland
Ordinary
100.0
LGIM Hedging Fund AT
Ireland
Ordinary
100.0
Additional financial information continued
41. Related undertakings continued
(i) Subsidiaries continued
Legal & General Group Plc Annual report and accounts 2024 230

incorporation
Share class
LGIM Hedging Fund AW
Ireland
Ordinary
100.0
LGIM Hedging Fund AZ
Ireland
Ordinary
100.0
LGIM Hedging Fund BB
Ireland
Ordinary
100.0
LGIM Hedging Fund BG
Ireland
Ordinary
100.0
LGIM Hedging Fund BJ
Ireland
Ordinary
100.0
LGIM Hedging Fund BL
Ireland
Ordinary
100.0
LGIM Hedging Fund BT
Ireland
Ordinary
100.0
LGIM Hedging Fund BV
Ireland
Ordinary
100.0
LGIM Hedging Fund CJ
Ireland
Ordinary
100.0
LGIM Hedging Fund CK
Ireland
Ordinary
100.0
LGIM Hedging Fund CL
Ireland
Ordinary
100.0
LGIM Hedging Fund DC
Ireland
Ordinary
100.0
LGIM Hedging Fund DJ
Ireland
Ordinary
100.0
LGIM Hedging Fund DK
Ireland
Ordinary
100.0
LGIM Hedging Fund DO
Ireland
Ordinary
100.0
LGIM Hedging Fund L
Ireland
Ordinary
100.0
LGIM Hedging Fund O
Ireland
Ordinary
100.0
LGIM Hedging Fund Q
Ireland
Ordinary
100.0
LGIM Hedging Fund WH
Ireland
Ordinary
100.0
LGIM Hedging Fund WS
Ireland
Ordinary
100.0
LGIM Hedging Fund WT
Ireland
Ordinary
100.0
LGIM Hedging Fund ZZ
Ireland
Ordinary
100.0
LGIM Leveraged Synthetic Equity Fund
Ireland
Ordinary
100.0
LGIM Leveraged Synthetic Equity Fund – GBP Currency Hedged Fund
Ireland
Ordinary
100.0
LGIM Maturing Buy & Maintain Credit Fund 2020-2024
Ireland
Ordinary
100.0
LGIM Maturing Buy & Maintain Credit Fund 2025-2029
Ireland
Ordinary
100.0
LGIM Maturing Buy & Maintain Credit Fund 2030-2034
Ireland
Ordinary
100.0
LGIM Maturing Buy & Maintain Credit Fund 2035-2039
Ireland
Ordinary
100.0
LGIM Maturing Buy & Maintain Credit Fund 2040-2054
Ireland
Ordinary
100.0
LGIM Real Long Duration Fund
Ireland
Ordinary
100.0
LGIM Real Short Duration Fund
Ireland
Ordinary
100.0
LGIM Solutions Fund AO
Ireland
Ordinary
100.0
LGIM Solutions Fund BB
Ireland
Ordinary
100.0
LGIM Solutions Fund BK
Ireland
Ordinary
100.0
LGIM Solutions Fund BW
Ireland
Ordinary
100.0
LGIM Solutions Fund CA
Ireland
Ordinary
100.0
LGIM Solutions Fund CB
Ireland
Ordinary
100.0
LGIM Solutions Fund CC
Ireland
Ordinary
100.0
LGIM Solutions Fund CF
Ireland
Ordinary
100.0
LGIM Solutions Fund CG
Ireland
Ordinary
100.0
LGIM Solutions Fund CH
Ireland
Ordinary
100.0
LGIM Solutions Fund CP
Ireland
Ordinary
100.0
LGIM Solutions Fund CQ
Ireland
Ordinary
100.0
LGIM Solutions Fund CS
Ireland
Ordinary
100.0
LGIM Solutions Fund CT
Ireland
Ordinary
100.0
LGIM Solutions Fund DB
Ireland
Ordinary
100.0
LGIM Solutions Fund DE
Ireland
Ordinary
100.0
LGIM Solutions Fund DF
Ireland
Ordinary
100.0
LGIM Solutions Fund DH
Ireland
Ordinary
100.0
LGIM Solutions Fund DM
Ireland
Ordinary
100.0
LGIM Solutions Fund DN
Ireland
Ordinary
100.0
LGIM Solutions Fund DQ
Ireland
Ordinary
100.0
LGIM Solutions Fund DR
Ireland
Ordinary
100.0
LGIM Solutions Fund DU
Ireland
Ordinary
100.0
LGIM Solutions Fund DV
Ireland
Ordinary
100.0
LGIM Solutions Fund DY
Ireland
Ordinary
100.0
LGIM Solutions Fund DZ
Ireland
Ordinary
100.0
LGIM Solutions Fund EA
Ireland
Ordinary
100.0
LGIM Solutions Fund EB
Ireland
Ordinary
75.0
LGIM Solutions Fund EE
Ireland
Ordinary
50.0
LGIM Solutions Fund EG
Ireland
Ordinary
100.0
LGIM Solutions Fund EH
Ireland
Ordinary
100.0
LGIM Solutions Fund EI
Ireland
Ordinary
100.0
LGIM Solutions Fund M
Ireland
Ordinary
100.0
LGIM Synthetic Leveraged Credit Fund
Ireland
Ordinary
100.0
LGIM Unleveraged Defensive Synthetic Equity Fund
Ireland
Ordinary
100.0
Sterling Liquidity Fund
Ireland
Ordinary
48.4
Sterling Liquidity Plus
Ireland
Ordinary
30.6
US Dollar Liquidity Fund
Ireland
Ordinary
53.9
3500
South Dupont Highway, City of Dover, County of Kent, Delaware, USA, 19901
Potomac Ventures Number 1 Inc.
USA
Ordinary
100.0
Legal & General Group Plc Annual report and accounts 2024 231
Strategic report Governance Financial statements Other information

incorporation
Share class
L&G Affordable Housing Northern Holdco Limited
Jersey
Ordinary
100.0
L&G Managed Fund Holdco Limited
Jersey
Ordinary
100.0
Performance Retail Unit Trust
Jersey
Unit
100.0
Stratford City Offices LP
England and Wales
Partnership
100.0
Alfreton Solar Limited
England and Wales
Ordinary
100.0
Beavor Grange Solar Limited
England and Wales
Ordinary
100.0
Low Farm Solar Limited
England and Wales
Ordinary
100.0
Siddington Solar Farm Limited
England and Wales
Ordinary
100.0
L&G UK Universities Ventures (Carry) GP LLP
Scotland
Partnership
100.0
L&G UK Universities Ventures (Carry) LP
Scotland
Partnership
100.0
L&G UK Universities Ventures GP LLP
Scotland
Partnership
100.0
L&G UK Universities Ventures LP
Scotland
Partnership
100.0
UK PIF FGP LLP
Scotland
Partnership
100.0
UK PIF Two Founder Partner, LP
Scotland
Partnership
100.0
UKPIF Two Founder GP Limited
Scotland
Partnership
100.0
William Penn Life Insurance Company of New York Inc
USA
Ordinary
100.0
Finovation Limited
Ireland
Ordinary and convertible
100.0
L&G ESG Paris Aligned World Equity Index Fund
Ireland
Ordinary
75.6
L&G Private Markets LTAF
Ireland
Ordinary
100.0
L&G Rafi Multi-Factor Climate Transition Index Fund
Ireland
Ordinary
99.7
LGIM Managers (Europe) Limited
Ireland
Ordinary
100.0
L&G NTR Clean Power GP S.à.r.l.
Luxembourg
Ordinary
100.0
LGIM Clean Power General Partner S.à.r.l.
Luxembourg
Ordinary
100.0
838
Walker Road, Suite 21-2, Dover, DE 19904, United States
Ancora 150 Richmond Holdings, LLC
USA
Membership interests
98.5
Ancora 150 Richmond JV, LLC
USA
Interests
98.5
Ancora 265 S. Orange JV, LLC
USA
Interests
99.0
Ancora Investments, LLC
USA
Ordinary
50.0
Ancora L&G, LLC
USA
Ordinary
50.0
Ancora Partners, LLC
USA
Ordinary
50.0
Ancora TEP Holdings, LLC
USA
Ordinary
99.8
Ancora TEP JV, LLC
USA
Class A and Class B shares
99.8
PVD Incubator, LLC
USA
Membership interests
100.0
850
New Burton Road, Suite 201, Dover, Delaware 19904, United States
Ancora Community Impact CDE LLC
USA
Ordinary
50.0
Chesapeake Ventures, LLC
USA
Ordinary
100.0
FBV Financing-1, LLC
USA
Ordinary
100.0
FBV Financing-2, LLC
USA
Ordinary
100.0
FBV Financing-3, LLC
USA
Ordinary
100.0
FBV Financing-4, LLC
USA
Membership interests
100.0
FBV Financing-5, LLC
USA
Membership interests
100.0
L&G 765
Adams Holdings LLC
USA
Membership interests
100.0
L&G 765
Adams LLC
USA
Membership interests
100.0
Legal & General US Real Estate Equity Holding, LLC
USA
Membership interests
100.0
Bishopsgate Long Term Property Fund General Partner Limited
Jersey
Ordinary
100.0
Access Development General Partner Limited
Jersey
Ordinary
100.0
Access Development II General Partner Limited
Jersey
Ordinary
100.0
Vantage General Partner Limited
Jersey
Partnership
100.0
Legal & General America Inc.
USA
Ordinary
100.0
Legal & General Investment Management America Inc.
USA
Ordinary
100.0
Legal & General Investment Management United States (Holdings), Inc.
USA
Ordinary
100.0
LGC
150
Richmond US Holdco, LLC
USA
Membership interests
100.0
LGC
265
S. Orange US Holdco, LLC
USA
Membership interests
100.0
LGC US Holdco 1 Inc.
USA
Ordinary
100.0
Additional financial information continued
41. Related undertakings continued
(i) Subsidiaries continued
Legal & General Group Plc Annual report and accounts 2024 232

incorporation
Share class
LGC US Holdco 2 Inc.
USA
Ordinary
100.0
T P Property Services Limited
England and Wales
Ordinary
52.6
Thorpe Park 3175 Limited
England and Wales
Ordinary
52.6
Thorpe Park Developments Limited
England and Wales
Ordinary
52.6
Thorpe Park Holdings Limited
England and Wales
Ordinary and deferred
52.6
SCBD S6 Trust
Jersey
Unit
100.0
Stratford City Offices Jersey Unit Trust
Jersey
Unit
100.0
Stratford City Offices Jersey Unit Trust (No. 2)
Jersey
Unit
100.0
First British Vermont Reinsurance Company II, Limited
USA
Ordinary
100.0
First British Vermont Reinsurance Company III, Limited
USA
Ordinary
100.0
First British Vermont Reinsurance Company IV Limited
USA
Ordinary
100.0
Portholme Residents Management Company Limited
England and Wales
Limited by guarantee
100.0
Legal & General Investment Management Asia Limited
Hong Kong
Ordinary
100.0
Legal & General Business Consulting (Shanghai) Limited
China
subscribed capital
100.0
London Distribution Park Management Company Limited
England and Wales
Ordinary
68.0
Inspired Villages Group Limited
England and Wales
Ordinary
46.5
Inspired Works Limited
England and Wales
Ordinary
46.5
Renaissance Villages Limited
England and Wales
Ordinary
46.5
Legal & General Group Plc Annual report and accounts 2024 233
Strategic report Governance Financial statements Other information

41. Related undertakings continued
(ii) Associates and joint ventures
The Group has the following significant holdings classified as associates and joint ventures which have been included as financial investments,
and investments in associates and joint ventures accounted for using the equity method. The gross assets of these companies are in part funded
by borrowings which are non-recourse to the Group.
245
Hammersmith Road (General Partner) Limited
England and Wales
Equity method
Joint venture
Partnership
50.0%
245
Hammersmith Road Limited Partnership
England and Wales
Equity method
Joint venture
Partnership
50.0%
245
HR GP LLP
England and Wales
Equity method
Joint venture
Partnership
50.0%
Access Development II Limited Partnership
Jersey
Equity method
Associate
Ordinary
25.0%
Access Development Limited Partnership
Jersey
Equity method
Joint venture
Ordinary
50.0%
Bracknell General Partner Limited
Jersey
Equity method
Joint venture
Ordinary
50.0%
Bracknell Property Unit Trust
Jersey
Equity method
Joint venture
Units
50.8%
Bruntwood Science Management Services Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Bruntwood SciTech Limited
England and Wales
Equity method
Associate
Ordinary
43.9%
Congenica Limited
England and Wales
Equity method
Associate
Ordinary
8.3%
ECF (General Partner) Limited
England and Wales
Equity method
Joint venture
Ordinary
33.3%
ECV Partnerships Tattenhall Limited
England and Wales
Equity method
Joint venture
Ordinary
26.3%
ECV Partnerships Warwick Limited
England and Wales
Equity method
Joint venture
Ordinary
26.3%
English Cities Fund
England and Wales
FVTPL
Associate
Partnership
30.2%
Gravesend Coldharbour Road Management Company Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Household Capital Pty Limited
Australia
Equity method
Associate
Ordinary
38.1%
Imagine Mortgages Limited (Generation Home)
England and Wales
FVTPL
Associate
Preferred
15.7%
ImpactA Global Holding Limited
England and Wales
Equity method
Associate
Ordinary
44.4%
Kao Data Limited
England and Wales
FVTPL
Associate
Ordinary
32.5%
Kensa Group Limited
England and Wales
FVTPL
Associate
Ordinary
32.0%
Newcastle Helix Developments LLP
England and Wales
FVTPL
Associate
Partnership
33.3%
NTR Asset Management Europe DAC
Ireland
Equity method
Associate
Ordinary
25.0%
Oxford University Property Development Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Pemberton Asset Management Holdings Limited
Jersey
FVTPL
Associate
Ordinary
40.0%
Salary Direct Holdings Limited
Jersey
FVTPL
Associate
Ordinary
53.5%
Senior Living (Albourne) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Boston Spa) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 234

Senior Living (Broadbridge Heath) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Caddington) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Chandlers Ford) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Comberton) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Dore) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Edenbridge) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Elstree) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Farnhams) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Freelands) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Great Leighs) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Halstead) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Hemel Hempstead) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Horndean) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Knowle) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Ledian Farm) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Liphook) Limited
Jersey
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Matchams) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Sonning Common) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Stamford) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Sunbury-on-Thames) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Tattenhall) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Tunbridge Wells) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Turvey) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Walkern) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living (Warwick Gates) Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Senior Living Finance 1 Limited
England and Wales
Equity method
Joint venture
Ordinary
50.0%
Sennen Finance Designated Activity Company
Ireland
Equity method
Joint venture
N/A
0.0%
Sero Technologies Limited
England and Wales
FVTPL
Associate
Ordinary
21.5%
Smartr365 Finance Limited
England and Wales
FVTPL
Associate
Anti-dilution
35.2%
SOJV LLP
England and Wales
Equity method
Joint venture
Partnership
50.0%
Techficient Holdings LLC
USA
Equity method
Associate
N/A
45.0%
Legal & General Group Plc Annual report and accounts 2024 235
Strategic report Governance Financial statements Other information

42. Interests in structured entities
A structured entity is an entity that has been designed so that voting or similar rights are not the dominating factor in deciding who controls
the entity, such as when voting rights might relate to administrative tasks only and the relevant activities are directed by means of contractual
arrangement. The Group has interests in investment vehicles which, depending upon their status, are classified as either consolidated or
unconsolidated structured entities as described below:
• debt securities, consisting of traditional asset backed securities, together with securitisation and debentures and collateralised debt
obligations (CDOs)
• investment funds, largely being unit trusts
• specialised investment vehicles, analysed between Irish Collective Asset-management Vehicles (ICAVs), Open Ended Investment Companies
(OEICs), Sociétés d’Investissement à Capital Variables (SICAVs), Specialised Investment Funds (SIFs), Authorised Contractual Schemes (ACSs),
Qualifying Investor Alternative Investment Fund (QIAIF), liquidity funds, Common Contractual Fund (CCF), and property unit trusts.
All of the Group’s holdings in the above vehicles are subject to the terms and conditions of the respective investment vehicle’s offering documentation
and are susceptible to market price risk arising from uncertainties about future values of those investment vehicles. The investment manager
makes investment decisions after extensive due diligence of the underlying investment vehicle, including consideration of its strategy and the
overall quality of the underlying investment vehicle’s manager.
All of the investment vehicles in the investment portfolio are managed by portfolio managers who are compensated by the respective investment
vehicles for their services. Such compensation generally consists of an asset-based fee and a performance related incentive fee, and is reflected
in the valuation of the investment vehicles.
(i) Interests in consolidated structured entities
The Group has determined that where it has control over an investment vehicle, that investment is a consolidated structured entity. The Group has
not provided, and has no intention to provide, financial or other support to any other structured entities which it does not consolidate.
(ii) Interests in unconsolidated structured entities
As part of its investment activities, the Group also invests in unconsolidated structured entities. As at 31 December 2024, the Group’s interest in
such entities reflected on the Group’s Consolidated Balance Sheet and classified as financial investments held at fair value through profit or loss
was £25,015m (2023: £23,454m). A summary of the Group’s interests in unconsolidated structured entities is provided below:
Asset backed securities
4,024
3,575
Securitisations and debentures
962
150
CDOs
66
69
Unit trusts
13,991
12,382
Property limited partnerships
806
881
Exchange traded funds
209
385
Liquidity funds
22
750
ICAVs
279
189
OEICs
411
481
SICAVs
569
386
SIFs
3,650
4,100
Property unit trusts
26
106
Total
25,015
23,454
Additional financial information continued
Legal & General Group Plc Annual report and accounts 2024 236

Management fees received for investments that the Group manages also represent interests in unconsolidated structured entities, and the Group
always maintains an interest in those funds which it manages. Where the Group does not manage the investments, its maximum exposure to loss
is the carrying amount in the Group Consolidated Balance Sheet. Where the Group does manage these investments, the maximum exposure is
the underlying balance sheet value, together with future management fees.
The table below shows the assets under management of those structured entities which the Group manages, together with investment
management fees received from external parties.
Investment funds
103,510
131
91,256
124
Specialised investment vehicles
29,688
54
30,624
61
ACS
2,538
1
2,530
1
OEICs
222
1
276
2
SICAVs
2,358
3
1,960
2
Property limited partnerships
3,289
13
3,380
16
Exchange traded funds
9,463
25
11,127
29
ICAVs
6,522
8
7,434
8
QIAIF
967
1
852
1
Liquidity funds
–
–
303
1
CCF
4,329
2
2,762
1
Total
133,198
185
121,880
185
No significant sponsorship has been provided to any of the above entities. The Group has not, and has no intention, to provide any significant financial
or other support to any other structured entities which it does not consolidate.
In addition to the above, the Group has an exposure of £260m (2023: £239m) related to special purpose vehicles classified as joint ventures and
accounted for using the equity method, with a carrying value on the Group Consolidated Balance Sheet as at 31 December 2024 of £nil (2023: £nil).
Legal & General Group Plc Annual report and accounts 2024 237
Strategic report Governance Financial statements Other information

Company financial statements
Company Balance Sheet
As at 31 December 2024 Notes
2024
£m
2023
£m
Non-current assets
Investments in subsidiaries 7 11,113 10,982
Non-current loans and receivables 7 365 337
Deferred tax asset
1
156 93
Current assets
Current receivables 8 442 754
Derivative assets 11 155 120
Other financial investments 31 26
Cash and cash equivalents 2 4
Total assets 12,264 12,316
Non-current liabilities
Non-current payables 9 4,665 4,650
Current liabilities
Current payables 10 527 483
Derivative liabilities 11 128 114
Total liabilities 5,320 5,247
Net assets 6,944 7,069
Equity
Share capital 13 147 149
Share premium 13 1,036 1,030
Revaluation reserve 2,459 2,459
Capital redemption and other reserves 177 152
Retained earnings 2,630 2,784
Attributable to ordinary shareholders 6,449 6,574
Restricted Tier 1 convertible notes 14 495 495
Total equity 6,944 7,069
1. The presentation of deferred tax asset in 2023 has been corrected to reflect the balance as a non-current asset.
The notes on pages 240 to 245 form an integral part of these financial statements.
The financial statements on pages 238 to 245 were approved by the directors on 11 March 2025 and were signed on their behalf by:
Sir John Kingman António Simões Stuart Jeffrey Davies
Chairman Group Chief Executive Officer Group Chief Financial Officer
Legal & General Group Plc Annual report and accounts 2024 238

Company Statement of Changes in Equity
For the year ended 31 December
Called up
share
capital
£m
Share
premium
account
£m
Capital
redemption
reserve
£m
Hedging
reserve
£m
Share-based
payment
reserve
£m
Revaluation
reserve
£m
Retained
earnings
£m
Total equity
attributable
to ordinary
shareholders
£m
Restricted
Tier 1
convertible
notes
£m
Total
equity
£m
As at 1 January 2024 149 1,030 17 46 89 2,459 2,784 6,574 495 7,069
Profit for the financial year – – – – – – 1,303 1,303 – 1,303
Net movement in cross-currency hedge – – – 2 – – – 2 – 2
Options exercised under share option schemes – 6 – – – – – 6 – 6
Shares vested and transferred from share-based
payment reserve – – – – (51) – (5) (56) – (56)
Employee scheme treasury shares:
– Value of employee services – – – – 72 – – 72 – 72
Share buyback
1
(2) – 2 – – – (201) (201) – (201)
Dividends – – – – – – (1,230) (1,230) – (1,230)
Coupon payable in respect of restricted Tier 1
convertible notes net of tax relief – – – – – – (21) (21) – (21)
As at 31 December 2024 147 1,036 19 48 110 2,459 2,630 6,449 495 6,944
For the year ended 31 December
Called up
share
capital
£m
Share
premium
account
£m
Capital
redemption
reserve
£m
Hedging
reserve
£m
Share-based
payment
reserve
£m
Revaluation
reserve
£m
Retained
earnings
£m
Total equity
attributable
to ordinary
shareholders
£m
Restricted
Tier 1
convertible
notes
£m
Total
equity
£m
As at 1 January 2023 149 1,018 17 78 99 2,459 2,824 6,644 495 7,139
Profit for the financial year – – – – – – 1,130 1,130 – 1,130
Net movement in cross-currency hedge – – – (32) – – – (32) – (32)
Options exercised under share option schemes – 12 – – – – – 12 – 12
Shares vested and transferred from share-based
payment reserve – – – – (69) – 24 (45) – (45)
Employee scheme treasury shares:
– Value of employee services – – – – 59 – – 59 – 59
Dividends – – – – – – (1,172) (1,172) – (1,172)
Coupon payable in respect of restricted Tier 1
convertible notes net of tax relief – – – – – – (22) (22) – (22)
As at 31 December 2023 149 1,030 17 46 89 2,459 2,784 6,574 495 7,069
1. On 13 June 2024, Legal & General Group Plc entered into an irrevocable agreement to acquire £201m (including stamp duty) of ordinary shares for cancellation. The programme
completed on 8 November 2024, with a total number of shares acquired and cancelled of 88,835,417.
Legal & General Group Plc Annual report and accounts 2024
239
Strategic report Governance Financial statements Other information

Company financial statements continued
1. Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the Companies Act 2006 as applicable to companies using Financial
Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101). The financial statements have been prepared under the historical cost
convention, as modified by the revaluation of investment property, financial assets at fair value through other comprehensive income (FVOCI),
andcertain assets and financial liabilities (including derivative instruments) at fair value through profit or loss (FVTPL).
There were no material critical accounting estimates used or judgements made by management in the preparation of these financial statements.
The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with
FRS 101:
• Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number and weighted-average exercise price of share options,
and how the fair value of goods or services received was determined)
• The requirement of paragraphs 91 to 99 of IFRS 13 ‘Fair value measurement’, where equivalent disclosures are included in the consolidated
financial statements of the Group
• The following paragraphs of IAS 1, ‘Presentation of financial statements’:
– 10(d), (statement of cash flows)
– 10 (f) and 40A (presentation of a 3rd balance sheet)
– 16 (a statement of compliance with all IFRS)
– 38 in respect of paragraph 79(a)(iv) (outstanding shares comparative)
– 38A (requirement for minimum of two primary statements, including cash flow statements)
– 38B-D (additional comparative information)
– 111 (cash flow statement information)
– 134-136 (capital management disclosures)
• IAS 7, ‘Statement of cash flows’
• IFRS 7, ‘Financial Instrument Disclosures’
• Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information
when an entity has not applied a new IFRS that has been issued but is not yet effective)
• The requirements in IAS 24, ‘Related party disclosures’ to disclose related party transactions entered into between two or more members of a
group and key management compensation.
The Company’s financial statements have been prepared in compliance with Section 394 and 396 of the Companies Act 2006 adopting the
exemption of omitting the income statement conferred by Section 408 of that Act.
The Company’s financial statements have been prepared on a going concern basis. See Note 1 of the Group consolidated financial statements for
further information on the Directors’ assessment of the going concern basis.
Financial assets
On initial recognition, financial assets are measured at fair value. Subsequently, they can be measured at amortised cost, FVOCI or FVTPL.
Theclassification depends on two criteria:
(i) the business model within which financial assets are managed
(ii) their contractual cash flow characteristics (whether the cash flows represent ‘solely payments of principal and interest’ (SPPI)).
A loan or debt instrument is measured at amortised cost, using the effective interest method, if it meets the following conditions:
(i) it is held within a business model that has an objective to hold financial assets to collect contractual cash flows
(ii) the contractual terms of the financial asset result in cash flows that are SPPI on the principal amount outstanding.
A loan or debt security is measured at FVOCI if it meets the following conditions:
(i) it is held for collection of contractual cash flows and for selling the financial assets
(ii) the asset’s cash flows represent SPPI.
Interest income on these securities is calculated using the effective interest method. Foreign exchange gains and losses and impairment are
recognised in profit or loss. Other net gains and losses are recognised in other comprehensive income. On derecognition, gains and losses
accumulated in OCI are reclassified to profit or loss.
All other assets, including derivative assets which are held for trading are measured at FVTPL. Net gains and losses, including any interest or
dividend income and foreign exchange gains and losses, are recognised in profit or loss, unless they arise from derivatives designated as hedging
instruments in cash flow hedges.
The Company has no equity instruments other than investments in subsidiaries.
Receivables are initially recognised at fair value and subsequently accounted for at amortised cost.
Financial assets include a loan with the ESOT with the purpose of funding the purchase of the Company’s equity share capital. The purchase of
shares in the market by the ESOT has no effect on the Company’s financial statements.
Legal & General Group Plc Annual report and accounts 2024 240

Impairment of financial assets
For financial assets held at amortised cost or FVOCI the Company reviews the carrying value of its assets at each balance sheet date. For such
assets, the Company determines forward-looking expected credit losses (ECL), based on the difference between the contractual cash flows due
inaccordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation
to the asset’s original effective interest rate.
The Company measures loss allowance at an amount equal to lifetime ECLs, except for financial assets that are determined to have low credit risk
at the reporting date and other debt securities for which credit risk has not increased significantly since initial recognition. In these cases, ECLs are
based on the 12-month ECL, which is the ECL that results from a possible default up to 12 months after the reporting date. The Company has adopted
a simplified approach for receivables, which allows measurement of lifetime ECLs only, thereby removing the need to identify significant increases
in credit risk. For these balances, the Company makes use of provision matrices in order to calculate such lifetime ECLs. This is a practical expedient
allowed by IFRS 9 whereby historical credit loss experience and fixed loss rates are applied to the balances outstanding. Historical loss rates are
adjusted to allow for forward-looking information.
Investment income
Investment income includes unrealised fair value gains and losses on financial investments at FVTPL, realised gains andlosses, dividends,
rentand interest. Dividends are accrued on an ex-dividend basis. Interest income is recognised as it accrues, taking into account the effective
yield on the investment. Interest income for financial assets which are not classified as FVTPL is recognised using the effective interest method.
Distributions
Dividend distribution to the Company’s shareholders is recognised as a liability in the period in which the dividends are authorised and are no
longer at the discretion of the Company.
Interest expense
Interest expense reflects the underlying cost of borrowing, based on the effective interest method and includes payments and receipts made
under derivative instruments which are amortised over the interest period to which they relate.
Investment in subsidiary undertakings
Investments in subsidiaries are held at cost less accumulated impairment losses. Where the carrying amount of an investment in a subsidiary,
orof the cash-generating unit to which the investment belongs, is greater than its recoverable amount, an impairment loss is recognised in profit
or loss.
Derivatives and hedge accounting
The Company’s activities expose it to the financial risks of changes in foreign exchange rates and interest rates. The Company uses derivatives
such as foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Changes in the fair value of derivative instruments, other than those designated as hedging instruments in cash flow or net investment hedges,
are recognised immediately in the income statement. Currently, the Company hedges foreign exchange translation and interest rate risks on
itsfixed rate USD denominated borrowings (the hedged items), using cross currency interest rate swaps (the hedging items). It recognises the
effective portion of the gain or loss on the hedging items in a separate reserve within equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are reclassified in the periods when the hedged item affects
profit or loss.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs. Borrowings classified as liabilities are subsequently stated at amortised
cost. The difference between the net proceeds and the redemption value is recognised in the income statement over the borrowing period using
the effective interest method.
Deferred tax
Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions
or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is recognised as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded
as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future
reversal of underlying temporary differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences are expected to
reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on
anundiscounted basis.
Legal & General Group Plc Annual report and accounts 2024 241
Strategic report Governance Financial statements Other information

Company financial statements continued
1. Accounting policies continued
Deferred tax co ntinued
Deferred tax is recognised in respect of the retained earnings of overseas subsidiaries only to the extent that, at the balance sheet date, dividends
have been accrued as receivable or a binding agreement to distribute past earnings in future periods has been entered into by the subsidiary.
Foreign currencies
Transactions denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the time of the transactions.
Monetary assets and liabilities expressed in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Non-monetary items are maintained at historic rates. Exchange gains or losses are recognised in the income statement.
Pension costs
The Company contributes to defined contribution schemes. The Company charges the costs of its pension schemes against profit as incurred.
Any difference between the cumulative amounts charged against profits and contribution amounts paid is included as a provision or prepayment
in the balance sheet.
The assets of the defined contribution schemes are held in separate trustee administered funds, which have been subject to regular valuation
every three years and updated by formal reviews at reporting dates by qualified actuaries.
Share-based payments
The Company operates a number of share-based payment plans on behalf of its subsidiaries. Full disclosure of these plans is given in Note 33
ofthe Group consolidated financial statements. The costs associated with these plans are borne by all the participating Group businesses where
they relate to their employees and, where relevant, the Company bears an appropriate charge. As the majority of the charge to the Company
relates to awards and options issued to the directors, for which full disclosure is made in the Directors’ report on remuneration, no further
disclosure is provided here.
2. Dividends
Dividend
2024
£m
Per share
1
2024
p
Dividend
2023
£m
Per share
1
2023
p
Ordinary dividends paid and charged to equity in the year:
– Final 2022 dividend paid in June 2023 – – 831 13.93
– Interim 2023 dividend paid in September 2023 – – 341 5.71
– Final 2023 dividend paid in June 2024
2
874 14.63 – –
– Interim 2024 dividend paid in September 2024 356 6.00 – –
Total dividends 1,230 20.63 1,172 19.64
1. The dividend per share calculation is based on the number of equity shares registered on the ex-dividend date.
2. The dividend proposed at 31 December 2023 was £871m based on the current number of eligible equity shares at that date.
Subsequent to 31 December 2024, the directors declared a final dividend for 2024 of 15.36 pence per ordinary share. This dividend will be paid on
5 June 2025. It will be accounted for as an appropriation of retained earnings in the year ended 31 December 2025 and is not included as a liability
in the Consolidated Balance Sheet and the Company Balance Sheet as at 31 December 2024.
3. Directors’ emoluments and other employee information
Full disclosures of Legal & General Group Plc directors’ emoluments are contained within those parts of the Directors’ report on remuneration
which are described as having been audited. At 31 December 2024 there were no remuneration payments outstanding with directors of the
Company (2023: £nil). The Company has no other employees (2023: nil).
For purposes of the disclosure required by Schedule 5 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations
2008, the total aggregate emoluments of the directors in respect of 2024 was £4.5m (2023: £3.3m). The aggregate net value of share awards
granted to the directors in the period was £10.0m (2023: £5.5m). During the year, the aggregate gains made by directors on the exercise of share
options was £1.1m (2023: £0.9m).
Legal & General Group Plc Annual report and accounts 2024 242

4. Tax
From 1 January 2024 a global minimum tax rate of 15% applies to multinational businesses headquartered in the UK, as well as a new domestic
UK minimum tax rate of 15%, in line with the Model Rules agreed by the Organisation for Economic Co-operation and Development (OECD).
The Company has included £35m multinational top-up tax charge (MTT) within its total tax credit of £58m which is attributable to Bermuda and
due to be paid by 30 June 2026. MTT has increased the Company’s effective tax rate by 2% for 2024. The Company is not expected to be subject
to MTT in 2025 following the implementation of the Bermudan Corporation Tax regime from 1 January 2025. A summary of the impact on the
Group is disclosed in Note 30 of the Group’s consolidated financial statements.
5. Pensions
The Company participates in the following pension schemes in the UK, which are operated by the Group:
• Legal & General Group Personal Pension Plan
• Legal & General Staff Stakeholder Pension Scheme.
These schemes operate within the UK pensions’ regulatory framework.
There were no contributions prepaid or outstanding at either 31 December 2024 or 31 December 2023 in respect of these schemes.
The Company also previously participated in the following defined benefit schemes in the UK, operated by the Group:
• Legal & General Group UK Pension and Assurance Fund (the Fund). The Fund was closed to new members from January 1995
• Legal & General Group UK Senior Pension Scheme (the Scheme). The Scheme was, with a few exceptions (principally transfers from the Fund),
closed to new members from August 2000 and finally closed to new members from April 2007.
The Trustees completed a buyout of the Fund and the Scheme in November 2023.
6. Auditor’s remuneration
Remuneration receivable by the Company’s auditors for the audit of the Company’s financial statements is not presented. The Group’s consolidated
financial statements disclose the aggregate remuneration receivable by the Company’s auditors for the audit of the Group’s financial statements,
which include the Company’s financial statements, in Note 31.
The disclosure of fees payable to the auditors and its associates for other (non-audit) services has not been made because the Group’s
consolidated financial statements are required to disclose such fees on a consolidated basis.
7. Non-current assets
Investments in
subsidiaries
2024
£m
Non-current
loans and
receivables
2
2024
£m
Total
2024
£m
Investments in
subsidiaries
2023
£m
Non-current
loans and
receivables
2
2023
£m
Total
2023
£m
As at 1 January 10,982 337 11,319 10,740 244 10,984
Additions
1
206 28 234 251 93 344
Impairment (75) – (75) (9) – (9)
As at 31 December 11,113 365 11,478 10,982 337 11,319
1. Additions primarily represent capital injections into Group undertakings.
2. Non-current loans and receivables includes a £291m (2023: £261m) loan with the Employee Share Ownership Trust (ESOT). The loan is interest free and repayable at the request of either party.
Full disclosure of the Company’s investments in subsidiary undertakings is contained in Note 41 of the Group’s consolidated financial statements.
Legal & General Group Plc Annual report and accounts 2024 243
Strategic report Governance Financial statements Other information

Company financial statements continued
8. Current receivables
2024
£m
2023
£m
Amounts owed by Group undertakings
1
411 718
Corporation tax 29 34
Other receivables 2 2
Current receivables 442 754
1. Amount owed by Group undertakings fall due after one year, are repayable at the request of either party and include a £329m (2023: £574m) interest bearing balance with a current
interest rate of SONIA-12.5 bps, floored at zero.
9. Non-current payables
Note
2024
£m
2023
£m
Subordinated borrowings 12 3,759 3,739
Amounts owed to Group undertakings
1
906 911
Non-current payables 4,665 4,650
1. Amounts owed to Group undertakings fall due after more than one year, are unsecured and include £901m (2023: £901m) of interest bearing balances with current interest rates
between 2.39% and 6.12% (2023: 2.39% and 6.12%).
10. Current payables
Note
2024
£m
2023
£m
Amounts owed to Group undertakings
1
465 315
Subordinated borrowings 12 29 29
Other payables 33 139
Current payables 527 483
1. Amounts owed to Group undertakings fall due within one year, are interest free and repayable at the request of either party.
11. Derivative assets and liabilities
Fair values
Assets
2024
£m
Liabilities
2024
£m
Currency swap contracts – held for trading 113 128
Currency swap contracts – cash flow hedge 42 –
Derivative assets and liabilities 155 128
Fair values
Assets
2023
£m
Liabilities
2023
£m
Currency swap contracts – held for trading 96 111
Currency swap contracts – cash flow hedge 24 3
Derivative assets and liabilities 120 114
A description of each type of derivative is given in Note 13 of the Group’s consolidated financial statements.
Legal & General Group Plc Annual report and accounts 2024 244

12. Borrowings
Subordinated borrowings
2
Carrying
amount
2024
1
£m
Coupon
rate
2024
%
Fair
value
2024
£m
Carrying
amount
2023
1
£m
Coupon
rate
2023
%
Fair
value
2023
£m
5.5% Sterling subordinated notes 2064 (Tier 2) 590 5.50 565 590 5.50 600
5.375% Sterling subordinated notes 2045 (Tier 2) 605 5.38 606 605 5.38 603
5.25% US Dollar subordinated notes 2047 (Tier 2) 688 5.25 684 676 5.25 656
5.55% US Dollar subordinated notes 2052 (Tier 2) 403 5.55 408 396 5.55 382
5.125% Sterling subordinated notes 2048 (Tier 2) 401 5.13 398 401 5.13 395
3.75% Sterling subordinated notes 2049 (Tier 2) 600 3.75 555 599 3.75 545
4.5% Sterling subordinated notes 2050 (Tier 2) 501 4.50 473 501 4.50 467
Total subordinated borrowings 3,788 – 3,689 3,768 – 3,648
1. Includes accrued interest on subordinated borrowings of £29m (2023: £29m).
2. Further details on the subordinated borrowings of the Company are provided in Note 23 of the Group’s consolidated financial statements.
13. Share capital and share premium
A summary of the Company’s ordinary share capital, share premium and options over the Company’s ordinary share capital are disclosed in
Note34 of the Group’s consolidated financial statements.
14. Restricted Tier 1 convertible notes
On 24 June 2020, Legal & General Group Plc issued £500m of 5.625% perpetual restricted Tier 1 contingent convertible notes. The notes are
callable at par between 24 March 2031 and 24 September 2031 (the First Reset Date) inclusive and every 5 years after the First Reset Date.
Ifnotcalled, the coupon from 24 September 2031 will be reset to the prevailing five year benchmark gilt yield plus 5.378%.
The notes have no fixed maturity date. Optional cancellation of coupon payments is at the discretion of the issuer and mandatory cancellation is
upon the occurrence of certain conditions. The Tier 1 notes are therefore treated as equity and coupon payments are recognised directly in equity
when paid. During the year coupon payments of £28m were made (2023: £28m). The notes rank junior to all other liabilities and senior to equity
attributable to owners of the parent. On the occurrence of certain conversion trigger events the notes are convertible into ordinary shares of the
issuer at the prevailing conversion price.
Legal & General Group Plc Annual report and accounts 2024 245
Strategic report Governance Financial statements Other information

The directors submit their Annual report and accounts for Legal & General
Group Plc, together with the consolidated financial statements of the L&G
Group of companies, for the year ended 31 December 2024. The Directors’
report required under the Companies Act 2006 comprises this section
and certain other disclosures in the Governance report, the Directors’
report on remuneration, Strategic report and the notes to the Group
consolidated financial statements, including:
An outline of important events that have
occurred during the year Pages 14 to 53
An indication of likely future developments Pages 14 to 53
Engagement with employees Pages 41 and 73
Directors’ biographies Pages 58 to 59
Stakeholders Pages 42 to 43
Section 172(1) statement Pages 70 to 73
Monitoring and assessing culture Page 64
Greenhouse emissions data and methodology Page 39
Post balance sheet events Page 51
Annual General Meeting (AGM)
The Company intends to hold this year’s AGM on Thursday 22 May 2025,
at 11am at The British Medical Association, BMA House, Tavistock
Square, Bloomsbury, London WC1H 9JZ, with facilities to join virtually.
Full details of the business to be considered at the meeting will be
included in the Notice of AGM.
Board and directors
Articles of Association
The Company’s Articles of Association may only be amended by a special
resolution at a general meeting of shareholders. TheCompany’s Articles
of Association were last amended atitsAGMheld on 20 May 2021.
Conflicts of interest
In accordance with the Companies Act 2006, the Board has adopted a
policy and procedure for the disclosure and authorisation (if appropriate)
of conflicts of interest, and these have been followed during 2024. The
Board confirms that it has reviewed the schedule of directors’ conflicts
of interest during the year and that the procedures in place operated
effectively in 2024. None of the directors had an interest in any contract
of significance with the Company or any of its subsidiaries during 2024.
Powers of directors
The directors (as detailed on pages 58 to 59) may exercise all powers of
the Company subject to applicable legislation and regulation and the
Company’s Articles of Association.
Appointment and removal of directors
With regards to the appointment and removal of directors, the Company
isgoverned by its Articles of Association, the Companies Act 2006 and
related legislation. Directors may be appointed by an ordinary resolution
ofthe Company or by the Board, in each case subject to the provisions
ofthe Company’s Articles of Association. The Company may, by way
ofspecial resolution, remove any director before the expiration of that
director’s period of office and may by ordinary resolution appoint
another director to act as a replacement. The Company’s Articles of
Association (inline with the UK Corporate Governance Code) require
allthe directors toretire from office at each AGM of the Company,
andstand for re-election. Details of the directors standing for re-
election atthe AGM will be detailed in the Notice of Meeting.
Directors’ interests
The Directors’ report on remuneration on pages 88 to 113 provides
details of the share interests of each director, including details of
current incentive schemes and long-term incentive schemes.
Indemnities
The Company has agreed to indemnify, to the extent permitted by
law,each of the directors against any liability incurred by a director
inrespect of acts or omissions arising in the course of their office.
Qualifying pension scheme indemnities (as defined in section 235
ofthe Companies Act 2006) apply, to the extent permitted by law, to
certain directors of the Company’s pension schemes. The indemnities
were in force throughout 2024 and remain so. Copies of the deeds
containing the relevant indemnity are available for inspection at the
Company’s registered office and will also be available at the AGM.
Insurance
The Company has arranged appropriate directors’ and officers’
liabilityinsurance for directors. This is reviewed annually.
Change of control
There are no agreements between the Company and its directors or
employees providing for compensation for loss of office or employment
(whether through resignation, purported redundancy or otherwise) in
the event of a takeover bid, except for those relating to normal notice
periods. The rules of the Company’s share plans contain provisions
under which options and awards to participants, including executive
directors, may vest on a takeover or change of control of the Company
or transfer of undertaking. The Company has a committed £1.5 billion
bank syndicated credit facility which is terminable if revised terms
cannot be agreed with the syndicate of banks in a 30-day period
following a change of control. As at 10 March 2024, the Company
hasno borrowings under this facility. There are no change of control
conditions in the terms of any of the Company’s outstanding debt
securities. The terms of the Company’s agreements with its banking
counterparties, under which derivative transactions are undertaken,
include in some instances the provision for termination of transactions
upon takeover/merger depending on the rating of the merged entity.
The Company does not have any other committed banking arrangements,
either drawn or undrawn, which incorporate any unilateral change of
control conditions.
Related party transactions
Details of related party transactions are set out in Note 37 to the Group
consolidated financial statements.
Directors’ report and additional statutory
andregulatoryinformation
Legal & General Group Plc Annual report and accounts 2024 246

Shares and dividend information
Share capital
As at 31 December 2024, the Company’s issued share capital comprised
5,893,179,639 ordinary shares each with a nominal value of 2.5 pence.
Details of the ordinary share capital can be found in Note 34 to the
Group consolidated financial statements.
At the 2024 AGM, the Company was granted authority by shareholders
to purchase up to 597,971,439 ordinary shares, being 10% of the issued
share capital of the Company as at 25 March 2024. In the year to
31 December 2024, 88,835,417 shares were purchased for cancellation by
the Company at an average price of 225.14 pence per share for a total
consideration of £200 million, by way of a share buyback programme.
Thepurpose of the buyback programme was to enhance returns to
shareholders by reducing the Company’s number of outstanding ordinary
shares. The authority to repurchase shares will expire at the 2025 AGM.
As such, aresolution is proposed in the Notice of AGM seeking
shareholder approval to renew this authority. On 12 March 2025, the
Company announced that it would undertake a further share buyback
of £500 million in 2025.
At the 2024 AGM, the directors were given the power to allot shares
upto an amount of £49,830,953, being approximately one-third of
theissued share capital of the Company as at25 March 2024. The
authority to allot shares will expire atthe2025 AGM. Assuch, a
resolution is proposed in the Notice ofAGMseeking shareholder
approval to renew this authority.
Further resolutions are proposed, as set out in the Notice of AGM, that
will, if approved by shareholders, authorise the directors to issue shares
up to the equivalent of 10% of the Company’s issued share capital as
at26 March 2025 for cash without offering the shares first to existing
shareholders in proportion to their holdings. Detailed explanatory notes
to these resolutions are set out in the Notice of AGM.
Other than the above, the directors have no current intention of issuing
further share capital.
Interests in voting rights
Information on major interests in shares provided to the Company
under the Disclosure Guidance and Transparency Rules (DTR 5) of the
UK Listing Authority is published via a Regulatory Information Service
and on the Company’s website: group.legalandgeneral.com. As at
31 December 2024, the Company had been advised of the following
significant direct and indirect interests in the issued share capital of
theCompany:
Number of ordinary
shares of 2.5p
% of
capital¹
BlackRock Inc. 298,315,445 5.06
1. Using the voting rights figure as at 31 December 2024, as announced to the London
Stock Exchange on 2 January 2025, of 5,893,179,639.
On 7 February 2025, Meiji Yasuda Life Insurance Company (MYL)
acquired voting rights to 294,664,836 ordinary shares of 2.5 pence
inthe Company. As at 3 March 2025, its interest in voting rights was
4.999912%. The Company was also notified by Morgan Stanley (MS)
that it held over 5% of voting rights through financial instruments as
at7 February 2025. As at 28 February 2025, MS’ interest in voting rights
through financial instruments was 5.287326%. The Company
understands that such instruments were entered into to facilitate
theacquisition by MYL of its shares in the Company (as separately
disclosed by MYL). No additional material changes to the interests
havebeen disclosed between 31 December 2024 and 10 March 2025.
Dividend
The Company may, by ordinary resolution in a general meeting, declare
dividends in accordance with the respective rights of the members, but
no dividend can exceed the amount recommended by the Board. The
directors propose a final dividend for the year ended 31 December 2024 of
15.36 pence per ordinary share which, together with the interim dividend of
6.00 pence per ordinary share paid to shareholders on 27 September 2024,
will make a total dividend for the year of 21.36 pence (2023: 20.34 pence).
Subject to shareholder approval at the AGM, the final dividend will
bepaid on 5 June 2025 to shareholders on the share register on
25 April 2025, provided that the Board may cancel payment of the
dividend at any time prior to payment in accordance with the Articles
ofAssociation, if it considers it necessary to do so for regulatory or
capitalpurposes. Our dividend policy is set out on page 4.
Rights and obligations attaching to shares
The rights and obligations relating to the Company’s ordinary shares
are set out in the Articles of Association. A copy of the Articles of
Association can be requested from the Company Secretary at the
Company’s registered office. Holders of ordinary shares are entitled
toattend, speak and vote at general meetings. In a vote on a show of
hands, every member present in person or every proxy present, who
has been duly appointed by a member, will have one vote and on a poll
every member present in person or by proxy shall have one vote for
every ordinary share held. These rights are subject to any special terms
as to voting upon which any shares may be issued or may at the relevant
time be held and to any other provisions of the Company’s Articles of
Association. Under the Companies Act 2006 and the Articles of
Association, directors have the power to suspend voting rights and,
incertain circumstances, the right to receive dividends in respect of
shares where the holder of those shares fails to comply with a notice
issued under section 793 of the Companies Act 2006.
The Board can decline to register a transfer of any share which is not a
fully paid share. In addition, registration of a transfer of an uncertificated
share may be refused in the circumstances set out in the uncertificated
securities rules and where the number of joint holders exceeds four.
The Board may also refuse to register the transfer of a certificated
share unless:
• the instrument of transfer is duly stamped and is left at the Company’s
registered office or such other place as the Board may from time to
time determine, accompanied by the certificate for the share to
which it relates and such evidence as the Board may reasonably
require to show the right of the transfer or to make the transfer
• the instrument of transfer is in respect of only one class of share
• the number of joint holders does not exceed four.
Subject to the provisions of the Companies Act 2006, all or any of
therights attaching to an existing class of shares may be varied from
time to time, either with the consent in writing of the holders of not
lessthan three-quarters in nominal value of the issued shares of that
class (excluding any treasury shares) or with the sanction of a special
resolution passed at a separate general meeting of the holders of
thoseshares.
Legal & General Group Plc Annual report and accounts 2024 247
Strategic report Governance Financial statements Other information

Directors’ report and additional statutory and regulatory information continued
Shares acquired through the employee share plans rank equally with
allother ordinary shares in issue. Zedra Trust Company (Guernsey)
Limited, as trustee of the L&G Employees’ Share Ownership Trust, held
1% of the issued share capital of the Company as at 10 March 2024 in
trust for the benefit of the executive directors, senior executives and
employees of the Group. The trustee of L&G Employees’ Share Ownership
Trust has waived the right of that trust to receive dividends on unallocated
shares it holds. The voting rights in relation to these shares are exercised
by the trustee. The trustee may vote or abstain from voting, or accept or
reject any offer relating to shares, in any way it sees fit, without incurring
any liability and without being required to give reasons for its decision.
Under the rules of the L&G Group Employee Share Plan (the ‘Plan’), eligible
employees are entitled to acquire shares in the Company. Plan shares
are held in trust for participants by MUFG Corporate Markets Trustees
(UK) Limited, which held 0.34% of the issued share capital of the Company
as at 10 March 2024. Voting rights are exercised by the trustees on
receipt of the participants’ instructions. If a participant does not submit an
instruction to the trustees, no vote is registered. In addition, the trustees
do not vote on any unallocated shares held in the trust. The Company is
not aware of any agreements between shareholders which may result
in restrictions on the transfer of securities and/or voting rights.
Required disclosures
Requirements of Listing Rule 6.6.1
Information to be included in the Annual report and accounts under
Listing Rule 6.6.1 may be found as follows:
Relevant Listing Rule Page
LR 6.6.1R (1) 198 to 202
LR 6.6.1R (11) 247
LR 6.6.1R (12) 247
Additional information required under Listing Rule 6.6.6
Additional information to be included in the Annual report and accounts
of a listed company incorporated in the United Kingdom that cannot be
found in the Directors’ report:
Relevant Listing Rule Page
LR 6.6.6R (1) 107
LR 6.6.6R (5) & (6) 61
LR 6.6.6R (7) 107
LR 6.6.6R (8) 35 to 39
LR 6.6.6R (9), (10) & (11) 83
Disability
We give full and fair consideration to applications for employment
made by disabled persons. Our policies support the employment,
promotion, and career development of disabled persons, as well as
supporting employees who become disabled during the course of
theiremployment. We make reasonable adjustments, as required
underthe Equality Act 2010, for disabled employees, including
seekingredeployment in the event that reasonable adjustments are
notpossible. We offer appropriate training, including training in relation
to equality, and will make adjustments to this training where required.
Political donations
No political donations were made during 2024.
Research and development
In the ordinary course of business, the Group develops new products
and services in each of its business divisions.
Branches
Our Asset Management business has branches in Australia, Germany,
Italy, the Netherlands, Sweden, and Switzerland.
Corporate governance
During the year we were required to measure ourselves against the
2018 UK Corporate Governance Code. More details on our compliance
with the Code, including our 2024 Compliance Statement, can be found
on page 61. Information on the Group’s control and risk management
systems can be found onpages 44 to 47, 75 and 86 to 87. A summary
of our D&I Policy can be found on page 83.
Financial reports and disclosures
Use of financial instruments
Information on the Group’s risk management process is set out
onpages 44 to 47. More details on risk management and the
financialinstruments used are set out in Notes 16 to 18 of the
Groupconsolidated financial statements.
Independent auditors
The Company’s auditor has expressed its willingness to continue in
office and the Audit Committee has recommended its reappointment
to the Board. Resolutions to reappoint KPMG LLP as auditor to the
Company and to authorise the Audit Committee, on behalf of the Board,
to determine its remuneration are proposed for the forthcoming AGM.
Statement of directors’ responsibilities
The directors are responsible for preparing the Annual report and
accounts (Group and parent company), including the Directors’ report
on remuneration and the financial statements, in accordance with
applicable law and regulations.
Company law requires the directors to prepare Group and parent
company financial statements for each financial year. Under that
lawthe directors have prepared the Group financial statements in
accordance with UK-adopted international accounting standards
andapplicable law and have elected to prepare the parent company
financial statements in accordance with UK accounting standards
andapplicable law, including FRS 101 Reduced Disclosure Framework.
Under company law, the directors must not approve the financial
statements unless they are satisfied that they give a true and fair view
of the state of affairs of the Group and the Company and of the profit
orloss of the Group and the Company for the relevant period. In
preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently
• make judgements and estimates that are reasonable, relevant,
reliable and prudent
• for the Group financial statements, state whether they have
beenprepared in accordance with UK-adopted international
accounting standards
• for the parent company financial statements, state whether
applicable UK accounting standards have been followed, subject
toany material departures disclosed and explained in the parent
company financial statements
• assess the Group and parent company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern
• use the going concern basis of accounting unless they either intend
to liquidate the Group or the parent company or to cease operations
or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that
are sufficient to show and explain the parent company’s transactions and
disclose with reasonable accuracy at any time the financial position of the
parent company and enable them to ensure that its financial statements
comply with the Companies Act 2006. They are responsible for such internal
control as they determine is necessary toenable the preparation of financial
statements that are free from material misstatement, whether due to fraud
or error, and have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other irregularities.
Legal & General Group Plc Annual report and accounts 2024 248

Under applicable law and regulations, the directors are also responsible
for preparing a Strategic report, Directors’ report, Directors’ report on
remuneration and Corporate governance statement that complies with
that law and those regulations. The directors are responsible for the
maintenance and integrity of the corporate and financial information
included on the Company’s website. Legislation in the UK governing
thepreparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
In accordance with Disclosure Guidance and Transparency Rule
4.1.15R, the annual financial report has been prepared in Extensible
Hypertext Markup Language (XHTML) format. Consolidated financial
statements have also been prepared in accordance with Disclosure
Guidance and Transparency Rule 4.1.16R – 4.1.18R, including the
requirement to use Extensible Business Reporting Language (XBRL)
markup language. The Auditor’s report on these financial statements
provides no assurance over the XHTML or XBRL format.
Responsibility statement of the directors in respect
ofthe annual financial report
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and
theundertakings included in the consolidation taken as a whole
• the Strategic report includes a fair review of the development and
performance of the business and the position of the Company and
the undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties
that they face.
The directors of the Company and their functions are listed on
pages58 to 59.
Fair, balanced and understandable
In accordance with the principles of the 2018 UK Corporate
Governance Code, we have processes and procedures in place
toensure that the information presented in the Annual report and
accounts is fair, balanced and understandable. We describe these
processes and procedures on page 75.
On the advice of the Audit Committee, the Board considers that
theAnnual report and accounts, as a whole, is fair, balanced
andunderstandable, and provides the information necessary
forshareholders to assess the Group’s position, performance,
businessmodel and strategy.
Critical accounting estimates, key judgements
andsignificant accounting policies
Our critical accounting estimates, key judgements and significant
accounting policies conform with UK-adopted international
accountingstandards and are set out on pages 134 to 136
oftheconsolidated financial statements. The directors have
reviewedthese policies and applicable estimation techniques
andhaveconfirmed them to be appropriate for the preparation
ofthe2024 consolidated financial statements.
Disclosure of information to auditors
As far as each of the directors in office at the date of this Directors’
report is aware, there is no relevant audit information (as defined by
section 418 (3) of the Companies Act 2006) of which the Company’s
auditors are unaware, and each such director has taken all the steps
that they ought to have taken as a director to make themself aware
ofany relevant audit information and to establish that the Company’s
auditors are aware of that information.
Going concern
The Strategic report on pages 1 to 53 of this report includes
information on the Group structure and business principles, the
performance of the business areas, the impact of regulation and
principal risks and uncertainties.
The Group performance detailed on page 14 and pages 18 to 19 includes
information on the Group financial results, financial outlook, cash flow
and balance sheet position. The consolidated financial statements include
information on the Group financial investments and investment
property (Note 12), derivatives (Note 13), cash and cash equivalents
(Note 15), asset risk (Note 8), market, credit and insurance risks (Notes
16 to 18) and borrowings (Note 23).
In line with IAS 1 ‘Presentation of financial statements’, and revised FRC
guidance on ‘risk management, internal control and related financial
and business reporting’, and as set out in the Basis of preparation
(Note1), management has taken into account all available information
about the future for a period of at least, but not limited to, 12 months
from the date of approval of the financial statements when assessing
the Group’s ability to continue as a going concern.
Details of the main risks affecting the Group and how we manage and
mitigate them are set out in ‘Managing risk’ on pages 44 to 47. Having
assessed the main risks and other matters discussed in connection with
the Group Board viability statement set out on page 48, in accordance
with the 2018 UK Corporate Governance Code and the FRC guidance,
thedirectors considered it appropriate to adopt the going concern
basisof accounting when preparing the financial statements.
The Directors’ report and Strategic report were approved by the Board
on 11 March 2025 and signed on its behalf.
By order of the Board
G J Timms
Group General Counsel and Company Secretary
Legal & General Group Plc Annual report and accounts 2024 249
Strategic report Governance Financial statements Other information

Annual General Meeting (AGM)
The Board regards the AGM as an important opportunity to
communicate directly with private investors. Full details of
thebusiness to be considered at the meeting will be included
inthe Notice of AGM. The Notice of Meetingand allother details
for the AGM will be available at: group.legalandgeneral.com/AGM.
Location: The British Medical Association, BMA House,
TavistockSquare, Bloomsbury, London WC1H 9JZ, with
facilitiestojoin virtually.
Date: Thursday 22 May 2025
Time: 11am
Dividend information
This year the directors are recommending the payment of a final
dividend of 15.36 pence per share. If you add this to your interim
dividend of 6.00 pence per share, the total dividend recommended
for 2024 will be 21.36 pence per share (2023: 20.34 pence per
share). The key dates for the payment of dividends are set out
inthe important dates section on the adjacent page.
Shareholder enquiries
Registrar
Computershare Investor Services PLC (Computershare) has been
appointed by Legal & General Group Plc to act as our Registrar and
offers many services to make managing your shareholding easier
andmore efficient.
Investor Centre
The Investor Centre is a secure online site where you can manage
yourshareholding. To register for the Investor Centre, just visit
investorcentre.co.uk. You will need your Shareholder Reference
Number (SRN), which can be found on your dividend voucher
orbycontacting Computershare. Once registered you can:
• view your shareholding and obtain an indicative valuation
• change your address
• arrange to have dividends paid into your bank account or join the
Dividend Reinvestment Plan (DRIP)
• request to receive shareholder communications by email rather
thanpost
• view your dividend payment history
• sell or buy shares
• download a variety of forms, including a stock transfer form.
Registrar contact information
For any queries regarding your shareholding, please contact Computershare:
By phone: +44 (0) 370 707 1399*
By email: webcorres@computershare.co.uk
In writing: Computershare Investor Services PLC. The Pavilions,
Bridgwater Road, Bristol BS99 6ZZ
* Calls are charged at the standard geographic rate and will vary by provider. Calls from
outside the UK will be charged at the applicable international rate. Lines are open
8.30am to 5.30pm, Monday to Friday excluding public holidays in England and Wales.
Dividend payment options
Have your dividends paid into your bank account
Once registered on Investor Centre, you can choose to receive your
dividends directly into your bank account. Just select ‘View/update
your bank details’ and follow the simple instructions. Alternatively,
youcan contact Computershare for a bank mandate form. By opting
toreceive your dividends electronically, your dividend will reach your
bankaccount on the dividend payment date. Alternatively, you can
choose to receive your dividends via a cheque payment.
Reinvest your dividends
The dividend reinvestment plan offers a convenient way for shareholders
to build up their shareholding by using dividend money topurchase
additional ordinary shares. The plan is provided by Computershare
whoare authorised and regulated by the FCA.
The fees associated with your dividend reinvestment plan will
increasewith effect from the final dividend payable 5 June 2025.
Toview the revised terms and conditions please visit
www.computershare.co.uk/drip.
International Fund Transfer
If you don’t have access to a UK bank or building society account, you
can elect to join the International Fund Transfer (IFT) and receive cash
dividends direct to your bank account in your local currency (a small fee
and terms and conditions apply).
You can find further details regarding these payment options through
your Investor Centre account or by contacting our Registrar,
Computershare, on the contact details opposite.
It is important to remember that the value of shares and income from
them can fall as well as rise and you may not recover the amount of
money you invest. Past performance should not be seen as indicative
of future performance. This arrangement should be considered as part
of a diversified portfolio. Please consult an independent advisor if you
need any assistance with financial matters.
Annual dividend confirmation
From September 2023, L&G has adopted an annual dividend
confirmation process in relation to future payments. Instead of
issuingseparate payment advices for each dividend, an annual
dividend confirmation will be issued with the interim dividend,
usuallypaid in September, detailing the dividend payments made
throughout the tax year.
Asset reunification
L&G has continued its shareholder tracing programme with the
aimofreuniting ‘lost’ shareholders, or their estates, with unclaimed
entitlements in respect of Legal & General Group Plc shares. We want
to reunite as many shareholders as possible with their unclaimed
entitlements and have therefore appointed Georgeson, a specialist
tracing company, to help us trace shareholders with unclaimed
assets.If you have received a claim form from Georgeson and
haveanyquestions, please contact them directly:
By phone: 0800 953 0077
By International Phone: +44 (0) 370 703 0067
By email: assetreunification@georgeson.com
By website: georgeson.com/unclaimed
Shareholder information
Sign up to electronic communications
Help us save paper and get your shareholder information
quicklyand securely by signing up to receive your shareholder
communications by email. You can register for electronic
communications via the InvestorCentre.
Legal & General Group Plc Annual report and accounts 2024 250

Buy and sell shares
Simple and competitively priced services to buy and sell shares
areavailable online. Further information can be found here:
investorcentre.co.uk. Shareholders will be required to complete
Anti-Money Laundering (AML) checks in advance of dealing in
sharesand it is therefore advisable to register youraccount in
advanceif you wish to buy or sellshares.
Once registered and AML checks have been completed, shareholders
can choose to deal online or to download a dealing form and trade
viaapostal dealing service. Any holder of certificated shares will be
required to send Computershare their original share certificate and
anauthorisation letter before a trade can be executed.
This is not a recommendation to buy and sell shares and this service
may not be suitable for all shareholders. The price of shares can
godown as well as up and you are not guaranteed to get back the
amountyou originally invested. Terms, conditions and risks apply.
Corporate sponsored nominee
The corporate sponsored nominee allows you to hold shares in the
Company without the need for a share certificate and enables you
tobenefit from shorter market settlement periods. The corporate
sponsored nominee also offers lower rate dealing costs. Individual
shareholders hold their Legal & General Group Plc shares in a nominee
holding registered in the name of Computershare Company Nominees
Limited. To join or obtain further information, contact the Registrar.
Youwill be sent a deposit form outlining the terms and conditions
under which your shares will be held.
Communication with shareholders
Internet
Information about the Company, including details of the current
shareprice, is available on the website: group.legalandgeneral.com.
Investor relations
Private investors should contact the Registrar with any queries.
Institutional investors can contact the Investor Relations team by
email:investor.relations@group.landg.com.
Financial reports
The Company’s financial reports are available on its website. TheAnnual
report and accounts are sent to those shareholders whohave elected
to receive paper copies. Alternatively, shareholders may elect to receive
notification by email by registering on the Investor Centre. If you receive
more than one copy of our communications, it could be because you
have more than one record on the share register. To avoid duplicate
mailings, please contact the Registrar, who can arrange for your
accounts to be amalgamated.
General information
Capital gains tax: For the purpose of calculating UK capital gains tax,
themarket value on 31 March 1982 of each share was 7.996 pence after
adjusting for the 1986 capitalisation issue and the 1996 and 1999 sub-
divisions, but not reflecting any rights taken up under the 2002 rights issue.
Close company provisions: The Company is not a close company
within the terms of the Corporation Tax Act 2010.
Registered office: One Coleman Street, London EC2R 5AA.
Registeredin England and Wales, No. 01417162.
Shareholder offer line: For details of shareholder offers on L&G products,
call 0800 107 6830, or visit legalandgeneral.com/shareholderoffers.
Share fraud warning
Fraudsters use persuasive and high-pressure tactics to lure
investors into scams. They may offer to sell shares that turn out
to be worthless or non-existent, or to buy shares at an inflated
price in return for an upfront payment. While high profits are
promised, ifyou buy or sell shares in this way you will probably
lose yourmoney.
How to avoid share fraud
Have you been:
Contacted out of the blue
Or promised tempting returns and told the investment is safe?
Called repeatedly
Told the offer is only available for a limited time?
If so, you might have been contacted by fraudsters.
Reject cold calls
If you’ve been cold called with an offer to buy or sell shares,
chances are it’s a high-risk investment or a scam. You should
treat the call with extreme caution. The safest thing to do is to
hang up.
Check the firm on the FS register at fca.org.uk/register
The Financial Services Register is a public record of all the
firmsand individuals in the financial services industry that
areregulated by the FCA.
Get impartial advice
Think about getting impartial financial advice before you hand
over any money. Seek advice from someone unconnected to
thefirm that has approached you.
If you suspect that you have been approached by fraudsters,
please tell the FCA using the share fraud reporting form at
fca.org.uk/scamsmart where you can find out more about
investment scams. You can also call the FCA Consumer Helpline
on 0800 111 6768. Alternatively, you can inform Computershare
Investor Services, on 0370 707 1399 (Computershare are not
ableto investigate such incidents themselves, but they will
recordthe details, pass them on to us, and liaise with the FCA).
If you have lost money to investment fraud, you should report it to
Action Fraud on 0300 123 2040 or online at actionfraud.police.uk.
If you deal with an unauthorised firm, you will not be eligible to
receive payment under the Financial Services Compensation
Scheme. Find out more at fca.org.uk/scamsmart.
Important dates
Final Interim*
Results announcement 12 March 2025 6 August 2025
Ex-dividend date 24 April 2025 21 August 2025
Record date 25 April 2025 22 August 2025
Last day for Dividend
Reinvestment Planelections 14 May 2025 5 September 2025
Annual General Meeting 22 May 2025 N/A
Dividend payment date 5 June 2025 26 September 2025
* These dates are provisional and subject to change.
Legal & General Group Plc Annual report and accounts 2024
251
Strategic report Governance Financial statements Other information

Alternative performance measures
An alternative performance measure (APM) is a financial measure of historic or future financial performance, financial position, or cash flows,
other than a financial measure defined under IFRS or the regulations of Solvency II. APMs offer investors and stakeholders additional information
on the Group’s performance and the financial effect of one-off events, and the Group uses a range of these metrics to enhance understanding of
the Group’s performance. However, APMs should be viewed as complementary to, rather than as a substitute for, the figures determined according
to other regulations. The APMs used by the Group are listed in this Note, along with their definition/explanation, their closest IFRS orSolvency II
measure and, where relevant, the reference to the reconciliations to those measures.
The APMs used by the Group may not be the same as, or comparable to, those used by other companies, both in similar and different industries.
The calculation of APMs is consistent with previous periods, unless otherwise stated.
APMs derived from IFRS measures
Adjusted operating profit
Adjusted operating profit is an APM that supports the internal performance management and decision making of the Group’s operating businesses,
and accordingly underpins the remuneration outcomes of the executive directors and senior management. The Group considers this measure
meaningful to stakeholders as it enhances the understanding of the Group’s operating performance over time by separately identifying
non-operating items.
Following the recent refresh of the Group’s strategy and the segmentation changes described in Note 2(i), the Group has updated the application
of its methodology for the determination of adjusted operating profit for assets allocated to the Asset Management and Corporate Investments
segments, in order to simplify and harmonise the methodology across the segments. As part of the update, in order to calculate operating profit
for direct investments, a long-term expected investment return is now applied to most private market and non-traded assets. In previous periods,
this approach only applied to assets under construction contracted to be sold or for other commercial usage, and early-stage ventures not yet
atasteady-state level of earnings. The update has not had a material impact on the comparative adjusted operating profit of each segment,
andtherefore has not led to a restatement.
Adjusted operating profit measures the pre-tax result excluding the impact of investment volatility, economic assumption changes caused by
changes in market conditions or expectations and exceptional items. Adjusted operating profit for insurance contracts primarily reflects the
release of profit from the CSM and RA in the period (adjusted for reinsurance mismatches), the unwind of the discount rate used in the calculation
of the insurance liabilities and incurred expenses that are not directly attributable to the insurance contracts.
Reinsurance mismatches can arise where the reinsurance offset rules in IFRS 17 do not reflect management’s view of the net of reinsurance
transaction. In particular, during a year of reinsurance renegotiation, reinsurance gains cannot be recognised to offset any inception losses on the
underlying contracts where they are recognised before the new reinsurance agreement is signed. In these circumstances, the onerous contract
losses are reduced to reflect the net loss (if any) after reinsurance, and future CSM amortisation is reduced over the duration of the contracts.
Additionally, in some circumstances, profitable reinsurance does not mitigate onerous losses on gross contracts whilst the net position remains
profitable. Where this is the case, onerous contract profits or losses are also presented below operating profit and the CSM amortisation is
adjusted over the remaining duration of the contracts.
To remove investment volatility, adjusted operating profit reflects long-term expected investment returns on the substantial majority of
investments held by the Group, including both traded and private market investments. For the remainder of the asset portfolio, including certain
operational businesses in the Asset Management division and, up to its disposal on 31 October 2024, CALA Group (Holdings) Limited (Cala), no
adjustments are made to exclude investment volatility. The investment margin for insurance business therefore reflects the expected investment
return above the unwind of the insurance liability discount rate.
The long-term expected investment return reflects the best estimate of the long-term return at the start of the year, as follows:
• expected returns for traded equity, commercial property and residential property (including lifetime mortgages) are based on market consensus
forecasts and long-term historic average returns expected to apply through the cycle
• assumptions for fixed interest securities measured at FVTPL are based on asset yields for the assets held, less an adjustment for credit risk
(assessed on a best estimate basis). Where securities are measured at amortised cost or FVOCI, the expected investment return comprises
interest income on an effective interest rate basis
• for other private market and non-traded assets, the expected return assumption is set in line with our investment objectives. Rates of return
specific to each asset are determined at the point of underwriting and reviewed and updated annually. The expected investment return includes
current financial assumptions as well as sector specific assumptions, including retail and commercial property yields and power prices where
appropriate.
Variances between actual and long-term expected investment returns are excluded from adjusted operating profit, as are economic assumption
changes to insurance contract liabilities caused by movements in market conditions or expectations (e.g. credit default and inflation), and any
difference between the actual allocated asset mix and the target long-term asset mix on new pension risk transfer business. Assets held for future
new pension risk transfer business are excluded from the asset portfolio used to determine the discount rate for annuities on insurance contract
liabilities. The impact of investment management actions that optimise the yield of the assets backing the back book of annuity contracts is
included within adjusted operating profit.
Exceptional income and expenses which arise outside the normal course of business in the year, such as merger and acquisition and start-up
costs, are excluded from adjusted operating profit.
Legal & General Group Plc Annual report and accounts 2024 252

Note 2(i) Adjusted operating profit reconciles adjusted operating profit with its closest IFRS measure, which is profit before tax attributable to
equity holders. Further details on reconciling items between adjusted operating profit and profit before tax attributable to equity holders are
presented in Note 2(iv) Investment and other variances.
Core operating profit
Core operating profit is an APM that measures the operating performance of the Group’s core business and is calculated as the Group’s adjusted
operating profit excluding the operating profit of the Corporate Investments unit. This measure is considered to be relevant for stakeholders in
addition to adjusted operating profit, as it focuses on appraising the performance of those areas of the business that management considers
tobe key to achieving the Group’s strategy.
Note 2(i) Adjusted operating profit provides a breakdown of adjusted operating profit and identifies what is represented by core operating profit
inline with the definition above.
Core operating earnings per share (Core operating EPS)
Core operating EPS is calculated as core operating profit less coupon payable in respect of restricted Tier 1 convertible notes, all after allocated
tax at the standard UK corporate tax rate, divided by the weighted average number of shares outstanding during the year. This APM is therefore
ameasure of the performance of the Group, on an after allocated tax basis, excluding the contribution of the Corporate Investments unit and the
impact of investment volatility, economic assumption changes caused by changes in market conditions or expectations, and exceptional items.
Note 6 reconciles core operating EPS to basic EPS.
Return on Equity (ROE)
ROE measures the return earned by shareholders on shareholder capital retained within the business. It is a measure of performance of the business,
which shows how efficiently we are using our financial resources to generate a return for shareholders. ROE is calculated as IFRS profit after tax
divided by average IFRS shareholders’ funds (by reference to opening and closing equity attributable to the owners of the parent as provided in the
IFRS Consolidated Statement of Changes in Equity for the year). In the current year, ROE was quantified using profit attributable to equity holders
of £191m (31 December 2023: £457m) and average equity attributable to the owners of the parent of £3,692m (31 December 2023: £4,699m),
based on an opening balance of £4,331m and a closing balance of £3,053m (31 December 2023: based on an opening balance of £5,067m and
aclosing balance of £4,331m).
Operating Return on Equity (Operating ROE)
Operating ROE is calculated as the Group’s adjusted operating profit after allocated tax at the standard UK corporate tax rate divided by average IFRS
shareholders’ funds (by reference to opening and closing equity attributable to the owners of the parent as provided in the IFRS Consolidated Statement
of Changes in Equity for the year). It therefore measures the after allocated tax return for shareholders generated by the Group, excluding the impact of
investment volatility, economic assumption changes caused by changes in market conditions or expectations, and exceptional items. In the current year,
operating ROE was quantified using adjusted operating profit after tax of £1,283m (31 December 2023: £1,250m) and average equity attributable to the
owners of the parent of £3,692m (31 December 2023: £4,699m), based on an opening balance of £4,331m and a closing balance of £3,053m
(31 December 2023: based on an opening balance of £5,067m and a closing balance of £4,331m).
Assets under management (AUM)
Assets under management represent funds which are managed by our fund managers on behalf of investors. It represents the total amount of
money investors have trusted with our fund managers to invest across our investment products. AUM include assets which are reported in the
Group Consolidated Balance Sheet as well as third-party assets that Asset Management manage on behalf of others, and assets managed by
third parties on behalf of the Group.
Following the implementation of the new divisional organisation announced on 12 June 2024, and the creation of a single Asset Management
division bringing LGIM and LGC together, the determination of AUM has been updated to also include external assetsmanaged by fund managers
classified as associates and joint ventures in line with IAS 28, ‘Investments in Associates and Joint Ventures’.
The table below reconciles AUM with Total financial investments, investment property and cash and cash equivalents.
2024
£m
2023
£m
Total assets under management
1
1,135 1,172
Derivative notionals
2
(191) (247)
Third-party assets
3
(480) (471)
Other
4
58 47
Total financial investments, investment property and cash and cash equivalents 522 501
1. These balances are unaudited.
2. Derivative notionals are included in the assets under management measure but are not for IFRS reporting and are thus removed.
3. Third-party assets are those that the Asset Management division manages on behalf of others which are not included on the Group’s Consolidated Balance Sheet.
4. Other includes assets that are managed by third parties on behalf of the Group, other assets and liabilities related to financial investments, derivative assets and pooled funds.
Legal & General Group Plc Annual report and accounts 2024
253
Strategic report Governance Financial statements Other information

Alternative performance measures continued
Adjusted profit before tax attributable to equity holders
Adjusted profit before tax attributable to equity holders is equal to profit before tax attributable to equity holders plus the pre-tax results of
discontinued operations.
Note 2(i) Adjusted operating profit reconciles adjusted profit before tax attributable to equity holders to profit for the year. In absence of
discontinued operations, adjusted profit before tax attributable to equity holders is equal to profit before tax attributable to equity holders.
APMs derived from Solvency II measures
The Group is required to measure and monitor its capital resources on a regulatory basis and to comply with the minimum capital requirements
ofregulators in each territory in which it operates. At a Group level, L&G complies with the UK implementation of Solvency II regulations, as
implemented by the PRA Rulebook.
Solvency II surplus
Solvency II surplus is the excess of Eligible Own Funds over the Solvency Capital Requirements (SCR). It represents the amount of capital available
totheGroup in excess of that required to sustain it in a 1-in-200 year risk event. The Group’s Solvency II surplus is based on approvals from the
PRAto use a Partial Internal Model, Matching Adjustment and Transitional Measures on Technical Provisions (TMTP).
Differences between the Solvency II surplus and its related regulatory basis include the impact of unaudited profits (or losses) of financial firms,
which are excluded from regulatory Own Funds. This view of Solvency II is considered to be representative of the shareholder risk exposure and
the Group’s real ability to cover the SCR with Eligible Own Funds.
Further details on Solvency II surplus and its calculation are included in Note 27 Management of capital resources – Solvency II. This note also
includes a reconciliation between IFRS equity and Solvency II Own Funds.
Solvency II capital coverage ratio
Solvency II capital coverage ratio is one of the indicators of the Group’s balance sheet strength. It is determined as Eligible Own Funds divided
bythe SCR, and therefore represents the number of times the SCR is covered by Eligible Own Funds. The Group’s Solvency II capital coverage
ratiois based on approvals from the PRA to use a Partial Internal Model, Matching Adjustment and TMTP.
Differences between the Solvency II capital coverage ratio and its related regulatory basis include the impact of unaudited profits (or losses) of
financial firms, which are excluded from regulatory Own Funds. This view of Solvency II is considered to be representative of the shareholder risk
exposure and the Group’s real ability to cover the SCR with Eligible Own Funds.
Further details on Solvency II capital coverage ratio and its calculation are included in Note 27 Management of capital resources – Solvency II.
Solvency II operational surplus generation
Solvency II operational surplus generation is the expected surplus generated from the assets and liabilities in-force at the start of the year. It is
based on assumed real world returns and best estimate non-market assumptions, and it includes the impact of management actions to the
extent that, at the start of the year, these were reasonably expected to be implemented over the year.
It excludes operating variances, such as the impact of experience variances, changes to valuation assumptions, methodology changes and other
management actions including changes in asset mix. It also excludes market movements, which represent the impact of changes in investment
market conditions during the year and changes to future economic assumptions. The Group considers this measure meaningful to stakeholders
as it enhances the understanding of its operating performance over time, and serves as an indicator on the longer-term components of the
movements in the Group’s Solvency II surplus.
Note 27 Management of capital resources – Solvency II includes an analysis of change for the Group’s Solvency II surplus, showing the
contribution of Solvency II operational surplus generation as well as other items to the Solvency II surplus during the reporting period.
Legal & General Group Plc Annual report and accounts 2024 254

Glossary
* These items represent an alternative performance measure (APM).
Adjusted operating profit*
Refer to the alternative performance measures section.
Adjusted profit before tax attributable to equity holders*
Refer to the alternative performance measures section.
Alternative performance measures (APMs)
A financial measure of historic or future financial performance, financial position, or cash flows, other than a financial measure definedunder
IFRS or the regulations of Solvency II.
Annual premiums
Premiums that are paid regularly over the duration of the contract such as protection policies.
Annualised net new revenue (ANNR)
ANNR provides an insight into the revenue growth of an asset manager, excluding the impact of investment markets. It reflects the combined
effect of inflows and outflows to assets under management and the fee rates on those flows. ANNR in respect of acquisitions and disposals will
be considered on a case by case basis.
ANNR is calculated as the annualised revenue on new monies invested by our Asset Management clients in the year, minus the annualised revenue
on existing monies divested by our clients in the year, plus or minus the annualised revenue on switches between asset classes/strategies by our
clients in the year. Annualised revenue is the amount of investment management fees we would expect on the fund flow in one calendar year.
Annuity
Regular payments from an insurance company made for an agreed period of time (usually up to the death of the recipient) in return for either
acash lump sum or a series of premiums which the policyholder has paid to the insurance company during their working lifetime.
Assets under administration (AUA)
Assets administered by L&G, which are beneficially owned by clients and are therefore not reported on the Consolidated Balance Sheet. Services
provided in respect of assets under administration are of an administrative nature, including safekeeping, collecting investment income, settling
purchase and sales transactions and record keeping.
Assets under management (AUM)*
Refer to the alternative performance measures section.
Assured Payment Policy (APP)
A long-term contract under which the policyholder (a registered UK pension scheme) pays a day-one premium and in return receives a
contractually fixed and/or inflation-linked set of payments over time from the insurer.
Back book acquisition
New business transacted with an insurance company which allows thebusiness to continue to utilise Solvency II transitional measures associated
with the business.
CAGR
Compound annual growth rate.
Calculation Method 2
A method of calculating Group solvency on a Solvency II basis, whereby the assets and liabilities of certain entities are excluded from the Group
consolidation. The net contribution from those entities to Group Own Funds is included as an asset on the Group’s Solvency II balance sheet.
Regulatory approval has been provided to recognise the (re)insurance subsidiaries in the US and Bermuda on this basis.
Common Contractual Fund (CCF)
An Irish regulated asset pooling fund structure. It enables institutional investors to pool assets into a single fund vehicle with the aim of achieving
cost savings, enhanced returns and operational efficiency through economies of scale. A CCF is an unincorporated body established under adeed
where investors are “co-owners” of underlying assets which are held pro rata with their investment. The CCF is authorised and regulated bythe
Central Bank of Ireland.
Contract boundaries
Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting
period in which the Group can compel the policyholder to pay the premiums or has a substantive obligation to provide the policyholder with
insurance contract services.
Legal & General Group Plc Annual report and accounts 2024 255
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Glossary continued
Contractual service margin (CSM)
The CSM represents the unearned profit the Group will recognise foragroup of insurance contracts, as it provides services under the insurance
contract. It is a component of the asset or liability for the contracts and it results in no income or expense arising from initial recognition of an
insurance contract. Therefore, together with the riskadjustment, the CSM provides a view of both stored value of ourin-force insurance business,
and the growth derived from new business in the current year. A CSM is not set up for groups of contracts assessed as onerous.
The CSM is released as profit as the insurance services are provided.
Core operating earnings per share (Core operating EPS)*
Refer to the alternative performance measures section.
Core operating profit*
Refer to the alternative performance measures section.
Coverage period
The period during which the Group provides insurance contract services. This period includes the insurance contract services that relate to all
premiums within the boundary of the insurance contract.
Credit rating
A measure of the ability of an individual, organisation or country to repay debt. The highest rating is usually AAA. Ratings are usually issued by
acredit rating agency (e.g. Moody’s or Standard & Poor’s) ora credit bureau.
Defined benefit pension scheme (DB scheme)
A type of pension plan in which an employer/sponsor promises a specified monthly benefit on retirement that is predetermined by a formula
based on the employee’s earnings history, tenure of service and age, rather than depending directly on individual investment returns.
Defined contribution pension scheme (DC scheme)
A type of pension plan where the pension benefits at retirement are determined by agreed levels of contributions paid into the fund by the member
and employer. They provide benefits based upon the money held in each individual’s plan specifically on behalf of each member. The amount in
each plan at retirement will depend upon the investment returns achieved as well as the member and employer contributions.
DerivativeS
Contracts usually giving a commitment or right to buy or sell assets on specified conditions, for example on a set date in the future and at a
setprice. The value of a derivative contract can vary. Derivatives can generally be used with the aim of enhancing the overall investment returns
ofa fund by taking on an increased risk, or they can be used with the aim of reducing the amount of risk to which a fund is exposed.
Direct investments
Direct investments, which generally constitute an agreement with another party, represent an exposure to untraded and often less volatileasset
classes. Direct investments also include physical assets,bilateral loans and private equity, but exclude hedge funds.
Earnings per share (EPS)
A common financial metric which can be used to measure the profitability and strength of a company over time. It is calculated astotal
shareholder profit after tax divided by the weighted average number of shares outstanding during the year.
Eligible Own Funds
The capital available to cover the Group’s Solvency Capital Requirement. Eligible Own Funds comprise the excess of the value of assets over
liabilities, as valued on a Solvency II basis, plus high quality hybrid capital instruments, which are freely available (fungible and transferable) to
absorblosses wherever they occur across the Group.
Employee satisfaction index
The employee satisfaction index measures the extent to which employees report that they are happy working at L&G. It is measured as part of our
Voice surveys, which also include questions on commitment to the goals of L&G and the overall success of the Group.
ETF
Our Asset Management division’s European Exchange Traded Fundplatform.
Euro Commercial Paper
Short-term borrowings with maturities of up to 1 year typically issuedfor working capital purposes.
Expected credit losses (ECL)
For financial assets measured at amortised cost or FVOCI, a loss allowance defined as the present value of the difference between allcontractual
cash flows that are due and all cash flows expected tobe received (i.e. the cash shortfall), weighted based on their probability of occurrence.
Legal & General Group Plc Annual report and accounts 2024 256

Fair value through other comprehensive income (FVOCI)
A financial asset that is measured at fair value in the Consolidated Balance Sheet and reports gains and losses arising from movements in fair
value within the Consolidated Statement of Comprehensive Income as part of the total comprehensive income or expense for the year.
Fair value through profit or loss (FVTPL)
A financial asset or financial liability that is measured at fair value in the Consolidated Balance Sheet and reports gains and losses arising from
movements in fair value within the Consolidated Income Statement as part of the profit or loss for the year.
Fulfilment cash flows
Fulfilment cash flows comprise unbiased and probability-weighted estimates of future cash flows, discounted to present value to reflect the time
value of money and financial risks, plus the risk adjustment for non-financial risk.
Full year dividend
Full year dividend is the total dividend per share declared for the year (including interim dividend but excluding, where appropriate, any special dividend).
Generally accepted accounting principles (GAAP)
A widely accepted collection of guidelines and principles, established by accounting standard setters and used by the accounting community to
report financial information.
Institutional Retirement new business
Single premiums arising from pension risk transfers and the notional size of longevity insurance transactions, based on the present value ofthe
fixed leg cash flows discounted at the SONIA curve.
Insurance new business
New business arising from new policies written on retail protection products and new deals and incremental business on Group protection products.
Irish Collective Asset-Management Vehicle (ICAV)
A legal structure investment fund, based in Ireland and aimed at European investment funds looking for a simple, tax-efficient investment vehicle.
Key performance indicators (KPIs)
These are measures by which the development, performance or position of the business can be measured effectively. The Group Boardreviews
the KPIs annually and updates them where appropriate.
LGA
Legal & General America.
LGAS
Legal and General Assurance Society Limited.
Liability driven investment (LDI)
A form of investing in which the main goal is to gain sufficient assets tomeet all liabilities, both current and future. This form of investing is most
prominent in final salary pension plans, whose liabilities can often reach into billions of pounds for the largest of plans.
Lifetime mortgages
An equity release product aimed at people aged 55 years and over. It is a mortgage loan secured against the customer’s house. Customers do not
make any monthly payments and continue to own and live in their house until they move into long-term care or on death. A no negative equity
guarantee exists such that if the house value on repayment is insufficient to cover the outstanding loan, any shortfall is borne by the lender.
Longevity
Measure of how long policyholders will live, which affects the risk profile of pension risk transfer, annuity and protection businesses.
Matching adjustment
An adjustment to the discount rate used for annuity liabilities in Solvency II balance sheets. This adjustment reflects the fact that the profile
ofassets held is sufficiently well-matched to the profile of the liabilities, that those assets can be held to maturity, and that any excess return
overrisk-free (that is not related to defaults or downgrades) can be earned regardless of asset value fluctuations after purchase.
Morbidity rate
Rate of illness, influenced by age, gender and health, used in pricing and calculating liabilities for policyholders of life products, which contain
morbidity risk.
Legal & General Group Plc Annual report and accounts 2024 257
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Glossary continued
Mortality rate
Rate of death, influenced by age, gender and health, used in pricing and calculating liabilities for future policyholders of life and annuity products,
which contain mortality risks.
Net zero carbon
Achieving an overall balance between anthropogenic carbon emissions produced and carbon emissions removed from the atmosphere.
Onerous contracts
An insurance contract is onerous at the date of initial recognition if the fulfilment cash flows allocated to the contract, any previously recognised
acquisition cash flows and any cash flows arising from the contract at the date of initial recognition, in total are a net outflow.
Open Ended Investment Company (OEIC)
A type of investment fund domiciled in the United Kingdom that is structured to invest in stocks and other securities, authorised and regulated
bythe Financial Conduct Authority (FCA).
Operating Return on Equity (Operating ROE)*
Refer to the alternative performance measures section.
Overlay assets
Derivative assets that are managed alongside the physical assets held by the Group’s Asset Management’s division. These instruments include
interest rate swaps, inflation swaps, equity futures and options. These are typically used to hedge risks associated with pension scheme assets
during the derisking stage of the pension life cycle.
Paris Agreement
An agreement within the United Nations Framework Convention on Climate Change effective 4 November 2016. The Agreement aims to limit the
increase in average global temperatures to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.
Pension risk transfer (PRT)
Bulk annuities bought by entities that run final salary pension schemes to reduce their responsibilities by closing the schemes to new members and
passing the assets and obligations to insurance providers.
Persistency
For insurance, persistency is a measure the rate at which policies are retained over time and therefore continue to contribute premium income and
assets under management.
Platform
Online services used by intermediaries and consumers to view and administer their investment portfolios. Platforms usually provide facilities for
buying and selling investments (including, in the UK products such as Individual Savings Accounts (ISAs), Self-Invested Personal Pensions (SIPPs)
and life insurance) and for viewing an individual’s entire portfolio to assess asset allocation and risk exposure.
Present value of future new business premiums (PVNBP)
PVNBP is equivalent to total single premiums plus the discounted value of annual premiums expected to be received over the term of the contracts
using the same economic and operating assumptions used for the new business value at the end of the financial period. The discounted value
oflongevity insurance regular premiums and quota share reinsurance single premiums are calculated on a net of reinsurance basis to enable a
more representative margin figure. PVNBP therefore provides an estimate of the present value of the premiums associated with new business
written in the year.
Private Markets
Private Markets encompass a wide variety of tangible debt and equity investments, primarily real estate, infrastructure and energy. They have the
ability to serve as stable sources of long-term income in weak markets, while also providing capital appreciation opportunities in strong markets.
Proprietary assets
Total investments to which shareholders are directly exposed, minus derivative assets, loans, and cash and cash equivalents.
Qualifying Investor Alternative Investment Fund (QIAIF)
An alternative investment fund regulated in Ireland targeted at sophisticated and institutional investors, with minimum subscription andeligibility
requirements. Due to not being subject to many investment or borrowing restrictions, QIAIFs present a high level offlexibility in theirinvestment strategy.
Retail Retirement new business
Single premiums arising from annuity sales and individual annuity back book acquisitions and the volume of lifetime and retirement interest
onlymortgage lending.
Legal & General Group Plc Annual report and accounts 2024 258

Retirement Interest Only Mortgage (RIO)
A standard retirement mortgage available for non-commercial borrowers above 55 years old. A RIO mortgage is very similar to astandard
interest-only mortgage, with two key differences:
− the loan is usually only paid off on death, move into long-term care or sale of the house
− the borrowers only have to prove they can afford the monthly interest repayments and not the capital remaining at the end of the mortgage term.
No repayment solution is required as repayment defaults to sale of property.
Return on Equity (ROE)*
Refer to the alternative performance measures section.
Risk adjustment (RA)
The risk adjustment reflects the compensation that the Group would require for bearing uncertainty about the amount and timing of the
cashflows that arises from non-financial risk after diversification. We have calibrated the Group’s risk adjustment using a Value at Risk (VAR)
methodology. In some cases, the compensation for risk on reinsured business is linked directly to the price paid for reinsurance. The risk
adjustment is a component of the insurance contract liability, and it isreleased as profit if experience plays out as expected.
Risk appetite
The aggregate level and types of risk a company is willing to assume in its exposures and business activities in order to achieve its business objectives.
Single premiums
Single premiums arise on the sale of new contracts where the terms ofthe policy do not anticipate more than one premium being paid over
itslifetime, such as in individual and bulk annuity deals.
Société d’Investissement à Capital Variable (SICAV)
A publicly traded open-end investment fund structure offered in Europe and regulated under European law.
Solvency II
The Group measures its capital resources in line with the UK implementation of Solvency II regulations, as set out in the PRA Rulebook. The UK
implementation of the Solvency II regulations determines the amount of capital that UK insurance companies must hold to ensure that they can
withstand a 1-in-200 year level of risk. The regulations became effective from 31 December 2024. The previous Solvency II regulations applied
from1 January 2016, as implemented by EIOPA in the Solvency II Framework Directive, and adopted by the UK.
Solvency II capital coverage ratio*
Refer to the alternative performance measures section.
Solvency II capital coverage ratio – regulatory basis
The Eligible Own Funds on a regulatory basis divided by the Group solvency capital requirement. This represents the number of times theSCR
iscovered by Eligible Own Funds.
Solvency II Fundamental Spread
An amount used in the derivation of the Matching Adjustment. Itrepresents the portion of the spread on a financial instrument thatisattributable
to the risks of default and downgrade. Prescribed Fundamental Spreads varying by credit rating and currency are provided by PRA. As part of the
UK implementation of Solvency IIregulations, insurance groups and firms are required to apply an additional Fundamental Spread where the
regulatory amounts are believed to be insufficient to reflect all risks in a financial instrument.
Solvency II new business contribution
Reflects present value at the point of sale of expected future Solvency II surplus emerging from new business written in the year using the risk
discount rate applicable at the end of the reporting year.
Solvency II Operational Surplus Generation*
Refer to the alternative performance measures section.
Solvency II risk margin
An additional liability required in the Solvency II balance sheet, toensure the total value of technical provisions is equal to the currentamount a (re)
insurer would have to pay if it were to transfer itsinsurance and reinsurance obligations immediately to another (re)insurer. The value of the risk
margin represents the cost of providing an amount of Eligible Own Funds equal to the Solvency Capital Requirement (relating to non-market risks)
necessary tosupport the insurance and reinsurance obligations over the lifetimethereof.
Solvency II surplus*
Refer to the alternative performance measures section.
Legal & General Group Plc Annual report and accounts 2024 259
Strategic report Governance Financial statements Other information

Solvency II surplus – regulatory basis
The excess of Eligible Own Funds on a regulatory basis over the SCR. This represents the amount of capital available to the Group in excess of
that required to sustain it in a 1-in-200 year risk event.
Solvency Capital Requirement (SCR)
The amount of Solvency II capital required to cover the losses occurring in a 1-in-200 year risk event.
Specialised Investment Fund (SIF)
An investment vehicle regulated in Luxembourg targeted to well-informed investors, providing a great degree of flexibility in organization, investment
policy and types of underlying assets in which it can invest.
Total shareholder return (TSR)
A measure used to compare the performance of different companies’ stocks and shares over time. It combines the share price appreciation and
dividends paid to show the total return to the shareholder.
Transitional Measures on Technical Provisions (TMTP)
An adjustment to Solvency II technical provisions, to smooth the transition from the previous regulatory regime to the Solvency II regimeover
aperiod of 16 years from 1 January 2016. The TMTP continues to be applied after the change to the UK implementation ofSolvency II from
31 December 2024, with some changes to the approach to simplify the ongoing calculation.
Yield
A measure of the income received from an investment compared to the price paid for the investment. It is usually expressed as a percentage.
Glossary continued
Legal & General Group Plc Annual report and accounts 2024 260

Consultancy, design and production
www.luminous.co.uk
Forward-looking statements
This Annual report and accounts may contain ‘forward-looking statements’
with respect to the financial condition, performance and position,
strategy, results of operations and businesses of the Company and the
Group that are based on management’s current expectations or beliefs,
as well as assumptions and projections about future events. These
forward-looking statements can be identified by the fact that they do
not relate only to historical or current facts. Forward-looking statements
often use words such as ‘aim’, ‘ambition’, ‘may’, ‘could’, ‘will’,‘expect’,
‘intend’, ‘estimate’, ‘anticipate’, ‘believe’, ‘plan’, ‘seek’, ‘continue’, ‘milestones’,
‘outlook’, ‘target’, ‘objectives’ or other words ofsimilar meaning. By their
very nature, forward-looking statements are subject to known and unknown
risks and uncertainties and can beaffected by other factors that could
cause actual results, and the Group’s plans and objectives, to differ
materially from those expressed or implied in the forward-looking
statements. Recipients should not place undue reliance on, and are
cautioned about relying on, any forward-looking statements.
There are several factors which could cause actual results to differ
materially from those expressed or implied in forward-looking
statements. The factors that could cause actual results to differ
materially from those described in the forward-looking statements
include (but are not limited to): changes in global, political, economic,
business, competitive and market forces or conditions; future exchange
and interest rates; changes in environmental, social or physical risks;
legislative, regulatory and policy developments; risks arising out of
health crises and pandemics; changes in tax rates, future business
combinations or dispositions; and other factors specific to the Group.
Further details of risks, uncertainties and other factors relevant to
thebusiness can be found on pages 49 to 53. Any forward-looking
statement contained in this document is based on past or current
trends and/or activities of the Group and should not be taken as a
guarantee, warranty or representation that such trends or activities
willcontinue in the future. No statement in this document is intended
tobe a profit forecast or to imply that the earnings of the Group for
thecurrent year or future years will necessarily match or exceed the
historical or published earnings of the Group. Each forward-looking
statement speaks only as of the date of the particular statement.
Except as required by any applicable laws or regulations, the Group
expressly disclaims any obligation to revise or update any forward-
looking statement contained within this document, regardless of
whether those statements are affected as a result of new information,
future events or otherwise.
Caution about climate information
This Annual report and accounts contains climate and ESG disclosures
which use a large number of judgments, assumptions and estimates
inconnection with involved and complex issues. The ESG disclosures
should be treated with special caution, as ESG and climate data, models
and methodologies are often relatively new, are rapidly evolving and
arenot of the same standard as those available in the context of other
financial information, nor are they subject to the same or equivalent
disclosure standards, historical reference points, benchmarks, market
consensus or globally accepted accounting principals. These judgments,
assumptions and estimates are likely to change over time, in particular
given the uncertainty around the evolution and impact of climate
change and around broader factors, such as impacts and dependencies
on nature. In addition, the Group’s climate risk analysis and net zero
strategy and wider sustainability strategy remain under development
and the data underlying the analysis and strategy remain subject to
evolution. As a result, certain climate and ESG disclosures made in this
report are likely to be amended, updated, recalculated or restated in
future reports. This statement should be read together with the Cautionary
statement contained in the Group’s latest Climate and nature report.
The information, statements and opinions contained in this Annual
report and accounts do not constitute an offer to sell or buy or the
solicitation of an offer to sell or buy any securities or financial instruments
nor do they constitute any advice or recommendation with respect to
such securities or other financial instruments or any other matter.
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Legal & General Group Plc is a holding
company, subsidiary undertakings
of which are authorised and regulated
bythe Financial Conduct Authority
and/orPrudential Regulation Authority,
asappropriate.