London, Jan 28, 2026, 09:43 GMT — Regular session
- Legal & General shares gained roughly 0.8% in early London trading
- L&G appointed Tim Morris and Philipp Westermann as global co-heads of Real Assets within its asset management division
- Investors also took in new details on the planned sale of Banner Life and William Penn to Japan’s Meiji Yasuda
Legal & General shares climbed 0.8% to 262.8 pence on Wednesday, pushing the rally into a second day. The FTSE 100 insurer remains roughly 2.4% shy of its early-January highs. The stock started at 261.6 pence and hit an intraday peak of 264.7 pence, per LSE data. 1
The move arrives as investors seek proof that Legal & General can sustain fee income growth while streamlining the group and maintaining strict control over capital — all with a significant U.S. disposal still pending regulatory approval.
As January comes to a close, scrutiny has intensified. Traders juggle corporate updates alongside changing rate forecasts—a volatile combo for life insurers, whose balance sheets depend heavily on bond markets.
London shares held steady in early trading Wednesday, following Tuesday’s 0.6% rise powered by gains in bank stocks. Attention turned to the U.S. Federal Reserve’s policy announcement later in the day, seen as a key factor for global bond yields. 2
Legal & General on Wednesday appointed Tim Morris and Philipp Westermann, co-managing partners at Proprium Capital Partners, as global co-heads of Real Assets in its asset management division. Eric Adler, L&G’s asset management CEO, described the hires as “a signal of how well our organisations are working together.” Group CEO António Simões emphasized that faster growth in real assets is “central” to the company’s private markets strategy. 3
Legal & General and Meiji Yasuda Life confirmed yesterday they still aim to close the sale of Banner Life and its New York unit William Penn in early 2026, pending final regulatory sign-offs. The firms reported writing about $1.8 billion in premium across 15 U.S. pension risk transfer (PRT) deals this year. In these arrangements, insurers take on pension payouts from corporate plans in exchange for an upfront premium. 4
L&G announced a shake-up in its legal leadership. Geoffrey Timms, the long-time general counsel and company secretary, will step down following the group’s May AGM. His deputy, Maria Alvarez-Scott, is set to take the helm. Simões described Timms as “central” to the company’s growth. 5
The company released new figures from its Home Finance division, revealing that half of new lifetime mortgage customers in 2025 tapped housing equity for home improvements. Meanwhile, fewer borrowers used the product to pay off mortgage debt. Lorna Shah, managing director for retail retirement at L&G, said “property wealth can play an important role” in boosting retirement income. 6
Some remain uneasy about the current situation. UBS weighed in this week, favoring Aviva over Legal & General. The reason? L&G’s greater vulnerability to market shocks and a likely “medium-term solvency ratio drag.” The solvency ratio, a key regulatory capital metric, is under close scrutiny by insurance investors. 7
Bond markets are still in focus. The UK 10-year gilt yield hovered near 4.5% late Tuesday. Insurers often react to yield shifts since these impact investment returns and the valuation of their long-term liabilities. 8
The biggest risk: a delay in the U.S. sale timetable. Should regulators drag their feet, investors could grow skeptical about how fast the balance sheet is shrinking and how much capital can be returned. This concern grows sharper if central-bank moves unsettle the wider markets.
Legal & General will release preliminary full-year results on March 11. Investors will focus on capital levels, timing of asset disposals, and the impact of the private markets strategy on earnings. 9
