S&P Upgrades Legal & General Reinsurance
Legal & General Reinsurance [L&G Re] announced today that ratings agency Standard & Poors [S&P] has upgraded its long-term financial strength rating from ‘A+’ to ‘AA-‘.
“Since L&G Re was formed in 2014, it has become an integral part of the Legal & General group’s reinsurance strategy and S&P now considers L&G Re to be a core component of the group,” the company said.
“In 2019, L&G Re reported total profit and comprehensive income of £455 million on an IFRS basis versus the group’s total profit after taxes of £1,810 million [about 25% of the group's total]. In addition, L&G Re’s equity accounted for about 14.5% of group shareholder’s equity at year-end 2019.
“L&G Re’s ratings upgrade by S&P aligns it with the ratings on the group’s other core operating entities. The stable outlook also parallels S&P’s outlook on the other members of the L&G group.”
