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Investing.com -- Legal & General Group Plc (LSE:LGEN) on Thursday announced a new growth target for its Retail division ahead of an Investor Deep Dive event on Thursday.
The company has set a 4-6% annual operating profit growth target for its Retail division from 2024 to 2028, which exceeds the current market consensus of 3% annual growth. The Retail division represents approximately 20% of the group’s divisional operating profit.
Legal & General also confirmed it is on track to deliver operating earnings per share growth at the higher end of its 6-9% range and operating surplus generation growth of more than 3% for the fiscal year 2025.
In its third-quarter trading update, the company reported £11 billion in pension risk transfer (PRT) business, including £10.2 billion in UK transactions. The company also secured £1.2 billion in Retail annuities and generated £29 million in annualized net new revenue in Asset Management.
Legal & General noted it has achieved a "good cadence on Workplace DC scheme wins," with £3 billion of new scheme assets expected to transition to the company within the next 18 months.
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