Legal & General’s US Pension Risk Transfer Business Wins Second Deal

STAMFORD, Conn.–(BUSINESS WIRE)–Legal & General is pleased to announce it has entered into its second US
pension risk transfer deal with the Pension Plan for Lay Employees and
Sisters and Brothers Within the Diocese of Palm Beach for approximately
$65 million. Under this agreement, Legal & General began providing
retirement payments under a group annuity contract to the Diocese’s
retirees as of April 1, 2016. The Diocese was advised by USI Consulting
Group.

Kerrigan Procter, Managing Director of Legal & General Retirement said:

“This deal is an excellent start to the year and follows our successful
entry into the US market in October 2015 with our $450 million agreement
with the US subsidiary of Royal Philips. The US is a key market for
Legal & General and we are uniquely positioned with our US life
insurance company, rapidly growing investment management business, and
US pension risk transfer operations. I am excited to continue to build
on the global success that we saw last year as we continue our push into
the US market.”

George Palms, President, Legal & General Retirement America added:

“This is another important milestone in our US pension risk transfer
business and we are thrilled to have been selected by the Diocese for
this transaction. We are also excited to leverage our administrative and
service platform for our latest client win. Demand for pension risk
transfer deals is rapidly increasing in the US and we are confident that
we are strongly positioned to be a major player in this growing market.”

Bill Tremko, President & CEO, USI Consulting Group, noted:

“In our comparison of the seven insurance companies bidding for this
contract, we were impressed by Legal & General’s collaboration, service
commitment, flexibility and attractive pricing. They offered a great
value and outcome to our client.”

Legal & General Retirement America will administer the payments to the
annuitants going forward. Legal & General America’s Banner Life
Insurance Company will be the entity issuing the group annuity contract
and Legal & General Investment Management America will manage the vast
majority of the assets.

Notes to editors:

1. Legal & General issued a press notice connected to this announcement
on the 11th February 2016.

Legal & General Group Plc

Established in 1836, Legal & General is a leading provider of insurance,
savings and investment management products in the UK. The Group has a
market capitalisation of £14.9bn (as at 31st December 2015) and is
responsible for investing £746bn worldwide (as at 31st December 2015) on
behalf of investors, policyholders and shareholders. Legal & General has
over seven million customers in the UK for life assurance, pensions,
investments and general insurance plans and over one million customers
in the US who rely on us for life assurance. In 2015, Legal & General’s
operating profit (on the IFRS basis) was £1,455m and adjusted earnings
per share were 18.58p for the period, an increase of 14% and 11%
respectively.

For more information on Legal & General, please see http://www.legalandgeneralgroup.com/

Legal & General America

For over 67 years, the Legal & General America companies have been in
the business of providing financial protection through life insurance
for American families. The Legal & General America companies are Banner
Life Insurance Company and its subsidiary William Penn Life Insurance
Company of New York. With more than $50 billion in new coverage issued
in 2015, LGA is ranked in the Top Ten of U.S. Life Insurers. and ended
2015 with in excess of $658bn of coverage in force with over 1.2 million
U.S. customers. LGA shares Legal & General’s independent financial
strength ratings: A+ Superior from A. M. Best and AA- Very Strong from
Standard and Poor’s and Fitch. Gene R. Gilbertson serves as the
President and Chief Executive Officer of LGA.

Legal & General Investment Management America

Legal & General Investment Management America, Inc. (LGIMA) is a
Chicago-based registered investment advisor specializing in index,
active fixed income and liability driven investment (LDI) strategies for
the US institutional market. LGIMA was founded in 2006 as a wholly-owned
subsidiary of Legal & General Investment Management (Holdings) Ltd.
(LGIM(H)), which also owns its affiliates Legal & General Investment
Management Ltd. and LGIM International Ltd. In May 2014, LGIMA became a
wholly owned subsidiary of Legal & General Investment Management US
(Holdings) (LGIMUS(H)) which is wholly owned by LGIM(H).

FORWARD-LOOKING STATEMENTS

This announcement may contain certain forward-looking statements
relating to Legal & General, its plans and its current goals and
expectations relating to future financial condition, performance and
results. By their nature, forward-looking statements involve uncertainty
because they relate to future events and circumstances which are beyond
Legal & General’s control, including, among others, UK domestic and
global economic and business conditions, market related risks such as
fluctuations in interest rates and exchange rates, the policies and
actions of regulatory and Governmental authorities, the impact of
competition, the timing impact of these events and other uncertainties
of future acquisition or combinations within relevant industries. As a
result, Legal & General’s actual future condition, performance and
results may differ materially from the plans, goals and expectations set
out in these forward-looking statements and persons reading this
announcement should not place reliance on forward-looking statements.
These forward-looking statements are made only as at the date on which
such statements are made and Legal & General Group Plc does not
undertake to update forward-looking statements contained in this
announcement or any other forward-looking statement it may make.

Contacts

Media:
Legal & General Retirement America
Kim
Lisella, +1 203 359 5793
or
John Godfrey, 020 3124 2090
Corporate
Affairs Director
or
Richard King, 020 3124 2095
Head of
Group Corporate Communications
or
Investors:
Laura
Doyle, 020 3124 2088
Head of Investor Relations
or
Stephen
Thomas, 020 3124 2047
Investor Relations Manager

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