Legal & General’s new CEO, António Simões, has announced a comprehensive restructuring of the company, emphasising its thriving pensions division and the sale of its housebuilding business.
Simões, who took the helm in January after previous roles at Santander and HSBC, outlined his vision for a “simpler and better-connected” organisation, concentrating on three core areas.
In his first major strategic move, Simões revealed that the £14bn FTSE 100 firm will intensify its efforts in the rapidly expanding corporate pension market. This market involves companies transferring their retirement obligations to insurers. Legal & General, the UK’s leading provider of defined contribution pension schemes, plans to secure between £50bn and £65bn worth of deals in the UK by the end of 2028, surpassing its earlier goal of £40bn to £50bn. Last year, the company closed £13.7bn in deals globally, including £12bn in the UK.
As part of the reorganisation, Legal & General will merge its Legal & General Capital unit, which focuses on infrastructure and building projects, with its traditional asset management arm, Legal & General Investment Management (LGIM), forming a new global asset management entity that includes a private markets division.
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