Legal & General is to raise the prospect of returning £1bn to shareholders, while Prudential is understood to be in talks with the FSA about returning a large slice of capital to policyholders, according to the Scotsman .
Legal & General is the latest FTSE 100 company set to unveil major share buyback plans, while Prudential is believed to be in talks with the FSA about its £9bn pot of capital. The paper reports an L&G spokesman as saying: "Tim Breedon [chief executive] is trying to be more open and transparent with the City. He did a life and annuities presentation a few weeks ago. And this Wednesday he will do a presentation on our capital and cash flows to City analysts." It is believed Breedon will identify how much free capital L&G has this week, rather than make a firm commitment to either the am...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
