Legal and General Group PLC: 1H26 Results Preview: expecting operating EPS growth close to guidance

Research evidence excerpt

Legal and General Group PLC: 1H26 Results Preview: expecting operating EPS growth close to guidance

C A Z E N O V E Europe Equity Research

17 July 2026

Legal and General Group PLC Neutral

LGEN.L, LGEN LN

1H26 Results Preview: expecting operating EPS growth Price (16 Jul 26):296p

close to guidance Price Target (Dec-27):285p

Ahead of L&G’s 1H26 results on 5 August 2026, we are updating our financial European Insurance

ACmodel and have set out below (in Figure 2Legal&General-sumaryofkeyestimatesfor1H26E) our estimates for key items in the 1H26 Farooq Hanif

results. We highlight key updates to our estimates ahead of this event in Figure 1Legal (44 207) 742-8091

&General-sumaryofchangestoourestimates. We are raising our EPS estimates slightly for 2026E, but lowering them by ~1.5%- farooq.hanif@jpmorgan.com

4.5% over 2027E-28E. After making our changes, L&G trades at >11x 2027E P/E. Bingdi Fan, CFA

As we set out below, we expect operating EPS growth in 1H26E to be close to full (44-20) 7742-5336

year guidance (upper end of 6%-9% strategic plan range), and we expect consensus bingdi.fan@jpmorgan.com

to be close to this level. Hence, we do not expect results to be a major catalyst for Kamran M Hossain

the shares. (44-20) 3493-3780

kamran.hossain@jpmorgan.com

• Our higher operating profit estimate for 2026E reflects a slightly higher Nadia Claressa

insurance service result in Institutional Retirement than our previous forecast (44-20) 7134-7613

(a higher risk adjustment release) and higher asset management earnings due nadia.claressa@jpmorgan.com

J.P. Morgan Securities plc

to market movements. This is partially offset by an assumed lower investment

margin in the life businesses based on lower underlying margins before asset Specialist Sales contact details: