LEGAL & GENERAL ANNOUNCES RESULT OF AUDIT TENDER
Legal & General Group Plc ("Legal & General") today announced its intention to propose the appointment of KPMG as its external auditor for the financial year ending 31 December 2018.
The scheduled change follows a tender process carried out during 2016, as previously announced in the Group's 2015 Annual Report & Accounts. This process has ensured that Legal & General is in compliance with legislation and has taken into account FRC guidance on best practice, in particular ensuring the independence of potential audit firms.
A resolution to approve the appointment of KPMG will be put to shareholders at the Company's AGM in 2018. KPMG will observe the 2017 audit, to ensure an efficient transition.
A resolution to re-appoint the Company's current auditor, PricewaterhouseCoopers LLP (PwC), for the financial year ending 31 December 2017, will be put to shareholders at the Company's AGM in 2017.
Legal & General acknowledges the strong contribution PwC have delivered as the Company's auditors over its many years of service.
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For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Sujee Rajah Investor Relations Manager 020 3124 2047
Media:
Richard King Head of Group Corporate Communications 020 3124 2095
Notes to editors:
Legal & General Group Plc:
1. 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 £14.6bn (as at 8 December 2016) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders.
2. 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.
3. In 2015, Legal & General's operating profit (IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively. For H1 2016 Legal & General's adjusted operating profit was £822m, an increase of 10%, profit before tax attributable to equity holders was £826m, an increase of 23%, adjusted earnings per share were 11.20p for the period, an increase of 14%, and net cash generation of £727m, an increase of 16%.
4. PricewaterhouseCoopers LLP has been the Group's external auditor for a number of years. They were not invited to re-tender given their duration of tenure.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
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.
