1. COMPANY PROFILE
INSURANCEDECEMBER 16, 2013
Table of Contents:
COMPANY OVERVIEW 1
FINANCIAL HIGHLIGHTS
(AS REPORTED) 2
BUSINESS ACTIVITIES 2
DISTRIBUTION CHANNELS 4
ORGANISATIONAL STRUCTURE AND
OWNERSHIP 5
MANAGEMENT INFORMATION 5
COMPANY HISTORY 6
PEER GROUP 6
SUBSIDIARIES RATED BY MOODY’S 6
WEBSITE 6
MOODY’S RELATED RESEARCH 6
Analyst Contacts:
LONDON +44.20.7772.5454
Antonello Aquino +44.20.7772.1582
Senior Vice President
antonello.aquino@moodys.com
Dominic Simpson +44.20.7772.1647
Vice President - Senior Credit Officer
dominic.simpson@moodys.com
Joao Mayo +44.20.7772.1608
Associate Analyst
joao.mayo@moodys.com
Simon Harris +44.20.7772.1576
Managing Director - Financial Institutions
simon.harris@moodys.com
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as reported, publicly available information.
The information is not adjusted for Moody’s
analytic purposes. For Moody’s Ratings,
Opinion and Analytics on this company
please [Click here]. To access the latest
Moody's Credit Opinion on this company,
please [Click here].
Legal&GeneralGroupPlc
London, United Kingdom
Company Overview
Legal and General Group Plc (L&G) is a listed UK life insurer and asset manager. L&G
provides risk, savings and investment management products in the UK, complemented by
smaller operations in UK general insurance and overseas life business. The primary
operating company of L&G is the wholly owned subsidiary Legal & General Assurance
Society Limited (LGAS). LGAS, which mainly offers UK life and protection policies,
serves approximately 6 million individual and 7,000 corporate customers, as of 30 June
2013.
The group’s major investment management services are supplied by the wholly owned
L&G subsidiary Legal & General Investment Management Limited (LGIM). As of 30
June 2013, LGIM, which manages assets on behalf of LGAS and external clients, reported
total assets under management of £433.0 billion, of which approximately 81% originated
from external clients. The group’s personal non-life insurance products are provided by
Legal & General Insurance Ltd. L&G operates in the UK, the US, Europe (including the
Netherlands and France), the Middle East and Asia.
In the financial year ended 31 December 2012, L&G reported total revenue of £35.0
billion and net income of £798 million. As of 31 December 2012, the group posted total
assets of £346.3 billion and shareholders’ equity of £5.5 billion.
Established in 1836, LGAS has provided pension products since the early 1900s. L&G was
formed in the 1970s.
Source: Company Reports (annual report Dec 2012, interim report June 2013, results presentation June 2013),
Company data

2. INSURANCE
2 DECEMBER 16, 2013 COMPANY PROFILE: LEGAL & GENERAL GROUP PLC
Financial Highlights (as Reported)
Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s
analytic purposes. For Moody’s generated ratios on Legal & General Group Plc, please see <Legal & General
Group Plc page on moodys.com>.
EXHIBIT 1
Latest Full-Year Results
Legal & General Group Plc 1
(in £ Million) 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08
Gross Written Premiums 5,668 5,719 5,348 5,275 5,895
Total Revenues 34,970 18,317 38,440 43,790 (31,644)
Net Income 798 721 820 844 (1,130)
Total Assets 346,301 326,499 323,648 297,044 256,727
Total Debt 2
3,365 3,250 3,332 3,277 3,971
Total Liabilities 340,821 321,377 318,920 292,846 252,995
Shareholders’ Equity 3
5,480 5,122 4,728 4,198 3,732
Regulatory (Insurance Group Directive) Capital
Surplus (£ billion)
4.1 3.8 3.7 3.1 1.8
Notes: 1) Information based on IFRS financial statements for Legal & General Group Plc
2) "Total Debt" is calculated by adding "Subordinated Borrowings" and "Senior Borrowings"
3) Shareholder’s Equity includes Minority Interests
Source: Company Reports (annual report Dec 2012, Dec 2011, Dec 2010 and Dec 2009)
Business Activities
L&G provides risk, savings and investment management products. Following changes to its reporting
structure in the first half-year ended 30 June 2013 (H1 June 2013), the group now operates through
the following five business segments: LGIM (Investment Management); LGAS (Savings and
Protection); LGR (Annuities); LGA (US Protection); and L&G Capital. In H1 June 2013, the largest
contributor to the group’s total net cash was the Savings and Protection segment (38.0%).
Legal & General Assurance Society (LGAS) - Savings and Protection: The Protection segment offers
individual and group protection and general insurance products. It also includes the businesses of
Legal & General France and Legal & General Netherlands and the group’s regulated mortgage
network. The Savings segment comprises non-profit pensions (including self-invested personal
pensions), non-profit investment bonds, retail unit trusts, individual savings accounts (ISAs) and the
retail platform businesses. In H1 June 2013, Savings and Protection accounted for 38.0% of the
group’s total net cash.
Legal & General Retirement (LGR) - Annuities: This segment offers individual and bulk purchase
annuities and longevity insurance products. In H1 June 2013, this segment accounted for 29.4% of
the group’s total net cash.
Legal & General Investment Management (LGIM) - Investment Management: This segment
provides fund management services to pension funds, retail funds, sovereign wealth clients,
institutional customers, and L&G subsidiaries, mainly through LGIM. In H1 June 2013, this segment
accounted for 21.2% of the group’s total net cash.

3. INSURANCE
3 DECEMBER 16, 2013 COMPANY PROFILE: LEGAL & GENERAL GROUP PLC
Legal and General America (LGA) - US Protection: This segment comprises universal life and
individual protection contracts written by Legal & General America. In H1 June 2013, this segment
accounted for 8.6% of the group’s total net cash.
L&G Capital: This segment implements L&G’s investment strategy, and manages direct investments,
shareholders’ fund investments and the group’s debt and liquidity. The figures for L&G Capital below
also include Group Expenses. In H1 June 2013, this segment accounted for 2.8% of the group’s total
net cash.
Source: Company Reports (annual report Dec 2012, interim report June 2013, results presentation June 2013)
EXHIBIT 2
Business Segment
(% of Total Net Cash, consolidated, for H1 June 2013 - £500m)
Source: Company Report (interim report June 2013, Pg: 14)
EXHIBIT 3
Profit/(Loss) Before Tax per Business Segment
(in £ Million, consolidated)
Note: Comparable figures for H1 June 2011 are unavailable, due to changes in segment reporting in H1 June 2013
Source: Company Report (interim report June 2013, Pg: 65 & 66)
Investment Management
(LGIM)
21.2%
Savings and Protection
(LGAS)
38.0%
Annuities (LGR)
29.4%
US Protection (LGA)
8.6%
L&G Capital and Group
Expenses
2.8%
139
222
119
48
81
151
230
135
53
86
0
50
100
150
200
250
Annuities Savings and Protection Investment Management US Protection L&G Capital and Group
Expenses
H1 June 2012 H1 June 2013

4. INSURANCE
4 DECEMBER 16, 2013 COMPANY PROFILE: LEGAL & GENERAL GROUP PLC
Distribution Channels
L&G supplies its products and services through several distribution channels, including independent
financial advisers (IFAs), employee benefit consultants and bancassurance. The group also has
distribution arrangements with over 20 UK banks and building societies, including Nationwide
Building Society and Barclays.
In addition, L&G maintains single-tied agreements to sell individual annuities with several partners,
such as Zurich Financial Services and Saga.
The group also distributes its products and services by internet and telephone.
Source: Company Reports (annual report Dec 2012, interim report June 2013), Moody’s research
EXHIBIT 4
APE* by Channel, H1 June 2013
(in %, consolidated, £1,085m)
Note: * Annualised Premiums Equivalent
Source: Company Report (interim report June 2013, Pg: 113)
EXHIBIT 5
APE by Channel, H1 June 2012
(in %, consolidated, £889m)
Source: Company Report (interim report June 2013, Pg: 113)
Employee
Benefit
Consultants
44.9%
Retail IFA
40.6%
Bancassurance
9.6%
Direct
3.6%
Tied Agents
1.3%
Employee
Benefit
Consultants
31.2%
Retail IFA
38.8%
Bancassurance
24.1%
Direct
3.8%
Tied Agents
2.1%

5. INSURANCE
5 DECEMBER 16, 2013 COMPANY PROFILE: LEGAL & GENERAL GROUP PLC
Organisational Structure and Ownership
EXHIBIT 6
Organisational Chart as of September 2012
Source: Company Report (debt investor presentation Sep 2012)
Since July 1979, L&G has been listed on the London Stock Exchange, which is regulated by the
Financial Conduct Authority (Ticker: LGEN). As of 30 June 2013, the group had 5,915,445,369
shares outstanding.
Source: Company Report (interim report June 2013), London Stock Exchange, www.fca.org.uk
Management Information
Company Management Current Title
John Stewart Chairman
Dr. Nigel Wilson Group Chief Executive
Mark Gregory Group Chief Financial Officer
John Pollock Chief Executive Officer, LGAS
Mark Zinkula Chief Executive Officer, LGIM
As of 21 Oct 2013
Source: Company data
L&G Group Plc
L&G Assurance
Society Ltd.
L&G Retail
Investment
(Holdings)
L&G Middle East
Ltd.
L&G Investment
Management
L&G Overseas
Operations Ltd.
L&G Finance Plc
L&G Pensions Ltd.
L&G Insurance Ltd.
Nationwide Life
L&G International
(Holdings) Ltd.
Overseas in Egypt,
France, Germany
and Holland
Suffolk Life
UTM
L&G America Inc.
L&G International
(Ireland) Ltd.
Includes: Gulf and
India

6. INSURANCE
6 DECEMBER 16, 2013 COMPANY PROFILE: LEGAL & GENERAL GROUP PLC
Company History
L&G originated in 1836 as LGAS, an assurance society with unlimited liability and an initial
authorised capital of £1 million. LGAS has provided pension products since the early 1900s. L&G was
formed in the 1970s.
Source: Company data, Moody’s research
Peer Group
» Prudential Assurance Company Ltd
» Scottish Widows Plc
» Aviva Life & Pensions UK Limited
» Standard Life
Subsidiaries Rated by Moody’s
» Legal & General Assurance Society Limited
» Legal & General Insurance Limited
» Legal & General Finance Plc
Website
For additional information, please see the company's website: www.legalandgeneralgroup.com
MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your
convenience in locating related information and services. The websites reached through these Links or References have not
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Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or
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Moody’s Related Research
Industry Outlook:
» UK Life Insurance, March 2013 (151294)
Credit Opinion:
» Legal & General Assurance Society Ltd.
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of
this report and that more recent reports may be available. All research may not be available to all clients.

7. INSURANCE
7 DECEMBER 16, 2013 COMPANY PROFILE: LEGAL & GENERAL GROUP PLC
Report Number: 161814
Authors
Antonello Aquino
Joao Mayo
Production Associate
Prabhakaran Elumalai
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