Nigel Wilson 18 th January 2017 Berenberg Demographics Conference
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1 Nigel Wilson 18 th January 2017 Berenberg Demographics Conference
2 Our vision and equity narrative
3 Macro and demographic customer trends
4 Money, money everywhere, nor any drop to drink
5 What are the right growth assets in a world of zeros? Analogue Economy Paper Money % change Downside Digital Economy Digital Money % change Economic growth Productivity Nominal interest rates Real interest rates Inflation Wages - Normal - Hyper - Nominal - Real - Hyper Currency
6 UK ageing population: older people should be encouraged to work longer 35,000,000 30,000,000 UK population rise for ages 65+ and ,000,000 20,000,000 15,000,000 10,000,000 5,000,
7 Years Why are we not accurately predicting key trends? Increase in Life Expectancy at Age ?
8 Legal & General s increasing role in an ageing society Working age Retirement Saving and insurance Income for retirement Housing wealth
9 Pensioner poverty has declined but where next?
10 Pensioner incomes have grown faster than working age incomes since 2002
11 Who pays for pensions? Can we deliver tremendous growth in GDP that is required to pay for pensions? Government Pension Liability 1,
12 Beveridge 2.0 does not exist. We have no solution to Long Term Care, Healthcare & Welfare
13 Personal balance sheet at retirement: more people are half millionaires ASSETS ( 000) Housing equity 190 State pension, 155pw index-linked 200 Pension savings, DB 50k, DC 30k 80 Lifetime value of bus pass, rail card, TV Licence, winter fuel, Xmas bonus, prescriptions Savings 20 TOTAL c
14 Typical cost of retirement 13, Basic cost of living in Current state retirement Current UK life retirement per annum 1 age (male) expectancy years Post retirement life expectancy 250, ,000 Cost of care Basic cost of retirement 3 367,000 Typical cost of retirement
15 DC pensions: structural solution but where are the real assets? UK Corporate DC savings industry projections US DC AUM LGIM UK DC AUM 50bn 24bn H1 2016
16 Are we providing enough access to investment for our customers? Technology: the second machine age, issues for investors Globally Digital supers Apple ($615bn), Alibaba ($264bn) UK Universities Seven of top thirty globally Student start-up Adult scale-up 2 nd stage acquirer YouTube, WhatsApp Student start-up Adult scale-up Acquired Low growth, non-digital industries Europe lacks digital supers Address VC Ecosystem Connect capital and champions with start-ups
17 Shortage of long term patient capital is an issue Equity is currently underused in the UK L&G response: Encourage long terms investing / Stop quarterly reporting
18 The UK VC market is too small? Investment opportunity: growing start-ups into scale-ups 30 Startups (<2yrs old) as a proportion of all firms 8 % of startups growing to 10+ employees in 3 yrs FRA UK LUX NLD AUT USA SWE CAN BEL NOR ITA FIN 0 NOR LUX BEL USA CAN SWE FIN FRA AUT ITA NLD UK L&G response: JV with Woodford Investment management and British Business Bank Investment in Oxford and Cambridge
19 m Lifetime Mortgage market is growing fast and could grow faster Lifetime Mortgage Market Forecast 6,000 5,000 4,000 L&G response: Entered LTM market in m 3,000 2,000 1, m F
20 Later life lending: drivers for growth L&G response: Signed agreements with number of banks
21 Negative equity a remote risk for low LTV Lifetime mortgages Typical Lifetime mortgage: 28% LTV for 70 year old and 3.99% fixed for life interest 1,300 1,200 1,100 1, House Value: 4% inflation House Value: 2% deflation Loan amount
22 Shortage of suitable retirement housing in the mid-market Particularly stark shortage of purpose built accommodation for mid-wealthy older people falling outside state-funded support L&G response: Largest precision built modular housing factory in the world
23 Moving from Monetary Methadone to Supercharging infrastructure
24 Long term direct investments
25 Transparent, positive, constructive collaboration between all interested parties holistic not political solutions
26 Legal & General: a winning proposition
27 Consistently delivering strong results EPS (p) 11% CAGR FY11-15 Net cash generation ( m) 10% CAGR FY FY16* ,002 1,104 1,256 FY16* 1, H H DPS (p) 20% CAGR FY Return on equity (%) H H1 2016
28 Nigel Wilson 18 th January 2017 LEGAL & GENERAL GROUP PLC HALF-YEAR RESULTS AUGUST 2016
Operating profit ( m) Strategy has delivered consistently strong results for shareholders. Dividend per share p p 14.35p p. 9.
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Although unemployment is low, and vacancies high, real wage growth is lower than expected and productivity growth is poor
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