Legal & General’s US Pension Risk Transfer Business Sees Continued Expansion in 2016, Nearing $900 Million in Total Volume, Expanding Team and Reach in US

Legal & General today announced highlights for its expanding US Pension Risk Transfer (‘PRT’) business. The London-based financial services giant has seen continued expansion of its pension risk transfer business since it entered the US market less than eighteen months ago, writing nearly $900 million in total volume spanning a diverse client base.

Legal & General Retirement America (“LGRA”) completed its first US transaction in October 2015, for approximately $450 million, with the US subsidiary of Royal Philips. In 2016, new business also totaled approximately $450 million with six additional clients, including the Diocese of Palm Beach, The Foundation Resolution Corporation and Honolulu Museum of Art.

Legal & General's entrance into the US PRT market is one that combines over thirty years of PRT expertise in the UK with its proven US investment capabilities. It has amassed a global annuity book of over $68 billion as of June 30, 2016, and guarantees annuity benefits to over one million annuitants.

Nigel Wilson, Group CEO, said, “We’re well on our way to surpass a milestone of over $1 billion in volume in less than two years, further emphasizing our view that the US market can benefit from our extensive background and decades of experience of being a global leader in pension de-risking.”

“We are very pleased with our initial successes in the US and see great opportunity over the next several decades. We will continue to invest heavily in our international expansion and intend to be a major player as we steadily grow our position in the US market,” added Kerrigan Procter, CEO of Legal & General Retirement ("LGR"), and recently appointed Group Executive Director of the Company.

The Company cites its ability to offer a range of transaction structures, expanding capabilities to price complex transactions, and service delivery platform as some of the primary drivers of its early success in the US.

“With our expanding role as a pension partner in the US, we’ve built a deeply experienced team that is dedicated to the PRT market. In addition to our Stamford, Connecticut-based business team, we also have been able to draw upon the tremendous capabilities within our other US entities for investments and administration. Our unique ability to bring a wealth of expertise and experience, combined with the nimbleness and innovation we bring as a young player in the US space has been extremely well received by the market”, commented George Palms, President, LGRA.

Kim Lisella Rosenberg, Head of Distribution and Retirement Solutions for LGRA, noted, “As we enter 2017, demand continues to build for insurers that are flexible and highly responsive to dynamic client needs. We fully intend to be on the forefront of this rapidly evolving market and continue to emphasize our highly collaborative approach with clients.”

Legal & General Group Plc

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 £xxbn (as at 20 February 2017) and is responsible for investing £841.5bn worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders. 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. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.

For more information on Legal & General, please see http://www.legalandgeneralgroup.com/

Legal & General America

For over 67 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and its subsidiary William Penn Life Insurance Company of New York. With more than $50 billion in new coverage issued in 2015, LGA is ranked in the Top Ten of U.S. Life Insurers and ended 2015 with in excess of $658bn of coverage in force with over 1.2 million U.S. customers. LGA shares Legal & General's independent financial strength ratings: A+ Superior from A. M. Best and AA- Very Strong from Standard and Poor's and Fitch.

For more information on Legal & General America, please see www.LGAmerica.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. Legal & General America retirement products are issued and administered by Banner Life Insurance Company located in Urbana, MD. Banner products are available in 49 states and the District of Columbia and are not available in New York. #17-019.

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