Legal & General starts the next £600 million of its share buyback

Legal & General ($LGEN) began the second tranche of its previously announced £1.2 billion share-repurchase program. The new phase authorizes spending of up to £600 million and follows completion of the first tranche. Repurchased shares will be canceled, reducing the company’s outstanding share capital rather than being retained for future employee awards or other uses.

J.P. Morgan Securities will execute purchases independently under a non-discretionary agreement and preset parameters. The tranche is expected to finish no later than March 22, 2027. This is the start of the remaining portion of an existing authorization, not an additional £600 million on top of the £1.2 billion total. Actual purchases remain subject to the program’s terms and shareholder authority.

Sources:

• Legal & General — commencement announcement