L&G to end quarterly reporting

Fund manager and insurer Legal & General has said it will no longer provide quarterly reporting, as it believes that this is in the long-term interests of its shareholders and customers.

In a statement, the board of L&G said: “The decision will enhance its communications with investors and other stakeholders, as it will allow the company to better articulate Legal & General’s business strategies and the long-term dynamics of its markets, through timely and frequent updates, rather than quarterly reporting figures.” The decision comes after Legal & General Investment Management (LGIM) wrote to all FTSE 350 boards last June, to outline its support for regulatory changes that removed the mandatory requirement to disclose financial reporting on a quarterly basis. L&G group chief executive, Nigel Wilson, said: “The future success of the UK economy is dependent on companies and shareholders making the correct long-term business decisions. Legal & General believes making this change will help management and the board make the right long-term decisions in the interests of our stakeholders.”