While commonly known as Legal & General, this British multinational financial services company is fully known as Legal & General Group Plc. With its headquarters in London, the primary products that Legal & General offers include investments, pensions, general insurance, and life insurance. The company has operations in the United States, the Netherlands, India, the Gulf, Germany, France, Egypt, and the United Kingdom.
The original foundation of Legal & General started in a coffee shop on Chancery Lane in June 1836. Because the society was restricted to those in the legal profession, it carried the name the New Law Life Assurance Society. In order to show that others had policies available to them as well, the company changed its name to the Legal & General Life Assurance Society.
As the company continued to expand throughout the UK, it also began to purchase overseas life assurance companies. The company expanded into the United States in the 1930s and into Australia in 1956. In the 1970s, the company changed its name to Legal & General Group plc.
With all of their different operations, Legal & General employs around 9,000 people. These all work for Legal & General to ensure that clients are able to plan their financial future and have no worries about possible insurance claims. Legal & General was responsible for managing £709 billion in assets by the end of 2014. They also paid out around £3 billion in worldwide insurance premiums in that year.
Even though few people remember, back in 1999 Legal & General would sponsor the ITV Network's Regional Weather Forecasts. Legal & General also had plans to create the first 'bancassurance' company in the UK by merging with National Westminster Bank, but the merger deal collapsed when the Royal Bank of Scotland swooped in and took the National Westminster first. Interestingly enough, the athletic and social committee for Legal & General still use the image of the Temple Bar. The new umbrella logo was not universally adopted until 1984.
In the UK, Legal & General is among the largest insurers. Worldwide, the company has more than 10 million customers. The company was founded in London in 1836, and it has existed for over 175 years. This shows that Legal & General will hold their own in any economic climate. This should provide confidence to those who are looking for a new insurance company.