Legal & General Group PLC (LSE:LGEN) has announced the completion of a £200 million share buyback scheme under overhaul plans by new chief executive António Simões.
Some 88,835,417 shares were repurchased at an average price of 225.14p each as part of the programme, which was unveiled in June, the FTSE 100 insurer said Monday.
This left Legal & General with 5,895,311,386 ordinary shares in issue, of which 2,419,401 were pending cancellation.
Simões, who took the helm in January, had laid out the buyback as part of wider plans to overhaul the business to refocus on core operations.
This included the £1.35 billion disposal of housebuilder Cala and merging of its investment management and capital division, which Simões said would create a “simpler, better-connected L&G”.