Reinsurance Arbitration

Legal & General Group PLC
21 November 2003

                                                   Stock Exchange/ Press Release

                                                                21 November 2003

                           Legal & General Group Plc

                            Reinsurance Arbitration

The Board of Legal & General Group Plc announces today the result of the
arbitration proceedings involving Legal & General Assurance Society and Munich
Reinsurance Company in respect of a reinsurance treaty. The arbitration panel
has now announced that it has found in favour of Legal & General Assurance
Society and that the reinsurance treaty is valid.


Enquiries to:

Media:

John Morgan, Head of Public Relations              020 7528 6213

Anthony Carlisle, Citigate Dewe Rogerson           07973 611888


Investors:

Peter Horsman, Head of Investor Relations          020 7528 6362



Notes to Editors:

 1. The arbitration arose from a decision by Munich Reinsurance Company to seek
    to avoid or rectify its reinsurance of a substantial tranche of the
    Society's individual term assurance on the basis of a mistake made by Munich
    Re in its pricing.
 2. Legal & General Assurance Society Limited's results for 2002 were drawn up on
    the basis that the disputed reinsurance arrangements were valid.
    Accordingly, the panel's decision to uphold the treaty means there will be
    no financial impact on the previously stated results.



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