Stand Firm in Power & Pride
For centuries, Black labour, creativity, and resilience have powered Britain’s economy. From seafarers in Cardiff’s Tiger Bay, to Windrush nurses in Solihull, to the Caribbean migrants in Hove building their own mutual aid societies, to Black pioneers breaking barriers in London’s financial heart, these communities carried industries, sustained growth, and challenged injustice.
Yet their contributions were too often met with exclusion. London’s banks and insurers profited directly from the transatlantic slave trade and later compensated slave owners, not the enslaved, after abolition in 1833. In the 20th century, Black workers were recruited into Britain’s industries but confined to its hardest jobs. In insurance, pensions, and housing, systemic barriers meant Black families were locked out, forcing them to build protective systems of their own pardner schemes, burial societies, and credit unions long before the mainstream offered fairness.
Legal & General’s story today intersects with these histories. As one of the UK’s largest investors, with more than £1.3 trillion in assets, L&G has the power to deploy capital not only for returns, but for social value. This matters because capital is not neutral. Where it flows can widen or close inequalities, build or exclude communities.
Regeneration & Housing
The housing injustices faced by Black families — from Cardiff’s dockside clearances to exclusion from mortgages echo into the present housing crisis. L&G has committed billions to affordable housing, with projects such as a £120 million partnership with Greater Manchester Pension Fund to build 750 homes at reduced rents or shared ownership. Through its Legal & General Affordable Homes arm, the firm has become a Registered Provider, working to increase Britain’s affordable housing stock by 20%. These investments help reduce structural injustice by addressing affordability and access, and by regenerating underserved areas into vibrant, inclusive communities.
Insurance & Protection
For generations, Black families in Britain were denied life insurance or forced to pay inflated premiums. Mutual aid societies and community credit unions filled that gap. Today, L&G’s retail arm has launched a DEI-oriented Group Income Protection framework, ensuring benefits are equitable and accessible to all employees, particularly those facing systemic health and income inequalities. They’ve also modernised claims processes with online submissions and simpler support, addressing barriers that historically locked marginalised groups out of protection.
Pensions & Investment Power
Pensions are not just about retirement — they are one of the biggest levers for justice. The same pools of money that pay tomorrow’s pensions also build today’s infrastructure. L&G offers retirement savers access to impact and emerging markets debt strategies, linking financial security with projects that generate positive outcomes. By pushing for diversity on trustee boards and in senior finance roles, and by voting against companies without ethnic diversity on their boards, L&G also uses its stewardship power to challenge systemic exclusion in the companies it invests in.
Health & Social Equity
Injustices in work and housing are mirrored in health. Marginalised communities in the UK suffer disproportionate health inequalities. To address this, L&G launched a £3 million Health Equity Fund with UCL’s Institute of Health Equity, supporting charities and community groups tackling health disparities in local contexts. These targeted, place-based initiatives link financial capital directly to improved health outcomes, addressing structural inequalities at their root.
Diversity & Inclusion Within
L&G has also turned inward. With internal networks, reverse mentoring programmes, and a Group Board Diversity & Inclusion Policy, the company is committed to ensuring 17% of its senior roles are held by ethnic minorities by 2027. These measures are not cosmetic. They acknowledge that institutions must look like the societies they serve if they are to reduce injustice, build trust, and remain relevant.
Why It Matters
Finance, insurance, pensions, and protection are not abstract. They shape lives. They can reinforce inequalities or dismantle them. By consciously embedding inclusion into investment, Legal & General signals that the injustices of the past are not forgotten and that the capital of today can help build a more equitable tomorrow.
Legal & General believes in a future where power is shared and pride is visible. That’s why we:
Invest in underrepresented founders and communities
Support employee networks and mentorship initiatives
Prioritise inclusive recruitment and career progression
Commit to driving diversity across finance, law, and tech