Insurer and asset manager Legal & General Group (LSE: LGEN) is heading the FTSE 100 leaderboard this morning (4 December), and that’s not something I’ve seen in a while.

Its shares are up 3.9% as I write, which is good news for me because I’ve got a big stake in the insurer and asset manager. Sadly, the L&G share price is still down 2.02% over 12 months, in what’s been a bumpy year for FTSE 100 financials

This morning’s bounce follows an upbeat release accompanying what the board calls “the first in a series of deep dives on its three divisions”. Today, it’s exploring its Institutional Retirement operation.

Can this FTSE 100 income stock stage a recovery?

Legal & General is making good progress in delivering on the strategy set out at its Capital Markets Event in June, as it’s “on track to deliver mid-single-digit growth in operating profit for FY24 (in line with guidance)”.

Thereafter, it’s set to deliver a 6% to 9% compound annual growth rate (CAGR) in core operating earnings per share from 2024 to 2027. It also anticipates an operating return on equity of greater than 20% from 2025 to 2027.

The board also expects cumulative Solvency II capital generation of between £5bn and 6bn over the same period. Which sounds promising.

I bought Legal & General in April, July and August last year, as it looked dirt cheap trading at around seven time earnings while yielding more than 7%. My shares were moving along happily then dipped after a disappointing half-year report on 7 August. This showed profits after tax down 40.8% to £223m.

The shares were also hit by fading hopes of a sharp drop in interest rates. This would have hit the return on less risky income-generating asset classes such as cash and bonds.

I still love my Legal & General shares. Investing is cyclical. My reinvested dividends will buy me more L&G shares at today’s lower price. With dividends reinvested, my total return is 15% and it’s still early days.

The board’s “deep dive” confirmed that Legal & General has a big growth opportunity in the global Pension Risk Transfer (PRT) market. Also known as bulk annuities, this is where companies devolve pension scheme risks to insurers.

I’m expecting dividends and growth over time

The board said its pipeline of PRT deals “is as strong as it has ever been”, and reiterated the division’s target operating profit CAGR of 5% to 7% for the five years from 2023. It’s written £10bn of global PRT year to date, mostly in the UK but with rising volumes both in the US and Canada.

As a result it plans to return more capital to shareholders, and will set out a potential share buyback in March. This will be “incremental to the capital return intentions indicated” in June. That also sounds promising.

This morning’s share price jump may fade. Investors are wary about 2025, as they await US President-elect Donald Trump’s mooted tariffs. So I’m not expecting the Legal & General share price to suddenly go gangbusters.

However, I now feel even more confident about its yield, currently an irresistible 8.78%. I’ll treat any share price growth as icing on the cake. It will come, given time. With the income I’m getting, I can afford to be patient.