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BUZZ-Legal & General: Credit Suisse starts with "underperform"

Reuters - UK Focus

** Insurer Legal & General's shares down 5.1 pct pct - among top losers on Stoxx 600 and FTSE 100

** Credit Suisse (IOB: 0QP5.IL - news) starts coverage with "underperform" rating

** "Solvency II new business capital requirements for annuity business are nearly double previous levels. L&G (LSE: LGEN.L - news) has limited options to organically diversify away from this space," Credit Suisse writes in a note

** Co reports FY Solvency II coverage ratio of 171 pct vs 176 pct last month

** Shares (Berlin: DI6.BE - news) down for second straight day

** Stock up 5.5 pct this year as of Wednesday's close

(Reuters Messanging: aniruddha.c.thomsonreuters.com@reuters.net)