Legal & General at FTSE's bottom after RBC cuts rating, target price
** Shares of British life insurer Legal & General LGEN.L fall 1.8% to 226.3 pence
** Stock is top percentage loser in the benchmark FTSE 100 index .FTSE
** RBC cuts rating to "sector perform" from "outperform" following LGEN's June strategy update, and recent emergence of "disruptive forces" in the UK bulk purchase annuity/pension risk transfer market
** In June, LGEN said it was planning a 200 mln pound ($260.12 mln) share buyback and a merger of its investment units
** The Bank of England last week said it would increase scrutiny of risks such as bulk purchase annuities, or insurers taking over company defined benefit pension schemes, a growth area in the sector.
** Brokerage also reduces target price to 245p from 295p
** Says it expects LGEN to deliver earnings growth within
its target range, but sees limited scope for beats, in particular in FY24
** Stock down nearly 10% this year, including session losses
$1 = 0.7689 pounds)
Reporting by Shanima A in Bengaluru
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