Expansion drive sends sales at insurer Legal & General soaring

City A.M. Reporter
INSURANCE group Legal & General saw higher than expected quarterly sales as it continued to build a set of bolt on acquisitions into its structure.

In a trading statement yesterday, L&G said total worldwide new business on an APE basis was £1.838bn, compared with £1.817bn forecast by analysts polled by the company.

Net inflows to its investment management division were £3.1bn over the quarter, bringing the unit's assets under management to £443bn, L&G said.

“All divisions contributed to our broad-based growth. We are executing well and at pace. Four acquisitions have been successfully completed and net cash is up 20 per cent,” chief executive Nigel Wilson said.

The insurer has pursued a strategy of bolt on acquisitions, the most recent of which was the £151m purchase of annuity firm Lucida with £1.4bn of assets on its books.

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