Legal and General on target for full year

City A.M. Reporter
Life insurer Legal and General said it was set to beat its cash generation target for the full year, helped by a cost cuts and buoyant sales over the first nine months.

L&G generated £526m of cash in the nine months to 30 September, the company said on Tuesday, putting it on course to exceed its £600m target for the year as a whole.

L&G, Britain's fourth-biggest life insurer by market value, also confirmed that its worldwide sales for the first nine months of the year were up 27 per cent at £1.347bn.

The company published the bulk of its sales figures for the third quarter on 22 October, two weeks earlier than scheduled, after an analyst mistakenly released details of the company's financial position.