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Legal & General net cash rises, helped by bulk annuity sales

Published 04/11/2014, 07:21
Updated 04/11/2014, 07:31
© Reuters The logo of Legal & General insurance company is seen at their office in central London
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LONDON (Reuters) - British life insurance and pensions group Legal & General (L:LGEN) saw a rise in net cash generation in the first nine months of 2014, helped by sales of bulk annuities.

Net cash generation was up 12 percent to 827 million pounds, compared with 740 million pounds a year earlier, the firm said in a trading statement on Tuesday.

Assets under management rose 14 percent from a year ago to 676 billion pounds.

© Reuters. The logo of Legal & General insurance company is seen at their office in central London

"Our immediate pipeline gives us high confidence in writing around 8 billion pounds in total annuity transactions for the full year, double our total annuity premium for 2013," L&G said.

(Reporting by Carolyn Cohn; editing by Clare Hutchison)

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