StockMarketWire.com - Insurance company Legal & General said its business had performed broadly in line with the prior year during the first quarter.

Legal & General also said it planned a corporate debt issuance 'to capitalise on new business opportunities'.

Annuity sales at the company's retail retirement business in the three months through March rose 4% on-year to £223.1m. Lifetime mortgage advances fell 8% to £206.8m.

The company's investment management business achieved external net flows of £10.6bn, with revenue up 10% to £226.4m.

Gross written premiums in the insurance business rose 4% to £697.2m.

Legal & General said it would confirm the amount of debt raised from a planned pound-denominated tier-two subordinated debt issuance once it had been settled.

'Given the robust new business activity year to date and the strong pipeline, we wish to capitalise on favourable debt market conditions to provide optionality for further new business activity over the remainder of the year and into 2021,' it said.

Chief executive Nigel Wilson said: "Our business remains robust and is performing broadly in line with the prior year despite tremendous volatility and disruption.'


At 10:02am: [LON:LGEN] Legal General Group PLC share price was -5.42p at 186.23p



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