- Life insurer Legal & General said it would issue debt to capitalize on favourable bond market conditions, amid a rise in premium revenue.

The company said its insurance business had achieved a 4% on-year rise in gross written premiums in the five months through May to £1.24bn.

Its investment management business, meanwhile, had grown its assets under management to £1.23tn, having notched external net flows of £11.2bn to the end of May.

'Legal & General's solvency position is robust and our operational performance is resilient, supported by a strong new business pipeline,' the company said.

'Our asset portfolio continues to perform well in absolute and relative terms, in light of the economic impact of Covid-19.'

Legal & General said its £76.9bn annuity portfolio continued to outperform markets on downgrades and defaults 'due to thoughtful asset allocation and active asset management'.

It said it had limited exposure to airlines, hotel, leisure and traditional retail, which together represented less than 2% of its portfolio.

Legal & General said 0.65% of its traded credit portfolio had been downgraded to sub-investment grade.

At 1:28pm: [LON:LGEN] Legal General Group PLC share price was +9.9p at 238.8p

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