Legal & General 10-Month AuM Rose; Plans Debt Issue

   By Adria Calatayud

Legal & General Group PLC (LGEN.LN) said Tuesday that assets under management rose to 1.2 trillion pounds ($1.554 trillion) in the first ten months of 2019, and that it plans to issue new debt shortly.

The U.K. financial-services group's solvency capital ratio--a measure of balance-sheet strength--is expected to be in a range 171% and 176% at the end of 2019 compared with 171% at the end of the first half.

Legal & General Investment Management increased assets under management by around GBP200 billion to GBP1.2 trillion as of Oct. 31, the company said.

The company said its Institutional Retirement business transacted GBP8.5 billion of pension risk transfer to Oct. 31. Its retail retirement business has achieved individual annuity sales of GBP829 million to the end of October, up 34% on year.

FTSE 100-listed Legal & General said it aims to take advantage of current favorable market conditions through a debt issue. The company will confirm the amount of debt raised after the issue has settled, it said.

Shares at 0851 GMT were up 1.1% at 283.90 pence.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

November 19, 2019 04:11 ET (09:11 GMT)

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