Nomura has kept its buy rating and 180p target price on insurer Legal & General, saying that its valuation remains "compelling".The firm reported on Wednesday that net cash earnings grew by 14% to £427m, driven by its 'capital light' operations with 30% growth in investment management and a 53% improvement in its savings division.The broker highlights this strong growth as being able to facilitate a 25% hike in the interim dividend."L&G's valuation remains compelling, trading on an IFRS [price-to-earnings ratio] of 8x compared with the sector on 10x and with strong earnings and dividend growth prospects, in our view," Nomura said.Nevertheless, shares fell 4.47% lower to 104.80p at 16:25.BC