LONDON, Aug 6 (Reuters) - British insurer Legal & General has posted a 13 percent increase in pre tax profitsdriven by revenue growth across its businesses and a doubling ofthe rate of new money flowing into its investment managementbusiness.
Net flows into Legal & General Investment Managementincreased 100 percent to 8 billion pounds, the group said onTuesday in a trading statent for the half year.
Operational cash generation increased 14 percent to 537million pounds, the group said.
The insurer has pursued a strategy of bolt on acquisitions,the most recent of which was the 151 million pounds purchase ofannuity firm Lucida with 1.4 billion pounds of assets on itsbooks.
Earlier in the year L&G bought out investment fundssupermarket Cofunds and a 46.5 percent stake in housebuilderCala Group.
"We are successfully evolving our strategy from a postfinancial crisis focus on cash, to one based on cash plus growthplus selective acquisitions," Chief Executive Nigel Wilson said.
International assets under management are up by more than afifth to 52 billion pounds, the company said.
Profit before tax rose 13 percent to 592 million pounds overthe six months period, from 523 million pounds a year earlierwhile earnings per share, also up 13 percent, was 7.82 pence.