LONDON, Nov 5 (Reuters) - British insurance group Legal &General saw higher than expected sales as it continuedto build a set of bolt on acquisitions into its structure.
In a trading statement on Tuesday, L&G said total worldwidenew business on an APE basis was 1.838 billion pounds, comparedwith 1.817 billion pounds forecast by analysts polled by thecompany.
Net inflows to its investment managament division were 3.1billion pounds over the quarter, brining the unit's assets undermanagement to 443 billion pounds, L&G said.
"All divisions contributed to our broad-based growth. We areexecuting well and at pace. Four acquisitions have beensuccessfully completed and net cash is up 20 percent," ChiefExecutive Nigel Wilson 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.
New business strain of 40 mllion pounds placed less of aburden than expected by analysts on operational cash generation.Net cash generation was up by a fifth to 740 million pounds, L&Gsaid.