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* To raise full-year dividend 20 pct to 9.3 per share
* Ups direct investment portfolio in yr to 2.9 bln stg
By Chris Vellacott
LONDON, March 5 (Reuters) - British life insurance andpensions provider Legal & General Group Plc hopes tomaintain the momentum of acquisitions and direct investments ininfrastructure set in 2013 through the coming year, itsmanagement said.
Speaking after the group unveiled a 16 percent increase innet cash generation for 2013, Chief Executive Nigel Wilson saidhe is seeking to buy an annuity business in the United States,having already acquired an investment firm.
Last month L&G said it had bought Global Index Advisors, anAtlanta-based investment firm running $15.6 billion in assets.
"We would like to be bigger in America ... We've beenlooking at annuity acquisitions in the States. That's an area offocus," he said on a conference call, stressing any deals wouldbe modestly sized "bolt-ons".
L&G has a strategic focus on series of global trends, suchas ageing populations, countries scaling back welfare provisionand the retrenchment of banks since the financial crisis.
It is an enthusiastic investor in British infrastructure,focusing on areas such as transport, energy, housing andhospitals, since such assets offer steady, inflation-linkedreturns from road tolls and rents, matching long termliabilities to retirees.
The group increased its direct investment portfolio duringthe year to 2.9 billion pounds from 1.4 billion, adding afurther 300 million since the start of 2014. Wilson said heexpected to announce further investments across the UK duringthe year.
The group also announced a one-fifth hike in its full-yeardividend to 9.3 pence per share, a move welcomed by analysts atbrokerage Bernstein Research, though they noted the 7 percentrise in L&G's operating earnings was short of expectations.
L&G shares were trading more than 2 percent lower by 0840GMT.
"This is a good set of results although operating profitsmissed consensus, driven by lower earnings from protection(insurance) and auto enrolment," Bernstein said.
