Legal & General announces debt issuance

With the bulk annuity market continuing to grow, L&G expects to launch an £11.5bn bond "shortly". L&G transacted £8.5bn in bulk annuity deals in the year ended 31 October and said it was in exclusive negotiations on a further £3bn that it expected to complete before year-end.

L&G had already struck a £4.6bn bulk annuity deal with Rolls-Royce UK's pension fund in June.

Elsewhere, L&G's retail and retirement business achieved individual annuity sales of £829m, up 34% year-on-year, while LGIM, the group's investment management arm, achieved external net flows of £83bn.

Chief executive Nigel Wilson said: "Our business continues to go from strength to strength. Our year-to-date operating performance across all five of our divisions is good reflecting the strong execution of our stated strategy.

"We remain disciplined in our deployment of capital, and our balance sheet and net cash flow are strong. We are taking advantage of favourable market conditions to raise debt and remain confident in Legal & General's ability to grow sustainable profits over the long-term."

As of 1040 GMT, Legal & General shares had inched ahead 0.39% to 281.80p.