Legal & General new business grows 34%

Legal & General is reporting a 34% increase in new business in its first quarter.

The insurance group says much of the growth, particularly in the UK, comes from its major strategic alliances with Barclays, Northern Rock and Alliance & Leicester.

UK new business grew by 54%, while sales of Isas and unit trusts rose by 77%.

The company says 19% of Isa sales at its Direct operation, in which it deals directly with customers rather than through financial advisers, came through the internet.