Legal & General Group Plc, the fourth largest insurer in UK by market value, announced today that its sales were reported up by 2% in the first three months of the fiscal ended March 31, 2010. The insurer said that the growth in sales was mainly attributable to the recovery in its domestic market and an increase in the minimum retirement age that pushed up volumes across the sector. L&G also said that it expects its core U. K. risk and savings market should continue to improve this year.

L&G said that its total new business sales in the first three months of the year were reported of £388 million, increasing by around 2% while it was reported of £382 million in the same quarter last year. The sales figures in the first quarter beat the expectations of the market analysts as they were anticipating total sales of £368 million for the first quarter.

The insurer said that its Investment Management division continues to grow in the first quarter. The division reported total new business of £11.2 billion in the first quarter of the fiscal. L&G said that its Investment Management division had a record £330 billion of assets under management at the end of March 2010.

L&G also said that it is confident about the group's medium term growth prospects. The company said that it expects to deliver £600 million of cash in the full year 2010.