Legal & General estimates higher assets under management at May-end

June 16 (Reuters) - British life insurer Legal & General on Tuesday estimated a rise in assets under management at its investment management arm and said it was planning to issue restricted tier 1 debt to capitalise on favourable market conditions.

The company said the unit, one of Britain’s biggest investors, had estimated assets under management of 1.23 trillion pounds ($1.56 trillion) at the end of May, compared with 1.14 trillion pounds at March-end.

The company expects shareholder solvency ratio at half year to be in the range of 162% to 167%, lower than the 174% it had reported at the start of the year to Feb. 28.

$1 = 0.7910 pounds Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva