Legal & General estimates lower assets under management at March-end

April 24 (Reuters) - British life insurer Legal & General on Friday estimated a decline in total assets under management at its investment management arm at the end of March.

Total assets under management (AUM) are estimated to be 1.14 trillion pounds ($1.40 trillion) at the unit, one of Britain’s biggest investors.

The company said the unit saw external net flows of 10.6 billion pounds in the three months to March.

AUM stood at 1.2 trillion pounds, as at Dec. 31.

Shares of the company, which have fallen nearly 40% so far this year, were down more than 4% at 183.7 pence as of 0828 GMT. ($1 = 0.8125 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Sriraj Kalluvila)