Legal & General, the insurer, spent the first quarter investing in the UK's housing and public infrastructure assets at the rate of £100 million a week, its chief executive said this morning, as he unveiled a 21% jump in the group's cash generation.

The insurance group's net cash, defined as earnings before dividends and reinvestment, rose to £301 million in the first three months of 2014, which the firm said was a record increase.