Legal & General has secured planning permission for around 6,000 homes through its later living, build to rent, modular housing and build to sell businesses.

The firm has invested £1.5bn in levelling up towns and cities across the UK since March 2020.

In addition, it has backed the creation of thousands of new affordable homes through long-term debt financing and its affordable housing arm.

Legal & General paid over £42m of COVID-19 UK life insurance claims since March

As a direct result, this investment has contributed to the creation of 30,000 jobs, according to Legal & General.

It has supported the development of an estimated two million sq ft of assets.

Nigel Wilson, chief executive of Legal & General, said: “With UK unemployment likely to rise significantly over the next 12 months, it’s essential that financial institutions continue to invest in the real economy, recycling pensions funds and savings into projects that help to create jobs, housing and vital infrastructure.

“As a group, Legal & General is committed to supporting productive finance initiatives, in turn fast-tracking the UK’s economic recovery and providing positive, long-term outcomes for our investors.

“Through our group-wide commitment to inclusive capitalism, we are looking at how investment capital can not only create stable, long-term returns for our customers, but also to help to re-build regional economies in the wake of COVID-19 and limit the impacts of climate change.

“Our triangle of strategic challenges – climate, ageing and infrastructure – have all taken on a new urgency.

“We need to build back better, decarbonising our economies, creating a new intergenerational contract and sharing the benefits of a sustainable economy more fairly.”