Legal & General sells life policies to Swiss Re

07 December, 2017, 07:11 | Author: Regina Silva
  • Legal and General Chief Executive Nigel Wilson

Swiss Re has agreed to purchase 1.1 million life insurance policies from United Kingdom insurer Legal & General Group (L&G) for £650 million ($873.6 million).

The ReAssure arm of the Zurich-based group will take on around one million L&G retail customers with traditional pensions, savings and investment products.

It had assets of £33bn at the half year 2017 accounts, and included both unit-linked business and Legal & General's £21.4bn with profits fund. Shares in Legal & General fell 1.1% to 261p on the news.

In April, it completed the sale of its Dutch division while in August 2016 it sold the Cofunds platform to Aegon.

"We are delighted to have been able to acquire another attractive portfolio in the United Kingdom closed book market", said Thierry Léger, CEO of Life Capital.

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A spokesman for Legal & General said the motive for the spate of asset sales is the desire to focus on its core businesses.

Carving out its mature savings business "was a hard decision", said Nigel Wilson, L&G's chief executive officer, not least of all because it has been a part of the United Kingdom business for more than 50 years.

'Selling mature savings is the right decision for us - another important, measured, step in growing our company and updating our products.

Shore Capital analyst Eamonn Flanagan said: "This disposal by Legals is consistent with the group's emphasis on rationalising its operations, modernising its products and focusing on its key markets".

'The earnings from the mature savings books are in decline with Legal & General anticipating earnings growth from reinvesting said proceeds into its other lines of business'. Swiss Re will assume economic exposure to the business from 1 January 2018 and formal transfer is expected to happen in mid-2019, subject to regulatory approval.



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