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As previously announced on the 24 November 2016, Legal & General Group Plc (“Legal & General”) has today announced the completion of the sale of Legal & General Nederland Levensverzekering Maatschappij N.V. (“Legal & General Netherlands”) to Chesnara plc (“Chesnara”) for €161 million. The sale of the business has marginally improved the group coverage ratio, and delivered a small IFRS profit. |
Legal & General is disposing of non-core businesses, focusing capital and resource on core businesses in growth markets where we believe we can achieve significant scale and deliver attractive returns for shareholders. We have previously sold businesses in Ireland, France, Egypt, the Gulf, and Suffolk Life and Cofunds in the UK. Legal & General Netherlands is headquartered in Hilversum, Netherlands, and was established in 1984. It is a leading player in adviser-led risk and investment-linked products, sold through independent financial advisers, serving high-end affluent customers. It also has an established defined contribution group pension platform focused on Dutch SMEs. It has over 210, 000 policyholders, funds under management are €2.1 billion, and it wrote protection gross written premiums of €63 million in 2016. |
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