Legal & General completes sale of Netherlands unit
Legal & General Group
232.80p
16:45 25/04/24
Legal & General said it had completed the sale of its Netherlands unit to Chesnara for €161m (£137.6m), adding that the deal had marginally improved the group coverage ratio, and delivered a small IFRS profit.
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L&G is disposing of non-core businesses, focusing capital and resource on core businesses in growth markets where it believes it could achieve significant scale and deliver returns for shareholders. It has already sold businesses in Ireland, France, Egypt, the Gulf, and Suffolk Life and Cofunds in the UK.
Headquartered in Hilversum, Legal & General Netherlands was established in 1984 and deals in adviser-led risk and investment-linked products, sold through independent financial advisers, serving "high-end affluent customers", L&G said.
It also has an established defined contribution group pension platform focused on Dutch SMEs. It has more than 210, 000 policyholders, funds under management are €2.1bn, and it wrote protection gross written premiums of €63m in 2016.