2nd Jan 2020 07:48
(Alliance News) - Financial services firm Quilter PLC confirmed Thursday it will be returning most of the proceeds of its Life Assurance sale to shareholders.
In August, Quilter announced the GBP425 million sale of the business to ReAssure Group PLC, which is part of Swiss Re AG. ReAssure is itself being bought currently, for GBP3.25 billion by Phoenix Group Holdings PLC.
ReAssure is Swiss Re's UK business. Plans for a London initial public offering were suspended in July amid weak economic conditions.
The net surplus proceeds, Anglo-South African Quilter said, are GBP375 million, and it views this cash as excess capital which can be returned to shareholders.
The company did not give any details as to what form this would take, such as a buyback or special dividend, but said it will make an announcement at the time of full-year results in March at the latest.
Shares in Johannesburg were 1.6% higher on Thursday morning at a price of ZAR29.76 each. The London market is not yet open.
By George Collard; [email protected]
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