30th Jul 2015 15:06
LONDON (Alliance News) - FTSE 100-listed insurer Legal & General Group PLC on Thursday said it has entered exclusive talks to sell its Legal & General Holdings (France) SA business to APICIL Prévoyance.
Legal & General did not provide any financail details on the transaction, but said its French business has a client base of around 37,000 individual savings customers, 4,000 group risk SME customers, and wrote premiums in 2014 of EUR371.8 million in savings and EUR214.9 million in group risk.
"We have an increasingly focused strategy, and our French business is no longer a core operation for us. Legal & General France has strong potential: which can be realised by combining it with APICIL's established strengths in the French market," said L&G Chief Financial Officer Mark Gregory.
Shares in L&G were up 0.2 to 259.30 pence late Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Legal & General