29th May 2015 07:05
LONDON (Alliance News) - FTSE 100-listed life insurance and asset management group Old Mutual PLC on Friday said it has agreed a deal to sell the Swiss arm of its Skandia business for an undisclosed amount.
The Anglo-South African group said Skandia Leben AG, part of its Old Mutual Wealth division, has been sold to Life Invest Holding AG, a company formed by the German conglomerate Mutschler Group and Hannover Re, the German reinsurer.
At the end of December, Skandia Leben had funds under management of CHF1.3 billion.
Old Mutual expects the deal to close within around six months.
Shares in Old Mutual opened down 1.2% to 223.80 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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