Legal & General Group Plc Disposal (8473S)
13 Juli 2015 - 10:08AM
UK Regulatory
TIDMLGEN
RNS Number : 8473S
Legal & General Group Plc
13 July 2015
Legal & General Sells Egyptian Life Insurance Joint Venture
to AXA
Legal & General Group Plc and Commercial International Bank
SAE (CIB) have today jointly announced the sale of Commercial
International Life Insurance Company SAE (CIL) to AXA for 763m EGP
($97.5m USD), subject to financial adjustments at completion. CIL
is jointly owned by Legal & General with 55%, and CIB with 45%
respectively.
CIL was formed in 1998 and was the first life insurance company
in Egypt to adopt the bancassurance model. In 2014 it was ranked
No.3 in the Egyptian life insurance market for new written retail
problems. It has 90,000 individual insurance policies, and provides
retirement benefits group life and credit life insurance for circa
350,000 customers.
Completion of the transaction is subject to customary closing
conditions, including the receipt of regulatory approvals, and is
expected to take place by the end of 2015.
Simon Burke, Managing Director Emerging Markets for Legal &
General said: "Legal & General is delighted to have been part
of the success of CIL for the past 17 years, and pleased to see the
positive impact that life insurance has delivered to its Egyptian
customers. Legal & General's strategy of building scalable,
customer focussed, long-term businesses has been achieved in Egypt,
and now is the right time to hand the business over."
- ENDS -
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Media:
John Godfrey Corporate Affairs Director 020 3124 2090
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider
of insurance, savings and investment management products in the UK.
The Group has a market capitalisation of GBP15.7bn (as at 10 July
2015) and is responsible for investing GBP737bn worldwide (as at
31st March 2015) on behalf of investors, policyholders and
shareholders. We have over 10 million customers in the UK and US
for life assurance, pensions, investments and general insurance
plans. In 2014, Legal & General's operating profit (on the IFRS
basis) was GBP1,275m and earnings per share were 16.70p for the
period, an increase of 10% for both respectively. Legal &
General's dividend per share was 11.25p for 2014, up 21% on the
prior year's 9.30p per share.
Forward-looking statements
This announcement may contain certain forward-looking statements
relating to Legal & General, its plans and its current goals
and expectations relating to future financial condition,
performance and results. By their nature, forward-looking
statements involve uncertainty because they relate to future events
and circumstances which are beyond Legal & General's control,
including, among others, UK domestic and global economic and
business conditions, market related risks such as fluctuations in
interest rates and exchange rates, the policies and actions of
regulatory and Governmental authorities, the impact of competition,
the timing impact of these events and other uncertainties of future
acquisition or combinations within relevant industries. As a
result, Legal & General's actual future condition, performance
and results may differ materially from the plans, goals and
expectations set out in these forward-looking statements and
persons reading this announcement should not place reliance on
forward-looking statements. These forward-looking statements are
made only as at the date on which such statements are made and
Legal & General Group Plc does not undertake to update
forward-looking statements contained in this announcement or any
other forward-looking statement it may make.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISGMGMNRFKGKZG
Legal & General (LSE:LGEN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Legal & General (LSE:LGEN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024