Legal & General Group Plc Legal & General in negotiations to sell L&G France (5753U)
30 Juli 2015 - 5:00PM
UK Regulatory
TIDMLGEN
RNS Number : 5753U
Legal & General Group Plc
30 July 2015
Legal & General In exclusive negotiations to SELL lEGAL
& gENERAL fRANCE TO apicil
Legal & General Group Plc ("Legal & General") has today
entered into exclusive negotiations after receiving a binding offer
from APICIL Prévoyance ("APICIL") to acquire Legal & General
Holdings (France) S.A. ("L&G France").
Mark Gregory, Group Chief Financial Officer, Legal & General
said: "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."
Philippe Barret, Managing Director, APICIL Group said: "Once the
transaction is confirmed, we will be pleased to welcome L&G
France, its successful teams and business partners within the
APICIL Group. This acquisition will definitely accelerate APICIL's
growth in its two strategic markets: Life Insurance and Medical,
death and disability Insurance. The acquisition will nicely
complement our recent acquisition of Skandia (France/ Luxembourg)
and our existing businesses".
Oliver Potellet, President and CEO, Legal & General France
said: "Legal & General has been a great owner, and helped us
become a key player in the French insurance market. I'm excited
about our next phase of development, and look forward to achieving
it in partnership with APICIL."
The transaction will be submitted to L&G France's Works
Council, as required under French law, and is subject to the
signing of a definitive agreement and the approval of regulatory
authorities.
L&G France is headquartered in Paris, with 19 agency
branches situated across France. It was established in 1934, and
Oliver Potellet has been President and CEO since 2010. It is a
specialist player in unit-linked savings and group risk, with an
established presence in the affluent savings market and the group
health and protection market for SMEs. It has a client base of
circa 37,000 individual savings customers, circa 4,000 group risk
SME customers, and it wrote premiums in 2014 of EUR371.8m in
savings and EUR214.9m in group risk.
- ENDS -
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Media:
Richard King Head of Group Corporate Communications 020 3124
2095
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 GBP15.4bn (as at 29 July
2015) and is responsible for investing GBP737bn worldwide (as at 31
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.
Apicil Group
The APICIL Group is the fifth largest Health & Protection
mutual and paritarian insurer in France, leader in the Rhône-Alpes
region with EUR2,804 million in premiums in 2014 (Pension and
health, death and disability insurance). The Group has combined
assets under management of EUR6.8 billion. The 1,300 APICIL
employees bring their skills to nearly 1.5 million active and
retired people who benefit from the services of the Group which was
established in 1938 in Lyon.
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
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