Legal & General Group Plc Completion of sale of Egyptian Life Insurance JV (4203H)
30 November 2015 - 6:00PM
UK Regulatory
TIDMLGEN
RNS Number : 4203H
Legal & General Group Plc
30 November 2015
30 November 2015
Legal & general completes sale of egyptian life INSURANCE
joint Venture to AXA
As previously announced on the 13 July 2015, Legal & General
Group plc ("Legal & General") and Commercial International Bank
SAE (CIB) have today jointly announced the completion of the sale
of Commercial International Life Insurance Company SAE (CIL) to
AXA. Our proceeds from the sale are $54m USD.
Legal & General is disposing of non-core businesses, and
focusing on core activities where we believe we can achieve
significant scale and attractive returns on capital. We are in the
process of disposing of Legal & General France, and have
disposed of Legal & General Ireland.
- ENDS -
For further information, please contact:
Investors:
Laura Doyle Head of Investor Relations 020 3124 2088
Stephen Thomas Investor Relations Manager 020 3124 2047
Media:
John Godfrey Corporate Affairs Director 020 3124 2090
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 GBP16.2bn (as at 27
November 2015) and is responsible for investing GBP728bn worldwide
(as at 30(th) September 2015) on behalf of investors, policyholders
and shareholders. We have over seven million customers in the UK
for life assurance, pensions, investments and general insurance
plans and over one million customers in the US who rely on us for
life assurance. 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.
For more information on Legal & General, please see
http://www.legalandgeneralgroup.com/
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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